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Stop Foreclosure with a Loan Modification

Chicago, Illinois

Do you need help? Would you like to keep your home? We have good working relationships with all of the Big, and most of the small, lenders. Use our expertise and experience to:

  • Lower your interest rate to a comfortable payment you can afford
  • Change the terms of an Option ARM mortgage
  • Obtain a principal reduction or forbearance

The purpose of a loan modification is to bring the borrower’s monthly mortgage payments back in line with his or her current financial situation. You are required to demonstrate a financial hardship. The hardship must relate to your ability to make payments toward the mortgage. Hardships include adjustable rate increases, job loss or any other catastrophic event that affects your ability to pay. Once hardship is determined the work can begin to reduce the monthly payments required of the borrower.

A borrower may negotiate the modification directly with the bank, through a modification shop, or through the representation of an attorney. Attempting to “do it yourself” leads to extreme frustration and many unproductive hours due to lack of experience. Also, lenders are not willing to educate you on how to negotiate with lenders. They would rather tell you that “this is the best they can do”.

The non-lawyer modification shops typically use templates that are not examined or presented by an attorney. Also, a modification company cannot use the bargaining tools that an attorney can use. The end result typically leaves them telling you, “this is the best we can do”. After all a mortgage is highly complex legal document drafted by attorneys for your lender. If you fall behind on your mortgage this is considered a “Default”. A default in your mortgage is not only governed by the written language of the mortgage but also state and federal law. The legal strategies used by an experienced attorney at Jordan Legal Group will help you get the result that you want. We start with an initial free consultation to learn about your particular financial situation. Jordan Legal Group stand ready to answer your questions. Contact us.

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