Should I Get A Home Loan Modification In 2021?

If you are having trouble making mortgage payments on time, you should consider getting an Illinois home loan modification with the help of a lawyer.

You should know that you aren’t alone. Due to the Covid-19 crisis, moratoriums have been placed across the nation on foreclosure and eviction proceedings. By the end of August, the Federal Housing Finance Agency (FHFA) extended it to cover mortgages on single-family homes. However, when the FHFA realized that a lot of homeowners may default on mortgage payments after the moratorium expires, they extended the expiration date.

So if you have fallen behind on payments due to difficulties that were caused by the lockdown, chances are you can delay foreclosure as well. However, this does not mean you can delay it indefinitely. To bring your mortgage back on the right track, you should get an Illinois home loan modification as soon as possible.

Why You Should Get A Lawyer For Illinois Home Loan Modification

Most lenders are more than willing to work with borrowers who need loan modifications, but the application process can be quite complex. In fact, a lot of applicants face rejections especially if they don’t have a lawyer by their side.

A lawyer who has experience in loan modifications can be the difference between a loan modification and foreclosure. So hire one if:

  • You are unsure about how to fill out the loss mitigation application properly.
  • You are unsure if an Illinois home loan modification can prevent foreclosure.
  • The servicer violates state foreclosure laws.
  • The servicer denies your request for a loan modification and you want to appeal.

Additionally, a home loan modification lawyer in Illinois can also do the following for you.

Provide Individualized Attention

Very few loan service providers remain in touch with applicants and are often slow to return calls. A loan modification lawyer will not answer your calls, but he/she will also call back with information that can help your case. In other words, unlike lenders, they will focus on your specific needs.

Negotiate With Lenders

A lender may be persuaded to provide favorable loan terms if you have a lawyer in your corner. That’s because loan modification lawyers update themselves on the latest loan programs that can help borrowers who are in financial distress.

Completing Complex Paperwork

Illinois home loan modification usually requires an extensive amount of complex paperwork that may overwhelm you in your stressed state. A lawyer who has experience going through and completing it can ensure nothing is left out. He/she can also advise you on the information needed to supplement the application and explain the extent of your financial hardships to the lender.

It is imperative that you get legal aid as soon as possible if you don’t want your property to go into foreclosure. If you are in search of an experienced loan modification lawyer, schedule a free consultation with Covert Marrero Covert LLP today. We also accommodate off-site and off-hour appointments for your convenience. Or you can visit us in person at our Schaumburg, Naperville, or Warrenville offices. We don’t back down, ever!

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

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.