Mortgage Modification Attorney In Chicago, Illinois

We can help restructure your mortgage. Get mortgage loan litigation help.

A mortgage restructure in involves a significant change to your current loan terms. Although lenders use different methods to modify mortgages, the main goal is to avoid foreclosure, so you get to stay in your home. The bank avoids the expense of seizing and reselling the property.

MORTGAGE RESTRUCTURING IN CHICAGO CAN CONSIST OF:

• Reducing the principal
• Lowering your monthly payments
• Extending the length of your loan
• Converting an adjustable to a fixed interest rate

The knowledgeable foreclosure attorneys at Benjamin Legal Services can negotiate a mortgage modification with your bank or lending company. Generally, entering into a loan modification will likely have a negative effect on your credit. However, it will be less severe than if they foreclosed on your home. Learn more about how you can take steps to improve your credit to help you get your finances back on track.

Can I qualify for a loan modification in Chicago?

Do you have a consistent income? This is the first thing lenders look at when reviewing a loan modification request. You must have sufficient income to cover the new monthly payment agreed upon for the mortgage restructure. Documentation you provide should indicate your steady income, rather than be a lump sum. 

Are you in financial distress? Lenders are more willing to grant a mortgage restructure if you have legitimate reasons for missing your house payments. Additional reasons that may allow you to qualify for a loan restructure include:

• Long-term illness or disability
• Death of a family member
• Uninsured property loss
• Natural or declared disaster
• Divorce
• Sudden increase in housing costs, which can include HOA fees and property taxes