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loan modification

Loan Modification can help save your home and prevent foreclosure. Chicago Loan Mods has been working with thousands of homeowners assisting them in the benefits of a loan modification. With extensive experience with countless clients they can sort out any concerns around your qualification and application. Don’t hesitate to call us today with any questions at (312) 690-4194 or through email at buchmillerlaw@gmail.com

There are options available to you in order to stop the foreclosure process. If you have missed mortgage payments, or your lender has filed a Notice of Default, you may think that the loss of your home is inevitable. However, there are options available to avoid foreclosure.

Loan Benefits Include Lowering Monthly Mortgage Payment and Interest Rate

Contrary to the belief of many, you do not have to be severely behind on your mortgage payments to consider a loan modification. If you are able to prove that you are legitimately struggling to make ends meet, then you should qualify for a loan modification. Modifying your mortgage can provide much needed financial relief. There are plenty of roadblocks in this process and it’s difficult to know which avenue is right for you. This is why hiring legal counsel is beneficial for many; having expert advice in this realm can point you in the right direction in order to stop foreclosure.

There are a variety of options that fall under the category of mortgage loan modification, however, and some of them are even less desirable than your current situation. We understand that you’re feeling tremendous pressure, but avoid rushing into any sort of private agreement. This includes the mortgage company itself, third party “foreclosure experts”, and even federal government programs.

Qualify For The Home Affordable Modification Program (HAMP) Government Program

One such government program is known as the Home Affordable Modification Program (HAMP). Under the program’s guidelines, a mortgage is not considered to be sustainable over the long term if the monthly payment exceeds 31% of your gross household income. Several mortgage providers also adhere to this guideline as part of their own internal policies regarding loan modification, so you’re likely to hear that number quite a lot.

Unfortunately, for many homeowners today, 31% is already a bit of a strain, but lenders will still make every effort to stretch your funds as thin as they possibly can. This is not to say that HAMP is the right or wrong choice in every case, but the guidelines are very restrictive. For example:

Your mortgage must have been originated prior to 2009.

  • If it’s your primary residence, you must not owe greater than $729,750.
  • The property must not be condemned.
  • You have documentation of a true financial hardship, to the point of falling behind or being in danger of falling behind on your mortgage payments.
  • You have to be currently employed and able to prove your ability to make the new, modified payments.
  • If you have been convicted of a felony in relation to a mortgage or real estate, you are automatically ineligible.

For those who don’t qualify under these guidelines, or if it will not be a long-lasting solution to your affordability problem, you should explore other avenues. Unfortunately, those other avenues are not without their own intricacies. It can be very challenging to navigate this process without professional help. This is why you should consult with a loan modification attorney. You can’t be sure that you’re making the best choice for your family or your financial future unless you have a skilled loan modification expert on your side.

If you’re hoping to reach a mortgage loan modification agreement with your lender, act quickly but with caution. Don’t make any decisions until you’ve met with a member of our team and discussed the details of your case. Once our loan modification lawyers review your total financial picture, we will be able to give you a fair and accurate understanding of what type of modification you may be able to qualify for. Call us at 312-690-4194 to request your free consultation.

Loan Modification Attorneys Can Help Submit Your Application.

Chicago Mod Loans can organize your documents and prepare them for submission in a timely manner. Here is a list of need documents to begin the loan modification process.

Document Requirements To Submit A Loan Modification

1.) Previous year income tax return

2.) 30 days of pay stubs

3.) Two months of bank statements

4.) Mortgage statement

5.) Utility bill

Often times the bank requests more documents during the process, but the above documents are enough to get the loan modification submitted.

The Loan Modification process takes about 6 – 9 months. During this time you are not making a payment on your mortgage, you’re simply waiting for the negotiation to be complete. Once the negotiation is complete, however, you will be given a trial payment plan of three payments for three consecutive months. If you make these payments on time your loan will be permanently modified.

What to Do if Your Application is Rejected For A Loan Modification

If your application is rejected, you may feel pressured to put your house up for foreclosure or short sale. At Chicago Mod Loans we work with you to make sure that we fully understand your situation in order to successfully qualify you for a loan modification. If you are working with a loan modification attorney at Chicago Mod Loans, we can get clarity on why your application was rejected and move forward with the loan adjustment process.

We are known for ethical law practices and ensuring the best loan adjustment option for you. Underwriting guidelines allow you to borrow an amount that qualifies with your gross monthly income and debt obligations.

The process of preventing a foreclosure on your home can be overwhelming. Chicago Mod Loans can assist you in the process and give you the monthly mortgage payment suitable to stay in your home. Request a free consultation from our loan modification attorneys. Call Us Today! 312-690-4194 or email John Buchmiller at buchmillerlaw@gmail.com

John Buchmiller
John Buchmiller & Associates, LLC

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