What is a Mortgage Loan Modification?
If you have a home mortgage and are falling behind on payments, you may have heard of a mortgage loan modification/ home loan modification. A loan modification is an agreement with your mortgage loan servicer to alter the mortgage payments and bring the mortgage current so that you can get back to making your mortgage payments while avoiding foreclosure. There are many different types of loan modifications and the terms can be helpful to some homeowners while harmful to others. Therefore it is important to discuss a loan modification offer with your attorney before signing it.
Potential Benefits of a Loan Modification
A loan modification has many potential benefits, including:
Drawbacks to a Loan Modification
A loan modification has potential drawbacks, including:
How to Get a Loan Modification
If you have fallen behind on your mortgage payments, it is time to inquire with your bank as to whether any loan modification programs are available for your mortgage. The first step with many loan servicers is to submit an initial loan modification application, which often includes income information (pay stubs), a monthly expense list, a list of assets, and the bank’s internal application. Because your loan modification will be based upon the information received in this application, it is important to get the initial application right. If you are in doubt regarding what you should submit to the bank, speak with a foreclosure lawyer such as the lawyers at Johnston Tomei Lenczycki & Goldberg LLC.
Contact the Libertyville Foreclosure Defense Lawyers at Johnston Tomei Lenczycki & Goldberg LLC Today
If you are facing foreclosure but want to save your home, then speak with a Lake County foreclosure defense lawyer such as the lawyers at Johnston Tomei Lenczycki & Goldberg LLC. We will go over your information, including whether you may qualify for a loan modification, and we will assist in defending your foreclosure matter while your loan modification application is pending. Once you receive a loan modification and become current with the mortgage, we will move to have the foreclosure case dismissed. If you ultimately decide to walk away from the home, we will assist you in short sale or deed in lieu. Call us today to save your home from foreclosure.
Phone Number: (847) 549-0600
Fax Number: (847) 589-2263
350 N. Milwaukee Ave., Ste. 202
Libertyville, IL 60048
223 N. IL. Rt. 21, Ste. 14
Gurnee, Illinois 60031
2100 Manchester Road, Suite 920
Wheaton, IL 60187