Press / Media Mentions of Joe Aldeguer

Financial Expert Joe Aldeguer Offers Free Help for Mortgage Fraud Victims

Chicago, Illinois, United States of America (Free-Press-Release.com) February 17, 2012 — According to financial expert and homeowner advocate Joe Aldeguer, even the slightest irregularity in a home mortgage or deed transference can cause serious legal issues for a homeowner. A high percentage of documents recently examined by the Cook County (Illinois) Recorder of Deeds found evidence of fraud, reports Aldeguer.

Financial Expert Joe Aldeguer Offers Free Help for Mortgage Fraud Victims

CHICAGO, IL, February 19, 2012 /24-7PressRelease/ — According to financial expert and homeowner advocate Joe Aldeguer, even the slightest irregularity in a home mortgage or deed transference can cause serious legal issues for a homeowner. A high percentage of documents recently examined by the Cook County (Illinois) Recorder of Deeds found evidence of fraud, reports Aldeguer.

According to Joe Aldeguer, many homeowners these days are sitting with their heads underwater on a home they bet would help to secure their family’s financial future. Their efforts at having their loan modified to more favorable terms have failed. Short sales, reports Joe Aldeguer, are falling through as other consumers fail to qualify for new home loans.

What can a homeowner do to circumvent even more dire financial straits? For many, says Joe Aldeguer, it comes down to two options: bankruptcy or foreclosure. Bankruptcy, however, doesn’t really offer the consumer a chance to prepare for the future since the process if often very fast, sometimes just 8 weeks, says Joe Aldeguer. Positioning for a foreclosure by the way of a Strategic Default, notes Joe Aldeguer, can be the four aces needed to really gain the upper hand.

The time-line of a foreclosure varies by jurisdiction, reports Joe Aldeguer. In Chicago, foreclosures may take nearly a year before the house must be vacated. That’s 12 months worth of mortgage payments that can be put toward other, more immediate needs, says Joe Aldeguer. Joe Aldeguer encourages his clients to remain in the house until the last minute to better situate for post-foreclosure life. It may be uncomfortable for some to stay in a property that they aren’t paying for, but the intent is to buy some time.

Credit, Taxes, and Foreclosure

It’s well known that foreclosures in Chicago, as well as nationwide, affect a credit score, says Joe Aldeguer. How much was not very well understood by consumers until recently when Fair Isaac revealed that the credit hit is far less than was previously speculated, reports Joe Aldeguer. It appears that the impact of a foreclosure can be as little as 85 points on a FICO score. A bankruptcy, on the other hand, may slice out up to 240 points – a massive hit. There are also tax issues to take into consideration, notes Joe Aldeguer.

In 2007 The IRS enacted the Mortgage Forgiveness Debt Relief Act – which expires in December of 2012. This essentially cuts out the income usually counted from a foreclosure, says Joe Aldeguer. When coupled with the savings potential of a strategic default, the two make for a graceful way to bow out of a bum real estate deal. Some financial analyst say that defaulting may be the best option for homeowners wanting a fresh start when dealing with a bad investment, notes Joe Aldeguer.

Aldeguer’s Chicago based foreclosure management firm has seen a shift toward people defaulting before the mortgage affects their family’s well being. This strategic business move, once frowned upon by the public, has seen greater social acceptance in the last few years as people see how irresponsibly the banks acted when times were good.

Joe Aldeguer may be reached at his homeowner advocacy firm Chicago by calling 312-945-8105.