Free seminar for homeowners facing foreclosure

While the economy is showing signs of recovery, the impact of the recent recession is still hitting many homeowners hard.

With the number of foreclosures at a heightened level, Palatine law firm Lavelle Law, Ltd., will be hosting a series of free seminars to discuss strategies for maintaining homeownership.

Attorney Timothy Hughes, who is a partner at the firm, and who serves as the chair man of the Federal Tax Committee of the Northwest Suburban Bar Association, will host the seminars. The discussions will focus on ways that individuals who are near or entering the foreclosure process may be able to work with creditors to keep their property.

Hughes cited a recent example of a client who was able to remove a $100,000 home equity loan and credit line and save their home.

“Individuals who are facing financial hardship that threatens their ability to stay in their home know the seriousness of the situation,” Hughes said. “There is no magic fix that can be applied, but there are strategies and options that may be available to allow them to work through their difficulties. Time, however, is of the essence.”

The seminars will take place at the Lavelle Law offices at 501 W. Colfax, in Palatine. Sessions are scheduled for Tuesdays, Jan. 22, and Feb. 5 and 19, all beginning at 7 p.m. Seating is limited, so those who want to attend should call Ashley at (847) 705-7555 to reserve a spot.

Hughes also stressed that many individuals find themselves in a foreclosure situation because they are afraid to confront the financial conditions they are in early enough.

“If anyone is facing immediate concerns, we will provide a consultation right away. They can simply call our offices and we can arrange a meeting to help review options,” Hughes said.

The seminars will involve question-and-answer opportunities so individuals can receive guidance on specific issues they may be facing in the near term. The most important step according to Hughes is to get help from a professional who can provide assistance in dealing with the issues at hand.

“No one should try and take this on on their own, nor should they hope it will just go away. The seminars are designed to provide some reassurance and assistance to find the right solutions to the problem and keep people in their homes.”

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