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How Home Loan Modification Lawyers Can Help You Keep Your Home During The COVID Pandemic

Home Loan

Why Hire A Home Loan Modification Lawyer

Home loan modification lawyers understand that Covid-19 has shut down several businesses leading to an unprecedented rise in unemployment rates. Naturally, if you don’t have a job, how can you be expected to pay your mortgage? That is a dilemma several homeowners are facing, with many on the way to foreclosure. However, you can avoid closure by hiring a home loan modification lawyer.

What Is A Home Loan Modification?

A loan modification is basically an agreement that you form with your lender to change the terms of your original loan, so you can make payments in an affordable manner. The main aim is to prevent foreclosure, which is a suitable solution for homeowners who find themselves without employment or funds to pay their mortgage on time.

In order to be eligible for a loan modification, the following requirements need to be fulfilled:

  • Your income is insufficient to make mortgage payments regularly
  • You experienced a financial hardship (such as medical bills resulting from a Covid-19 diagnosis) and you cannot afford to pay the mortgage as a result.
  • The property is your main residence

Other Options

The aforementioned is not the only way you can avoid foreclosure. If you wish to alter your current mortgage, your home loan modification lawyer can also help you modify it to an adjustable mortgage one, re-amortize loans, and acquire reductions in the principal amount that is owed.

You can also opt for forensic loan auditing to determine if any laws were violated with the loan you received. If the lender charged you a hidden or excessive fee he can be taken to task and sued. In some cases, foreclosure can be avoided.

According to the Illinois Mortgage Rescue Fraud Act, loan modification consultations cannot take an upfront fee. While this is illegal in the state, some consultants still try to charge thousands of dollars from their clients which they have to pay before they can be served. As per the law, you cannot be charged till the loan modification is successful and you avoid foreclosure. Naturally, searching for an attorney with a stellar reputation should be a priority.

Why Choose Our Home Loan Modification Lawyers

At Covert Marrero Covert, our home loan modification lawyers understand your frustration and stress in searching for trustworthy legal aid for your loan modification. We have years of experience and client testimonials that prove our trustworthiness and can help you find affordable solutions that can work for you. Get in touch with us for a consultation today at our offices in Warrenville, Schaumburg, or Naperville, IL.

By Brian Covert | Posted | Posted in Real Estate Lawyer

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