Chicago Loan Modification Lawyers

Advocating for Homeowners Against Mortgage Companies in Illinois

Homeowners who are facing financial hardship and are ineligible to refinance their mortgage loan are often entitled to loan modifications. Modifying a mortgage loan is a complex process that is often made more difficult by mortgage companies violating the borrower’s legal right to modifications. At Edelman Combs Latturner & Goodwin, LLC, we have helped many clients who got the runaround from mortgage companies while attempting to apply for loan modifications.

We have sued numerous large mortgage companies on behalf of homeowners who have suffered from loan modification nightmares, including:

• Mortgage companies claiming not to have received documents the homeowner sent them
• Improperly denying loan modifications
• Suddenly refusing to honor a loan modification that has been approved
• Improperly crediting payments and damaging consumers’ credit scores during the loan modification process

If you have found yourself in any of these situations, the Chicago consumer protection attorneys at Edelman Combs Latturner & Goodwin, LLC are here to help. Our team can assess your situation and take the appropriate legal action to ensure that your modification request is not illegally denied or impeded. Click here to learn more about our attorneys.

How to Successfully Navigate Loan Modifications

If you are attempting to obtain a loan modification, save copies of everything you send to the mortgage company along with the proof that they received it (use certified or overnight mail).

Make sure everything they promise is in writing – be careful about agreeing to make “trial payments” with no written documents explaining your rights once those payments are made.

Finally, be very careful about companies that want you to pay them money to assist you in obtaining a loan modification. Unfortunately, many of them are scam artists preying on vulnerable homeowners. Before you give your hard-earned money to anyone who is promising to assist you with a loan modification or mortgage foreclosure, research their name online and with organizations such as the Better Business Bureau.

Can Loan Modification Prevent Foreclosure?

In the unfortunate event that you are struggling to pay your monthly mortgage, you may be able to avoid foreclosure by modifying your loan. Modifying your loan is essentially an agreement that you can make with your mortgage company to lower your monthly payment, adjusting your loan as a whole so that you are able to afford payments. While your monthly payment will lower, it is important to note that you will be paying more over time in order to compensate for lower payments. Your mortgage company will likely need to see ways in which your financial situation has changed in order for them to allow such a modification. A modification that lowers your monthly payments will likely be a hindrance to your credit, but not as large as a foreclosure would be.

How Our Loan Modification Attorney Can Help You

We can assist you by:

• Negotiating with Lenders: Lenders often resist modifying loan terms, especially without skilled representation on your side. We have extensive experience negotiating with mortgage companies and lenders. We understand the tactics that lenders use and can advocate on your behalf to push for terms that work for you. Whether you need an interest rate reduction, a term extension, or any other modification, we will work diligently to ensure your financial situation is considered.
• Evaluating Your Financial Situation: Before submitting a loan modification request, it’s important to have a clear understanding of your financial situation and what modifications would be most beneficial for you. We will review your income, expenses, and loan terms to determine the best strategy for achieving a successful modification. We will help you gather the necessary financial documentation and present a compelling case to your lender, increasing the likelihood of approval.
• Assisting with Paperwork: One of the most frustrating aspects of the loan modification process is the paperwork. Lenders often require a significant amount of documentation, which includes proof of income, tax returns, and other financial records. Missing or incomplete paperwork can delay your application or even result in denial. We will ensure that all required documentation is accurate, complete, and submitted on time, preventing unnecessary delays and mistakes that could jeopardize your chances of success.
• Representing You in Mediation or Court: In some instances, the loan modification process could involve mediation or legal proceedings. If your lender refuses to offer reasonable terms or acts in bad faith, you may need to take legal action to protect your rights. We have the knowledge and experience to represent you in mediation sessions or court if necessary. We are dedicated to standing up for your interests and ensuring that your lender complies with the law throughout the modification process.
• Preventing Foreclosure: One of the most important benefits of pursuing a loan modification is that it can help you avoid foreclosure. If you are at risk of losing your home, we can explore every available option to stop foreclosure proceedings while we work on modifying your loan. In some cases, filing for bankruptcy may provide temporary relief while negotiations are ongoing.

Contact Our Loan Modifications Attorney in Chicago Today

If you have been the victim of unfair practices while trying to obtain a loan modification from your mortgage company, you have rights. At Edelman Combs Latturner & Goodwin, LLC, we want to help you seek justice and obtain the modifications you are entitled to. Our Chicago consumer protection attorneys look forward to discussing your case during a free initial consultation. Click here to view our case results.

Informative Articles and Resources

• Failure of Bank to Honor Loan Modification
• FTC Returns Money to Victims of Auto Loan Modification Scheme