Chicago Loan Modification Attorneys
Helping Thousands Resolve Consumer Law Matters
When a homeowner realizes that their financial situation does not allow them to stay on top of their mortgage payments, many of them consider applying for a loan modification in an effort to avoid foreclosure. Whether your loan modification needs are due to a temporary setback, such as unemployment or an illness, or some other matter, Atlas Consumer Law wishes to help you obtain the debt solution you need to keep working towards your short-term and long-term goals.
The sooner we hear from you, the sooner we can help meet your legal needs. Call us today at (312) 313-1613 for a free, private consultation.
The Potential Disadvantages of Loan Modification
While mortgage loan modifications can seem tempting, homeowners should be aware that such modifications can actually do more harm than good. To help you understand, our Chicago loan modification lawyers have listed some possible disadvantages below:
Negatively affected credit score:
A loan modification has the potential to have little or no effect on a borrower’s credit score. In fact, the report may only show that the loan was modified, but this depends on how the lender reports the modification to the credit bureau. However, it is important to note that of the borrower missed payments, these missed payments will still affect the borrower’s credit score negatively.
Oftentimes, borrowers find that there are costly fees involved with complete a loan modification. In most cases, the lender is able to add these fees to the principle of the loan; however, this is not always the case. Late charges and other fees that a borrower has incurred during the modification will also need to be paid as well.
Still Potential to Lose Home:
Because loan modifications are designed to help homeowners facing a temporary hardship, there is an expectation that the borrower will move past the difficult financial situation and resume regular mortgage payments as they had before the hardship. However, many homeowners find that after moving through the modification process, they are back in the position of being unable to make payments. In many cases, this leaves homeowner borrowers in the same positions, potential foreclosure due to mortgage payment delinquency.
At Atlas Consumer Law, we know that each person’s situation is unique, and that is why we take the time to understand each case thoroughly. When you choose to work with our legal team, you can rest easier knowing we will work diligently to obtain a successful outcome. Do not wait to get the help you need. Allow us to find a solution for you!
Illinois Debt Solution Strategies at Your Disposal
Many banks offer loan modification programs to homeowners, but we urge you to think twice before taking this route. Many of these loan modification programs often do more harm than good. By aligning yourself with a firm such as ours, you may have a higher chance of securing the positive outcome you desire. Our Chicago loan modification attorneys have first-hand knowledge of the loan modification process, and our negotiation skills can prove to be invaluable when dealing with banks and lenders.
By working with our firm, you may benefit from:
- Creative and innovative legal strategies
- Passionate and well-versed legal guidance
- Aggressive litigation skills
We will carefully review the details of your case to determine whether a loan modification is the right form of debt relief. In some instances, we have helped clients obtain a positive outcome through the bankruptcy process or both bankruptcy and loan modification. We will identify and implement a debt solution strategy that is suitable to your case and will allow you to remain on top of your mortgage payments.
A+ Rated with the Better Business Bureau!
Are you being harassed by creditors? We encourage you to consider our Protect The Discharge program, which can shield you from creditor harassment and negative credit reporting after debt discharge. We are proud of our firm's A+ Rating with the Better Business Bureau, which serves as a testament to the kind of representation we provide to our clients.
Give us a call as soon as possible to learn more about how we can help you with your loan modification needs. Your initial consultation is free!