ARTICLE

LOAN MODIFICATIONS, BANKRUPTCY AND FINANCIAL FREEDOM

At the very core of our Government and its legal framework are the free rights of speech, religion, press, and the pursuit of property and happiness! As citizens of our great Country, we are entitled to these basic and fundamental rights, but we are now subjecting these basic rights to an ever oppressive economy of uncontrollable credit card debt and excessive home mortgage/financing debt. Help!

In sum, our freedoms have become subordinate to our uncontrollable debt. And, when we attempt to restore our financial freedom through such transactions as loan modifications and other loss mitigation options (like short-sales; deeds-in-lieu of foreclosure; and, other such debtor-creditor transactions), we are often defeated by our creditors’ often unwillingness to remotely consider such transactions! While debtors , themselves, are ready, willing and able to meaningfully discuss and transact personal business to correct unfortunate financial hardships, the creditors are not always so willing and they can inconsiderate, deceptive and negligent in handling our requests for financial reorganization. It seems like the Creditors are un-American and even at times are enemy!

If all of this sounds familiar, it’s because it’s what our Founding Fathers endured, preceding the American Revolution, when a tyrannical King imposed unfair and unjust restrictions on the “We the People’s” personal and financial freedom. But before you start yelling: the British are coming! the British are coming! …. and start a revolution, please realize that you can fight back through appropriate legal channels. And, you will win back your freedoms!

Please carefully consider the following:

First, put all your options on the table for a legally refreshing reorganization through:

(1) A Chapter 13 Bankruptcy;
(2) Loan Modification either through the HAMP Program or Lender in House Loan Modifications;
(3) Consider both a chapter 13 bankruptcy and a loan modification;
(4) Consider all other possible options, like debt settlements; loan refinancing, debt consolidation.
(5) Consider a Chapter 7 bankruptcy and a loan modification;
(6) Consider a Chapter 7 bankruptcy; and
(7) Consider Chapter 11 bankruptcy.

The key to your success is careful consideration of all your options at the start. A good lawyer and professional must conscientiously consider all the possible options that will help the client from the get go.

Secondly, you must fully educate yourself and continuously educate yourself, and your family members and friends, on what is important to secure your financial freedom. Often, this can be accomplished on your own by diligent and studious perseverance. The good people of the United States of America are willing to help you, but you must advocate your position, and often the best way, to do so, is by education and steadfast commitment to your goal of financial freedom. Also, you may need the help of professionals, like good attorneys, good accountants, good bankers, and the like. Also, a good walk with the dog helps clear the head! Through dedication and commitment you will overcome your financial burdens and regain your financial freedom.

If you are feeling subjected to your creditors, please know that there are plenty of ways to overcome your economic misery through loan modifications, bankruptcy and other meaningful options. Please feel free to consult a careful and knowledgeable professional.

Best regards,
William P. Drew III Attorney at Law
(815) 838-1440
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Legal word of the Month - Mortgage Redemption: The deadline date by which a debtor on a mortgage must take action to avoid a foreclosure sale, i.e., by filing a chapter 13 bankruptcy; obtain a loan modification; refinance; reinstate your mortgage and other such relief.

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Law Firm of William P. Drew III, Inc.
1063 E. 9th Street, Lockport, Illinois 60441
Telephone: (815) 838-1440
Fax: (815) 838-1445

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