A loan modification is a permanent change or modification to the terms of a home loan. This type of modification can usually assist homeowners who are struggling to pay their mortgages and are behind on their payments. If you are faced with the possibility of foreclosure, seeking a loan modification may be an effective option to help you stop the process and keep your home.
Attorney Ernest B. Fenton, founding attorney and managing partner of the Law Office of Ernest B. Fenton P.C., has years of experience helping clients obtain loan modifications and stop foreclosure in Cook County and throughout the Chicagoland area. To learn more information about how we can assist you and what options are available, contact our firm and schedule a free, 30-minute consultation with one of our lawyers.
Discuss a Mortgage Modification With an Orland Park Attorney
Typically, a loan modification will include one or more of the following changes:
- A reduction in your interest rate
- An extension of your loan terms (i.e. 30- to 40-year loan term)
- A reduction in the principal, in some rare cases
The Home Affordable Modification Program (HAMP) is a government-sponsored program that was created to assist homeowners in obtaining loan modifications. Learn more about HAMP and whether you may be eligible by clicking here or by contacting our firm.
Alternatives to a loan modification, such as bankruptcy or a short sale, may be more appropriate, depending on your circumstances. Our firm will review your circumstances and help you understand which option will best fit your needs and objectives.
Contact a Cook County Loan Modifications Attorney
Find out more information about loan modifications in Illinois. Send us an e-mail describing your situation or call us at 708-365-8624 or toll free at 800-416-9387 to schedule an appointment with an experienced attorney.
