Chicago Loan Modifications Attorneys
Fighting Back against Big Mortgage Companies
Homeowners who are facing financial hardship and are ineligible to refinance their mortgage loan are often entitled to loan modifications. Modifying a mortgage loan is a complex process that is often made more difficult by mortgage companies violating the borrower’s legal right to modifications. At Edelman Combs Latturner & Goodwin, LLC, we have helped many clients who got the runaround from mortgage companies while attempting to apply for loan modifications.
We have sued numerous large mortgage companies on behalf of homeowners who have suffered from loan modification nightmares including:
- Mortgage companies claiming not to have received documents the homeowner sent them
- Improperly denying loan modifications
- Suddenly refusing to honor a loan modification that has been approved
- Improperly crediting payments and damaging consumers’ credit scores during the loan modification process
If you have found yourself in any of these situations, the Chicago consumer protection attorneys at Edelman Combs Latturner & Goodwin, LLC are here to help. Our team can assess your situation and take the appropriate legal action to ensure that your modification request is not illegally denied or impeded. Click here to learn more about our attorneys.
Contact Edelman Combs Latturner & Goodwin LLP online or call (312) 626-3585 to schedule a free consultation. Se habla español.
Best Practices When Seeking Loan Modifications
If you are attempting to obtain a loan modification, save copies of everything you send to the mortgage company along with the proof that they received it (use certified or overnight mail).
Make sure everything they promise is in writing – be careful about agreeing to make “trial payments” with no written documents explaining your rights once those payments are made.
Finally, be very careful about companies that want you to pay them money to assist you in obtaining a loan modification. Unfortunately, many of them are scam artists preying on vulnerable homeowners. Before you give your hard-earned money to anyone who is promising to assist you with a loan modification or mortgage foreclosure, research their name online and with organizations such as the Better Business Bureau.
Can Loan Modification Prevent Foreclosure?
In the unfortunate event that you are struggling to pay your monthly mortgage, you may be able to avoid foreclosure by modifying your loan. Modifying your loan is essentially an agreement that you can make with your mortgage company to lower your monthly payment, adjusting your loan as a whole so that you are able to afford payments. While your monthly payment will lower, it is important to note that you will be paying more over time in order to compensate for lower payments. Your mortgage company will likely need to see ways in which your financial situation has changed, in order for them to allow such a modification. A modification that lowers your monthly payments will likely be a hindrance to your credit, but not as large as a foreclosure would be.
Contact an Experienced Lawyer
If you have been the victim of unfair practices while trying to obtain a loan modification from your mortgage company, you have rights. At Edelman Combs Latturner & Goodwin, LLC, we want to help you seek justice and obtain the modifications you are entitled to. Our Chicago consumer protection attorneys look forward to discussing your case during a free initial consultation. Click here to view our case results.