Loan Modification Attorney FAQ2017-05-19T20:20:35+00:00

Frequently Asked Questions

Frequently Asked Questions concerning Chicago Loan Modifications

Is it possible to apply for a loan modification on my own?2017-04-24T21:41:56+00:00

Over the last couple years the federal government has increased the loan qualifications to allow individuals to keep there home and avoid foreclosure. Lenders are becoming more lenient in approving loan requests. It is possible to apply for a loan modification without a loan lender but it is advised to have an experienced representative. Chicago loan officers have extensive experience saving homes and getting the monthly payment required to keep your home.

What are the benefits of applying for a loan modification?2017-04-24T21:41:29+00:00

An experienced loan officer can reduce your home payment and give you affordable payments. This will prevent home foreclosure and give you peace of mind to keep your home. The benefits of a loan modification can include avoiding foreclosure on your home, having a long term plan for your loan, reducing interest rate, create a balloon payment that alters a portions of the loan.

Reasons your loan modification was denied?2017-04-24T21:41:01+00:00

When a loan modification is declined the majority of reasons are income based. Not being able to provide sufficient documentation or proof of income for the loan officer. Or the current income can not afford the monthly payment for the new loan. It is possible you worked with a lender and was wrongfully declined. Our Chicago Loan officers can walk you through the process for legal representation if you were declined.

What is a commercial loan modification?2017-04-24T21:40:33+00:00

Commercial loan modifications also called workout loans apply to a business borrower who can no longer refinance their existing loan. When a business struggles going into default a modification can preserve the loan and allow the business to continue operations. Our lenders can adjust the monthly payment to an affordable plan that can assist the business back to profitability.

Do I qualify if I have bad credit?2017-04-24T21:40:04+00:00

A low credit score does not affect your qualifications for a loan modification on your home or business. The Chicago Loan lender can walk you through the process and determine the next steps for a loan.

What monthly payment can I expect for my new loan?2017-04-24T21:39:31+00:00

Each bank has separate guidelines for the amount you will pay for this new loan. Our lenders work with your specific situation and modify your loan into a affordable monthly payment. We work on decreasing the interest rate and extending the lifetime of the loan and the reduction of your principal. We understand that continuing to live in your home and support your quality of life is important. Our lenders are experts in loan modification and always work with clients to get them the monthly payment that allows them to live within their means.

What are hardship situations that would apply to acquire a loan modification?2017-04-24T21:39:04+00:00

Chicago Loan lenders have experience working with all kinds of situations that would bring about acquiring a loan modification. Whether you are trying to save your home from foreclosure or lower your monthly payment. We can assist you during this transition. Here are just some of the examples of reasons our clients apply for a loan mod.

  • Loss of job
  • Decrease in income
  • Medical illness
  • Extensive medical bills
  • Divorce
  • Death in the family
  • Service in the military
  • Relocation for your job
What documentation do I need for a loan modification?2017-04-24T21:38:20+00:00

Prepare your documentation before speaking with a lender. Here is a list of some examples of documentation you will need for a smooth conversation with your Chicago Loan lender.

  • Current mortgage loan statements
  • Monthly payment amount
  • Mortgage loan balance
  • Term of the loan
  • Current interest rate
  • Amount of delinquent payments
Who qualifies for a loan modification?2017-04-24T21:30:46+00:00

The qualifications are vague, however, in order to submit a Loan Modification you must be employed, and you must be at least 30 days late on your mortgage loan.

What is a loan modification?2017-04-24T21:30:11+00:00

A Loan Modification is a restructuring of your current mortgage loan with your current bank. This is not a Refinance. It is a negotiation with your current mortgage lender to argue that you cannot afford the current payment plan. If we are successful in getting a Loan Modification approved, the loan will be brought current and the monthly payment will be lowered.

John Buchmiller
John Buchmiller & Associates, LLC

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