Was Your Foreclosure Legal?

Originally posted 2009-01-07 10:00:10. Republished by Blog Post Promoter

In the state of Illinois for a foreclosure to happen the lender must follow certain legal steps.

Thirty days prior to the enty of judgment of foreclosure, the owner and all person who have interest in the property will be given notice of the foreclosure.

Then, the lender must initiate a foreclosure complaint or counterclaim and at the same time the foreclosure complaint or counterclaim is entered a constructive notice is sent to all persons claiming interest or have a lien on the property.  The court gathers the information on who has interest or liens on the property from public record and title records. 

The constructive notice has to display the plaintiff’s or plaintiffs’ name, the case number, the court where the claim was filed, the names of the owners of record, the legal description of the property, the address of the property and a description of the mortgage that is being foreclosed on.   All the ladder information has to be correct.  If it is not challenge, the information by filing a response to the complaint.   The response must be filed at the court that the complaint or counterclaim was filed.  It also must be filed within 23 days of receiving the notice. 

If any of your rights are violated during the judiciary process of your foreclosure, you can file a complaint with the Judicial Inquiry Board.  This board is an independent agency that consist of four non-attorneys and three attorneys and two judges.  The primary job of this board is to investigate complaints about the judicial process and determine if futher investigate is necessary.  To find out more about the Judicial Inquiry Board, please visit http://www.state.il.us/jib/faq.htm

Once the judicial process is complete, the notice of sale is done.  The notice of sale must include the following information: 

• the name of the owner and all persons who have interest in the property
• the address and phone number of the owner and all persons who have interest in the property
• a description of the home and all improvements
• the time and place for the sale
• the case title and number and court where the foreclosure proceeding were held
• terms of the sale
• the times specific in the judgement

The sale must be post for three consecutive calender weeks (Sunday through Saturday)  at least one time during each of those three weeks with the first notice to be published not more than 45 days prior to the sale.  The last notice is to be published not less than 7 days prior to the sale. 

The notice of the sale can be listed in the newspaper in the legal section, but it must be listed in the county in which the property is located to be concerned proper notice.  It can also be advertised in the real estate section of the newspaper.  In addition, the court also instructs the lender which newspapers and other publications that the notice must be listed in to fulfill the public notice of the sale. 

In addition, the lender must also give notice to all parties to include the owner and even all parties who did not show up for court who may have interest in the property.  The notice must be given in the manner that the use for service of papers which may include a sheriff or courier notice.  This notifications by mail or courier shall take place in addition to the newspaper notice and shall be done at no more 45 days and not less than 7 days prior to the sale. 

No other notice is required unless the court orders or rules differently. 

The successful bidder shall receive a receipt of sale along with a description of the real estate purchased.  The receipt will show the bid amount, the amount paid, and if necessary the amount still remaining to be paid.   An additional receipt will be give if necessary when the remaining amount is paid. 

Upon full payment, the purchaser or bidder will receive a certificate of sale.  The certificate of sale is recordable.  The certificate of sale will have a description of the property sold, the date of the sale to include the location of the sale, and the amount paid.    The Certificate will further indicate that the sale is subject to court verification.    The recording of the certificate is also required by law under Section 12-121. 

Once recorded and verified, the certificate can be assigned by endorsement. 

Even in a foreclosure proceeding you have rights, please make sure yours was not denied.   The simply fact that the foreclosure was filed is not a violation.  If the payment have not been made as agreed, the foreclosure can be filed according the guidelines set forth in the note.  Most mortgages will default after three consecutive missed payments and then the full amount is accelerated to be now due.  However, if you get back on your feet before the foreclosure proceeding is filed which can take up to 6 months to 9 months after the last missed payment, you can contact the loss mitigation department for your mortgage company to get your payments back on track.  There are options, but you must call the lender’s loss mitigation department not the attorney to exercise your right to redemption if you are financial able to prior to the foreclosure proceeding.

How to Improving Your Credit After Bankruptcy

Originally posted 2010-01-13 05:00:01. Republished by Blog Post Promoter

I have several readers that wanted more information on how to bounce back from bankruptcy. Well, here is that information. Enjoy.

It is important to remember that not all bankruptcies occur due to overspending some occur due to illness or unforeseen job loss.

