Loan modification: loan modification is the process of modifying your existing loan to make your payments more affordable. A loan modification is a change to a loan contract agreed to by both the lender and the borrower. The goal is to make the loan affordable for the long term. Examples of hardships that may result in modifications that are approved include illness of the borrower, employment, inability to sell the residence, job relocation, death of a borrower, military duty or numerous other reasons. Loss mitigation is a process that has to do with new terms agreed to by both the lender and the borrower so that the lender receives their money back and the borrower can make their monthly payments. A loan modification attorney is useful because sometimes you get different answers from different customer service representatives each time you contact the lender. Also, sometimes customer service representatives are not equipped to be able to assist you. A loan modification attorney can help you get the results you want from your lender. As Southern Illinois Loan Modification Attorneys, we can assist, whether with respect to a loan modification, short sale, deed in lieu of foreclosure or litigation. With a loan modification attorney, borrowers can be assured that any loan modification was done with an attorney looking out for them. In regard to a home loan modification, having a law firm involved can mean that a lawyer may have experience and insight that provide a more expedient process, and a safer and more assured result for the client. Banks have sometimes been criticized for referring struggling homeowners to call centers, where service is sometimes poor and inquiry waits are long. A loan modification law firm can help in these areas.
Mortgage Foreclosure Defense: For many people, their home is the most significant financial investment they will make during their lifetime. When you are on the brink of losing your home through a mortgage foreclosure, you need an attorney who will take swift and aggressive action to protect you. Even if you have not paid your mortgage in several months, there are often viable defenses that may protect you and may keep you in your home for months and sometimes years while litigation is pending. At the same time, our attorneys will utilize their experience to help you find the best long-term solution for your circumstances. Depending on the facts and circumstances, we can intervene on your behalf to defend you on foreclosure proceedings, take action any sale, attempt to reopen default judgments, etc. There can be action taken in regard to extending the time in which you can sell your house. Clients should be concerned regarding excessive fees that are combined into any deficiency judgments. We can attempt to negotiate a deed in lieu of foreclosure. We have had experience in renegotiating re-capitalization of arrearages or forgiveness of certain add-ons in a mortgage modification agreement or forbearance agreement.