Loan Modification in Illinois
Illinois has one of the highest foreclosure rates in the country. High unemployment rates have made it difficult for homeowners to stay current on their mortgage payments. And as home values fall, homeowners who can afford their loan may question the wisdom of continuing payments. A mortgage modification may be the solution, and an Illinois loan modification attorney can guide you through the process.
Illinois Loan Modification Basics
When you get a loan modification, you and your lender are agreeing to change the original terms of your loan. This could include:
- Changing the interest rate
- Changing the principal, or original amount that was borrowed
- Changing the total monthly payment
- Changing the length of the loan
- Temporarily suspending loan payments
By agreeing to these changes, your mortgage lender hopes that you'll be able to make regular payments, avoid foreclosure and remain in your home.
Who Qualifies for an Illinois Mortgage Modification?
You may be a good candidate for an Illinois loan modification if:
- Your home's value has decreased and is worth less than the balance of your loan
- You have poor credit and are locked into a high interest rate
- You have had financial problems and are struggling to make your mortgage payments
Your Illinois loan modification lawyer can review your mortgage, your financial situation and your home's appraised value to see if you'd be a good candidate for an Illinois mortgage modification.
Use an Illinois Loan Modification Lawyer to Avoid Being a Fraud Victim
In recent years, the loan modification business has attracted many criminals, con artists and fraudsters. You must take every precaution to avoid becoming a victim—and working with an Illinois mortgage modification attorney is a smart decision.
"For a hefty fee, mortgage rescue consultants promise to 'buy you time' and possibly save your home by negotiating deals with your creditors. They may also offer to help you repair your credit and refinance your existing mortgage. While these services sound appealing, the truth is that they can be performed better by a licensed attorney, by a reputable non-profit housing counselor, or even on your own."
The Attorney General also warns homeowners against "mortgage rescuers" who offer to save your home by buying it from you for a small percentage of the home's value, renting it back to you, then allowing you to repurchase the home when you can afford it.
If you or someone you know has fallen victim to a mortgage rescuer or loan modification consultant, an Illinois mortgage modification lawyer may be able to help you reverse the damage and recover lost money.
Find & Hire an Illinois Mortgage Modification Attorney
Attorneys.com can help you find Illinois mortgage modification attorneys in your area, whether you live in Chicago, Rockford, Springfield or elsewhere in Illinois. To use our service, call us at 877-913-7222 or fill out the form on this page. We'll ask you a few simple questions, then connect you with a local loan modification lawyer. Our service is fast and it's free.