Legal Question in Real Estate Law in Illinois
My family income has decreased over the last year when my wife became unemployed. Refinanced in April 09', took wife off the loan at the time at broker request because she was unemployed and bank stated that would not help. My income is very low, the bank told me to roll in dept to minimize month expenses. as a result i have less things to pay by the month mortgage payment went up alot. The bank approved my for refinance. .......My wife has found work but makes the same as if unemployment was still around. Took huge pay decrease to find work since unemployement was coming to an end. Now i cant use the H.A.M.P put forth by the President becuase of the requirement that loan origination take place prior to Jan 09' . Now im in trouble and confused on what to do. I talked to my bank and they told me i need to enter into a repayment of dept for four months to cover the month of payments I have missed. Only then will they start something they call " traditional loan modification",,,,,,,any advise
1 Answer from Attorneys
I am a bankruptcy lawyer. Since you have some income, a Chapter 13 Repayment Plan may work for you. If you would like to call my office for a no obligation, no cost appointment, we can see if you can tell the bank where to stick their plan.
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