Cazel Family Law Offices
Our Family Helping Your Family
We are a debt relief agency, we help people file bankrupty and get REAL relief.
4710 East Broadway, Suite 180
Madison, WI 53716
For a referral
You received a letter from us, why?
What you can expect on your first visit to our office.
It has been seven years since the office closed and six since Victoria passed away.
This website will close down next month. Thank you to all the wonderful clients.
For potential clients seeking representation we recommend the following attorneys:
The foreclosure rate (As of Mar 31, 2009).
If you have an adjustable rate mortgage that is due to start adjusting this year, you may be in for a surprise of epic proportions. Do you know the amount your mortgage loan adds to the index to calculate your adjusted interest rate? We have seen as high as 8.5% but 3% is not uncommon. Do you know the maximum it can go up on the first change? 2.5-3% is bad enough, but we have seen 3.5% Do you know what index is used? Treasury rates and LIBOR are the two most common.
If you received a notice of foreclosure or lawsuit, opening the phone book is not enough. You need to talk to an attorney with the experience to discuss all of your options.
Option 1: Pay the piper. If you have not already received a statement from the attorney for your mortgage lender, here is a rough calculation:
Monthly payment x number of months behind, thenThe $2,500 is for their attorney fees and costs of the foreclosure...yes, they want you to pay it. It could be more or less (not generally), but it is a start. This is called your arrearage. The attorney will want the whole amount, in the form of a cashier's check, by a certain date. Every day after that, the amount goes up. [Foreclosure timeline] How much? Another rough calculation:
Add the number you got above to the balance of your mortgage, thenEvery day, the amount you owe is going up that much. An arrearage calculator is available here
Option 2: Refinance. We have only seen ONE example where a client was refinanced in the foreclosure, and that was with a local bank that our client had a 20 year relationship with. In our experience, no matter what your lender says, they will not refinance you. If it happens, please let us know...we will steer clients to that lender!
Option 2a: Loan Modification. There has been a lot of media attention about the government demanding mortgage companies modify home loans. Here is what we are seeing: second mortgage lenders are wheeling and dealing. If you have a second mortgage in trouble, but the first mortgage is fine - you have a chance to make a deal. There may be a lot of dealing we are not seeing (because the deal is done before people get to the point of calling us), so TALK TO YOUR LENDER. However, if they are not willing to put something in writing within 15-30 days of you first contacting them and providing them documentation supporting the situation you find yourself in - they are not going to modify the loan, regardless of what they are telling you. This is our experience, things might be changing in the marketplace, but we are not seeing it. We are still getting clients that spent months 'negotiating' a new mortgage and the Sheriff's sale is 10 days away.
Option 3: Sell your home. You have some time, several months at least. If the market is generally good in your area, your home is in good shape and the price it could sell for will satisfy your mortgage(s), by all means, try. It is better to get out of a property with a little equity and no foreclosure sale against you.
Option 4: Walk away. On average, half of everyone foreclosed on will walk away from their home. We probably could have helped 60 or 70% of those people keep their home. However, if the reality is that it just will not be possible to keep the home hire us to supervise the foreclosure. We will make sure all the t's are crossed and i's are dotted and we will keep you informed of the progress of the case.
Option 4a: In addition to supervising the foreclosure, we might be able to deal with other debt.
Whichever option you choose, don't just leave, see us first.
Option 5: Chapter 13. This scares the wits out of people. It shouldn't. It is a tool that allows people to get a second chance. And in our hands, we help better than 90% of the people that come see us. You owe it to yourself to at least come talk about it.
At your first meeting with me, we will sit down, together, and look at your entire situation. I will tell you all your options: perhaps the solution will be a Chapter 13 but maybe it will be something less. If Chapter 13 is the answer and you decide to hire me, you can count on me to work quickly and be as accessible as possible. If I don't answer, you can feel free to leave a message that will be answered as soon as I get hold of you. If you prefer, you can send email to email@example.com.
Often bankruptcy can help level the field with your creditors. Bankruptcy scares the wits out of most people because it has so many negative connotations. (6 Myths about Bankruptcy) Bankruptcy can be a powerful tool to help families facing illness, loss of job or divorce get a handle on their debts. Generally you can file bankruptcy and still keep your stuff, even your home and cars.
Other practice areas
If you need help with these areas of the law, contact us.
If you have a problem that you are trying to solve and are looking for information, we have free informational pamphlets and links to other resources.