Chicago Loan Modification Lawyer
Lower Your Monthly Payment with a Loan Modification
If you have a variable rate mortgage or are dealing with a mortgage payment that you simply cannot afford due to a financial hardship, you do not have to lose your home. You may be able to complete a loan modification and reduce your monthly payment. A Chicago loan modification lawyer can help you with this, handling all communication with the lender and providing the necessary paperwork and evidence to lower your mortgage payment.
You have options. Call Trifonova Law, P.C. at (877) 544-3394 to discuss loan modification.
Understanding Loan Modification in Chicago, IL
When a borrower cannot afford his or her mortgage payment, a loan modification may provide a way for the borrower to keep his or her home and for the lender to keep the loan. A loan modification is a permanent restructuring of a mortgage loan, wherein one or more terms of the loan are modified to lower the monthly payment to an amount that the borrower can afford. This may be mutually beneficial to both the lender and borrower, as the lender can avoid costly foreclosure proceedings and the borrower can keep the home.
Loan modifications can be complex, and it can be difficult to know exactly what steps need to be taken and what documentation must be provided to seek a positive result. This is where the team at Trifonova Law, P.C. can make a difference. As experienced loan modification professionals, we can handle all communication with the lender and provide the necessary proof to secure a viable modification.
With a Chicago loan modification lawyer by your side, your lender may:
- Reduce the interest rate on your mortgage loan.
- Convert your loan from a variable interest rate to a fixed interest rate.
- Extend the length of the term of your mortgage loan.
To accomplish this, your lawyer will need to negotiate with the lender and do the following:
- Prove that you cannot make your current mortgage payment due to a financial hardship.
- Provide all documentation the lender needs to make an evaluation of your loan.
- Make the new monthly payment for a trial period to show you can afford the new amount.
Find out how you can keep your home. Contact us at (877) 544-3394!