We understand that times are tough. The consequences of COVID, high unemployment rates and rising utility costs make it hard to stay on top of your monthly payments. If you can’t pay your mortgage, let our attorneys at Benjamin Brand, LLP, help. We can analyze the situation and develop a create a plan that lowers your monthly payments
A mortgage restructure in involves a significant change to your current loan terms. Although lenders use different methods to modify mortgages, the main goal is to avoid foreclosure, so you get to stay in your home. The bank avoids the expense of seizing and reselling the property.
The knowledgeable foreclosure attorneys at Benjamin Brand, LLP can negotiate a mortgage modification with your bank or lending company. Generally, entering into a loan modification will likely have a negative effect on your credit. However, it will be less severe than if they foreclosed on your home. Learn more about how you can take steps to improve your credit to help you get your finances back on track.
Do you have a consistent income? This is the first thing lenders look at when reviewing a loan modification request. You must have sufficient income to cover the new monthly payment agreed upon for the mortgage restructure. Documentation you provide should indicate your steady income, rather than be a lump sum.
Are you in financial distress? Lenders are more willing to grant a mortgage restructure if you have legitimate reasons for missing your house payments. Additional reasons that may allow you to qualify for a loan restructure include:
In general, you must be at least one mortgage payment behind the property your primary residence to be able to qualify for a loan modification in Chicago.
Allow our Chicago foreclosure defense lawyers help you finally resolve your financial issues! Be prepared to discuss your financial issues in detail and have documentation related to your hardship.
Benjamin Brand, LLP can assess your situation and help you determine if this is the best option for you. We stay up-to-date in the mortgage restructuring field so we can successfully restructure your mortgage and ultimately save your home.
Call us today at 312.853.3100 for a free consultation.
The attorneys at Benjamin Brand LLP can negotiate with your mortgage lender or bank. We work aggressively to help you avoid foreclosure and restructure your mortgage.
Bankruptcy is a last resort. There may be alternatives that can help you deal with the financial burden. Call us at 312.853.3100 for more information about our areas of expertise and to find out if bankruptcy is the best option for you.