House Bill 4050 Intended to Protect Chicago Homeowners From Predatory Mortgage Lenders
State Senator Jacqueline Collins(D-16th) and Representative Deborah L. Graham(D-78th) intended for HB4050 to prevent homeowners in "at risk" areas from losing their home to foreclosure by preventing mortgage lenders from taking advantage them. The new law requires lenders to properly disclose loan terms so homeowners are clearly aware of what they are signing. The law also requires mortgage loan applicants with a low credit score acquire credit counseling.
Now a group of black and Latino South Side Chicago residents are fighting to change the law. They say lenders are refusing to approve loans in these areas making it impossible for residents to refinance their home in an effort to stay out of foreclosure.
The debate continues on whether this law will help residents keep their homes or push them into a foreclosure and bankrutcy situation.
Q. will chap 7 affect a bank ckg acct that is joint with a friend?
will it affect our home (no mtg) Warranty deed has both names?
I will need to file single.
thank you Janet