Author Archive
By David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
closeAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (43) on Jan 15, 2010 in Uncategorized | 0 Comments
When you file a bankruptcy case, you might want to keep your mortgages intact.
You have the choice of reaffirming a mortgage or not.
If you reaffirm, the mortgage remains a lien on your property and you remain personally liable for the debt. The contract is unchanged.
Sometimes, your lawyer will recommend that you not reaffirm the mortgage [...]
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (43) on Jan 7, 2010 in Featured, Foreclosure News | 0 Comments
Many of our clients facing foreclosure in Illinois and Wisconsin speak only Spanish. So when I tell them that the Obama Mortgage Modification Program has been a great disappointment, it comes out “gran decepción”. And after explaining to my clients how disappointed I have been with the mortgage “modification” program, I couldn’t help thinking that [...]
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (43) on Oct 17, 2009 in Uncategorized | 0 Comments
If your house is worth less than the first mortgage, you can wipe out second mortgage liens in a chapter 13 bankruptcy case. This is through a procedure called “lien stripping”. Basically, you do have to pay what you owe under a chapter 13 plan. However, you first get the court to declare that the [...]
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (43) on Oct 17, 2009 in Foreclosure News | 0 Comments
Mortgage foreclosures in Illinois are picking up again
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (43) on Jul 12, 2009 in Uncategorized | 0 Comments
Joe Nocera’s article in Saturday’s New York Times demonstrates the futility of the Obama Mortgage Modification program, Home Affordable Modification Plan. It simply has no teeth. It dangles a pitiful carrot at the lenders – a measly $1000 per loan modification – and no stick if the banks don’t take it. Without court ordered modifications of [...]
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (43) on May 29, 2009 in Uncategorized | 0 Comments
A recent Wall Street Journal article concludes that homeownership has not been a particularly good investment. According to article, the rate of return on residential real estate has been much less than the rate of returns on even a safe investment like a treasury bill taking into account rates of return over the past 20 [...]
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (43) on May 28, 2009 in Uncategorized | 0 Comments
If you are facing mortgage foreclosure, your best defense can be a good offense. Mortgage lenders who file foreclosure cases count on you to do nothing. They count on you to ignore their complaint. They count on you to default. That way, they can easily go to court and get a foreclosure judgment without having [...]
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (43) on May 21, 2009 in Featured, Uncategorized | 0 Comments
BankUnited is suing quite a few of my clients. We are fighting back. BankUnited, located in South Florida, was a leader in the use of Option ARMS. These mortgages were among the worst of the predatory toxic loans we have seen. One of my clients is an elderly man who received this horrible loan shortly [...]
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (43) on May 16, 2009 in Uncategorized | 0 Comments
B
You are way underwater. You can’t modify your mortgage in chapter 13. The Senate made sure of that when it voted down mortgage modifications in chapter 13. So you decide that you have to sell the house. But it has to be a short sale – the house is worth a lot less than the [...]
By David Leibowitz, Illinois and Wisconsin Bankruptcy AttorneycloseAuthor: David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney
Name: David Leibowitz
Email: dleibowitz@lakelaw.com
Site: http://www.lakelaw.com
About: David Leibowitz holds a B. A. in Economics from Northwestern University and received his J.D., cum laude, from Loyola University of Chicago School of Law where he also served as Note Editor of the law review. Admitted to the Illinois and Wisconsin bars, he is the managing member of Lakelaw, an interstate law firm with offices in Chicago, Skokie and Waukegan in Illinois and Kenosha and La Crosse in Wisconsin.
He is nationally recognized for his work in identifying and pursuing mortgage related claims in the context of bankruptcy. He is presently writing "Leibowitz' Guide to Mortgage Modifications" to be published shortly after Congress amends the Bankruptcy Code. David is a member of both the Illinois and Wisconsin bars and has practiced in bankruptcy courts throughout the country. He is a member of the American Bankruptcy Institute where he is the Special Projects Coordinator for the Commercial Fraud Task Force and a frequent contributor to the ABI Journal. He is also a member of the National Association of Bankruptcy Trustees, the National Association of Consumer Bankruptcy Attorneys and numerous state and local bar associations. He is Board Certified by the American Board of Certification in both Consumer Bankruptcy Law and Business Bankruptcy Law.See Authors Posts (43) on May 14, 2009 in Foreclosure News, Uncategorized | 0 Comments
Today, one in five homes in America are worth less than their mortgage balances. Research shows that in many areas of the nation, formerly “real estate rich” people are drastically underwater. They have little incentive to keep paying their mortgages and mortgage lenders are facing increasing risks of walkaways and foreclosure.
From the Wall Street [...]
