Theodore Arthur Woerthwein’s Guides

Theodore Arthur Woerthwein

Chicago Personal Injury Lawyer.

Contributor Level 5
  1. 2010 Congressional Oversight Panel's Report

    Written by attorney Theodore Woerthwein, over 2 years ago.

    Below is an important link to the November 16, 2010 Congressional Oversight Panels Report examining the consequences of mortgage irregularities. The 127 page report discusses assignments, MERS,the problems with robo-signers and other document infirmities. Noteworthy are the matte...

    1 person found this Legal Guide helpful

  2. Cases Dismissed for Lack of Standing -- New York / New Jersey

    Written by attorney Theodore Woerthwein, over 2 years ago.

    Wells Fargo v McNee(11/11) As the First Department held in Katz v. East-Ville Realty Co., (249 AD2d 243, 243), a [p]laintiffs attempt to foreclose upon a mortgage in which he had no legal or equitable interest [is] without foundation in law or fact (see Kluge v. Fugazy, 145 AD2d ...

    1 person found this Legal Guide helpful

  3. Why Foreclosed Homeowners Receive 1099s for Cancelled Debt

    Written by attorney Theodore Woerthwein, over 2 years ago.

    Why Foreclosed Homeowners Receive 1099s for Cancelled Debt First, the basics: if you owe a debt to someone else, and that debt is forgiven, the IRS Code treats that forgiven debt as income to you. Does it make sense? Sure, because you have just received something that you did not...

    1 person found this Legal Guide helpful

  4. Will I Get Sued for the Loan Balance After Foreclosure?

    Written by attorney Theodore Woerthwein, over 2 years ago.

    Will I Get Sued for the Loan Balance After Foreclosure? The short answer: not necessarily. Statistically, you are more likely to have the debt forgiven (hence the 1099). In some states the bank has the right to sue you for the $20,000, but the bank might simply forgive the debt. ...

    2 people found this Legal Guide helpful

  5. Can Bankruptcy Stop Foreclosure?

    Written by attorney Theodore Woerthwein, over 2 years ago.

    Yes, bankruptcy can stop foreclosurebut not without careful planning, and not without consequences. Read on to learn how to make this important decision. Bankruptcy Stops All Legal Proceedings Bankruptcy stops all civil legal proceedings, athought the word stop is not truly appr...

    1 person found this Legal Guide helpful

  6. Mortgage Foreclosure Options

    Written by attorney Theodore Woerthwein, over 2 years ago.

    Options If the house is not yet in foreclosure, the client should immediately contact the lender and try to work something out. The client should pay as much as possible and save any money returned by the lender. Once the house is in foreclosure,the client should decide if they c...

    2 people found this Legal Guide helpful

  7. Illinois Foreclosure Process

    Written by attorney Theodore Woerthwein, over 2 years ago.

    Foreclosure Process Illinois is a judicial foreclosure state. The foreclosure process is governed by the Illinois Mortgage Foreclosure Law (IMFL),735 ILCS 5/151101et. seq. Mortgages for this purpose include real estate installment contracts of more than five years duration, enter...

    1 person found this Legal Guide helpful

  8. Foreclosure Defenses & Strategies

    Written by attorney Theodore Woerthwein, over 2 years ago.

    WHAT ARE SOME OF THE COMMON FORECLOSURE DEFENSES STRATEGIES? (1) Seek a Loan Modification / Loan restructuring / Loan Workout (of a commercial or residential loan) (2) Pursue a short-sale of the property (list the property for sale and see if the bank will accept less than what ...

    2 people found this Legal Guide helpful

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