Chapter 13: Loan Modifications
The Chicago bankruptcy attorney you hire will make a difference in your case. You need an attorney who has experience, knowledge of the law and confidence when it comes to loan modifications. A general practitioner simply will not do. You need a lawyer who understands all of your debt relief options and helps you find the one that is best for your circumstances.
At our law firm, Atlas Consumer Law, we have the experience and background in handling the full range of debt relief solutions for our clients. We will look at your situation and provide you with your options and the benefits and drawbacks of each. Our familiarity with bankruptcy, foreclosure, loan modification and other techniques means that we can provide you with a range of solutions. We are located in Lombard, Illinois, and serve clients throughout Chicago and the surrounding areas.
Contact our Chicago loan modification attorneys by calling us at (312) 313-1613.
- There are two options when it comes to loan modifications:
- Trial modification: This modification lasts for about three months and is a test run for a lender that occurs prior to a permanent modification. At times, trial modifications offer better terms than permanent modifications.
- Permanent modification: This type of modification rewrites the terms of the loan until it is paid, another modification occurs, the borrower defaults or there is a foreclosure.
How Can We Help?
By using Chapter 13 bankruptcy, our lawyers can potentially turn a trial loan modification into a three- to five-year loan modification. For example, Blake and Crystal* had a temporary loan modification that provided them with excellent terms. They subsequently filed a Chapter 13 repayment plan. Once the plan was approved, the creditors were bound to it. Since the trial modification terms were a part of the approved plan, those terms became binding for the duration of the repayment plan. This was particularly advantageous for Blake and Crystal because of the significantly better terms that may accompany the trial modification.
Contact a Loan Modification Lawyer Today
Don't wait. Your financial situation is pressing and you need to act soon. Contact one of our experienced attorneys to analyze your case. Our attorneys work hard to provide you with the information you need to make educated decisions.
*Blake and Crystal are fictitious characters created for the purposes of explaining and illustrating various bankruptcy situations.
We guide you through the process every step of the way. We are accessible online or by calling us at (312) 313-1613.