How loan modification lawyers in Illinois may help you cut your costs and keep your home
If you are at risk of foreclosure, chances are that you have heard about home loan modification. In a mortgage modification, your attorney negotiates with your lender to reduce your monthly payments.
At the Naperville, Illinois Law Office of Brian Covert, our attorneys go one step further and provide foreclosure defense at the same time — looking for evidence that your mortgage holder may have violated any provisions of your initial loan contract that could constitute a legal defense against a judgment of foreclosure.
Banks would rather modify your mortgage than foreclose on your home
As loan modification lawyers in Illinois, we know that it is usually in your lender’s best interest to find a way to restructure your current mortgage and avoid the foreclosure process. Why? For one, the government is making it increasingly difficult for banks to foreclose. What’s more, it is often more expensive for the bank to hire an agent and have the empty property sit on the market for months, all the while paying taxes and insurance — and not bringing in any money.
That does not mean that the bank won’t play hardball. It may. But each Naperville mortgage modification lawyer at our firm knows how to negotiate terms in your favor — not to the bank’s benefit. Like foreclosure, home loan modification is a legal process that entails documentation and a solid knowledge of real estate and foreclosure law. A successful mortgage modification could:
- Reduce your monthly mortgage payments
- Reduce your interest rate
- Provide longer payment terms
- Convert your mortgage from an adjustable rate to a fixed rate
- Eliminate late fees
Do you have an “underwater” mortgage in DuPage, Will or Kendall Counties? Is your interest rate excessively high, or are you experiencing financial hardship and unable to refinance? No matter what your situation is, a Naperville attorney who understands and aggressively pursues mortgage modifications could provide the solution that allows you to keep your home while reducing your overall payments.
Learn more about your mortgage modification negotiation options in Illinois
Put our loan modification lawyers on your side by scheduling a confidential consultation to discuss your situation. Contact the Law Office of Brian Covert online or call us at 630-717-2783. For your convenience, we have offices in Naperville, Warrenville and Schaumburg, and we can accommodate off-site and off-hour appointments. Attorney Sadia Covert speaks Urdu and Hindi in addition to English.