Unfortunately, the individuals who more often than not that are filing bankruptcy are single parents. It is very easy for the expenses of raising a family alone on one income can become daunting to say the least.

Another unfortunate dilemma is that by law a bankruptcy remains on your credit for seven to ten years.

There are tips to improve your financial future after a bankruptcy:

• Create and stick to a budget
• Pay your alternative or trade line credit on time. Examples of alternate or trade line credit is:
  1. utility bills
  2. cell phone bills
  3. rent

• Check your credit once a year. It is free. Make sure all bills that were under the bankruptcy are reflected as paid in full.
• Get secured credit cards that report to the credit bureaus. Pay more than the minimum each month on these cards and do not spend more than you can afford to pay back by the end of the month.

Victim of Market

Originally posted 2009-03-14 08:57:26. Republished by Blog Post Promoter

I, too, have been a victim of this market.  I am not going to let it get me down, though.  I have to do some different things to make my situation work out, but if there is a will there is a way. 

Can you believe that there is very little that a homeowner can do if they lose his or her job?    Can you believe there is no organization, for profit or non for profit, that a homeowner can go to for help to get back on his or her feet?  Can you believe that you are penalized for realizing the American dream of homeownership?  You have to sell your home.  If you are not successful in doing so your credit is ruin so you can not even rent a home.   Then, I guess you become homeless.  Wow, what a country?  As a homeowner and tax paying citizen, there should be help for you.  You should not have to sell everything you own or acquired to get help when your tax dollars is what made many of the programs that some people live off of.   For some of these agencies to help you, you must be homeless. 

Wow, is one of the words I could use.  The other word is why?  Why are there programs, grants, help of any kind?  Why does a person who has “pull his or her self up by the boot straps” knock down by the agencies they go to for help?  I will tell you why.  The agencies look at the past not your present situation.   Why is it that in one of the richest countries in the world no one seen this situation coming?  Is it because no one was listening?  Or… Is it because no one cares?  I think, it is a little of both.

It is okay for a company to fire a worker who is ill in this country to save the company money.  It is okay for a company to fire a worker because the company has to pay more taxes.  Do you feel that the actions of these companies are okay?  I would hope not, but it is happening everyday.  It is very apparent now what a few have seen happen to his or her life as a result of a sickness or job loss.   What about starting over?  What happens to the countless few who try?  What happens to the countless few who give up?  Well, in California those countless few live in tents not homes.  Well, in Indiana those countless few live outdoors if they live at all.   The reason this situation is not getting any better is there is no compassion for the human being.  There is more compassion for an animal than a human being.   This behavior is unacceptable. 

No matter how many laws or written or not written the unlining problem must be address there must be compassion from somewhere or this country will perish.

Things that Make You Say Ummm

Today, there are several things that are going through my mind.  I was wondering where will the economical woes of this country lead?  Will just thinking outside the box be enough to put a bandage on the wounds or are we as a nation not as President, Congress, Senate, Democrat, Republican, but we as a nation able to heal from the financial struggles that all of us is experiencing in one fashion or another.

Let’s face it.  Financial wounds though it may not be physical hurt just the same.  The old adage “stick and stones break my bones but words will never hurt me” applies here.  Here is how.  Well, “the words” from that old adage are referring to the financial wounds.  The financial wounds that many of us is experiencing are not physical as the old adage implies, but the financial are battle scars that worrying does to the mind, body, and soul. 

At this crucial time in our nations history, we need to stop pointing fingers, calling names, or placing the blame.  We, as a nation, must stand up and be heard.    This country is free, but what is its freedom if we can not enjoy the basic necessity of shelter free of greed and injustice.  My question is: are we free if we can not live in our homes due to no jobs?   The answer is a resounding, NO.   Are we free from poverty?  The answer again is NO.    Can we be come free?  Yes, we can.  Once we as a nation realize that true freedom is giving a darn about what is really plaguing our nation, our ability to survive.  Our ability to survive will depend on the accountability that we give to companies that take their jobs overseas.  Our ability to survive will depend on the accountability that we give mortgage companies who do not hear homeowner stating, “I want to keep my home, but the adjustment in the rate is to much.” 

Remember that this time in our history has been compared to the “Great Depression”, and it is as equally important to remember that often times history has a way of repeating itself.