Nationwide foreclosures are highest in California, New Jersey, and Illinois. Lake County in Illinois has some of the greatest numbers of foreclosures. Most homeowners will do everything in their power to save the home they worked so hard to purchase. At Newland & Newland, LLP, we offer a variety of creative ways to modify your existing loan through firm negotiation with your lender. An experienced real estate attorney can guide you through the process of a loan modification.
Modification Options
Before you reach any sort of agreement with your lender, you should consult with a real estate attorney who may be able to attain more favorable terms on your mortgage loan agreement. It is also important to understand your current financial situation and if it is likely to improve in the near future. The following are some creative ways we utilize to modify a mortgage loan:
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Forbearance – This is a temporary suspension of your monthly payments. Interest will accrue and the principal in forbearance is due before the house can be sold or when the loan term ends.
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