Navigating the Foreclosure Maze

 

The word foreclosure generates emotional turmoil and increased levels of stress for any homeowner facing the possibility of eviction. Learn to help your clients through this trying time by gaining a better understanding of the foreclosure process. Topics include: conducting the client interview; truth in lending concerns; the Fair Debt Collection Practices Act; short sales; deed in lieu of foreclosure; forbearance; the Home Affordable Modification Program; foreclosure mediation programs; loan modifications; principle and interest payments; tax concerns; Chapter 7 and Chapter 13 bankruptcy; foreclosure’s effect on other areas of the law; exiting the property; last efforts to recoup the property; and much more! A discussion on the ethical issues and conflicts of interest that can arise during the course of a foreclosure case is also included.

 

 

 

 

 

Attorneys are expected to assist their clients to the best of their ability, which is why gathering the necessary information at the outset of the case is so important. This informative presentation offers a checklist of the basic questions to ask the client and discusses what issues to look for as you prepare for the case. Avoiding the uncollectible case is also discussed.

 

In preparing for a case, it is imperative that an attorney knows the best course of action in providing viable defenses for a client – and when to execute those defenses. This segment explores several preparatory issues, including affirmative defenses, counterclaims, truth in lending concerns, discovery (or no discovery), and timeframes. The Fair Debt Collection Practices Act is also explored.

 

10:00 – 10:15 a.m. Break (beverages provided)

 

This comprehensive overview explores the various options to homeowners facing foreclosure. Topics include: short sale; deed in lieu of foreclosure; reinstatement; redemption; consent judgment; repayment agreement; forbearance; loan modification, bankruptcy; third party lender (including family, friend, investor, and another lending institute), and the Home Affordable Modification Program (HAMP).

 

 

Due to the Illinois Supreme Court’s initiative, Illinois counties are encouraged to develop foreclosure mediation programs, which provide another avenue for the homeowner and lender to work towards resolving the issues in a more streamlined process. This session examines the recommended foreclosure mediation program, as well as other foreclosure-based initiatives.

 

Applying for a loan modification can be a tedious process for the homeowner. This presentation offers a better understanding of the loan modification process, as well as insight on the lender’s perspective, required paperwork, timeframe, and what to expect.

 

There are pros and cons to filing bankruptcy both before and after the homeowner has been served with the foreclosure complaint -- and the homeowner’s intention will determine which option the attorney should suggest. This session discusses Chapter 7 bankruptcy, Chapter 13 bankruptcy, principle and interest payments, tax concerns, and what to expect once the bankruptcy case is closed, including discharge vs. dismissal.

 

2:45 – 3:00 p.m. Break (refreshments provided)

 

Being in foreclosure can oftentimes have a major impact on other areas of the homeowner’s life. This segment shows how foreclosure intersects with other areas of the law, including family law, divorce, and landlord/tenant issues.

 

Foreclosure is a stressful and frightening time for homeowners, making it important for attorneys to not only understand what happens after the judgment for foreclosure is entered by the court, but to also be able to explain these final steps to the client. This in-depth review examines how foreclosure comes to a close – from the homeowner exiting the property to the lender taking possession – as well as the judicial/sheriff’s sale, confirmation, and last efforts to recoup property.

 

Gain a better understanding of the various ethical issues and conflicts which may arise during the course of a foreclosure case.