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Libertyville Mortgage Loan Modification Attorneys

Vernon Hills Mortgage Modification Lawyers

Lawyers in Lake County Helping Clients Avoid Foreclosure

If you are behind on your mortgage payments, you may feel anxious and stressed about how you will get caught up again. If you are significantly behind and are receiving letters and calls from your lender about the possibility of a foreclosure, that anxiety and stress can quickly turn into panic. At Newland & Newland, LLP, we understand that facing possible foreclosure can be frightening and overwhelming. Fortunately, there is good news: you do not need to deal with such matters on your own. Our attorneys have more than 60 years of combined legal experience, and we are equipped to help you find alternatives to foreclosure—alternatives that may include a modification of your current mortgage loan.

Trusted Counsel for Negotiating Home Loan Modifications in Arlington Heights

A mortgage loan modification is exactly what it sounds like: an adjustment to the terms of your mortgage agreement that will allow you to stay in your home and prevent foreclosure. Mortgage loan modifications can be complex, however, and the lender is not required to agree to a modification proposal.

In practice, most lenders are open to modifying a mortgage loan if the borrower is behind due to a temporary financial hardship, such as a short-term layoff or a sudden medical expense. If there is no indication that the borrower's financial situation is improving or will improve soon, a lender will generally be hesitant to agree to the modification.

Attorney Stephen S. Newland and his team have helped many clients throughout Northern Illinois obtain loan modifications and prevent foreclosure proceedings. We are ready to put our experience and knowledge to work for you in negotiating a modification with your mortgage lender. Depending on your situation, we may be able to get the lender to adjust your interest rate, the length of your loan, the amount of your principal, and more. Our team will do everything possible to help you make your monthly mortgage payments more affordable.

Possible Consequences of a Mortgage Loan Modification

While modifying your mortgage loan may be your best option, it is important to realize that a modification might have some potential drawbacks. First, the modification might not improve your credit score right away, especially if you have missed payments. Your credit rating will depend on how the lender reports the situation to the credit bureaus, but making your new payments on time every month will start bringing your score back up again.

A mortgage loan modification can also be expensive. Most of the time, the fees and costs associated with the modification can be added to the principal, but doing so is not always possible. You might also be responsible for late fees and other fees that you incur during the modification.

Finally, if your financial hardship lasts longer than you expect it to, or you run into trouble making your modified mortgage payments again, you could end up right back where you started. A lender is much less likely to agree to a second modification, and you could be facing foreclosure or bankruptcy.

A Skilled Attorney Can Help

While most lenders do offer loan modification programs, such programs are often designed to benefit the lender more than they benefit you. With the help a qualified loan modification attorney, you can avoid being taken advantage of in your time of hardship. Our lawyers will work hard on your behalf to help you get the positive outcome you need and the second chance that you deserve.

For more information about how we can assist you with a mortgage loan modification, contact our office. Call 847-549-0000 for a free phone consultation at Newland & Newland, LLP today. With five offices throughout the region, we serve clients in Libertyville, Waukegan, Vernon Hills, Mundelein, Gurnee, Lake Bluff, Grayslake, North Chicago, Arlington Heights, Lake County, and surrounding areas.

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