There is a myriad of reasons why you might miss a mortgage payment, or a few, and find yourself in default. Of course, it’s difficult to catch up after even one missed payment. Bankruptcy can start to look attractive, and many people feel that Chapter 13 is the only option left to avoid losing their home. Your Lisle home loan modification attorney can help you learn about other options.
Working with Your Lender
Your lender doesn’t want to go through the cost and hassle of foreclosure. This makes them willing to work with you through alternatives such as a mortgage modification. To avoid common issues during this process, you should consult with a Lisle home loan modification attorney who will safeguard your interest.
Home Loan Modification Process
During this process, your lender changes the terms of your mortgage loan so that you can make consistent payments. There are many tools that can accomplish this, including capping monthly payments as a percentage of household income. Alternately, the lender might waive part of your principal or penalties or give you more time to pay back the loan. Work with your lender to find ways reduce late fees and interest, and ask about any other options open to you.
Do You Really Need an Attorney?
This process includes a complicated application that includes supporting documentation. A home loan modification is especially helpful if your lender has scheduled a foreclosure, since a modification looks much better on your credit report than a foreclosure.
A great attorney ensures you get the best modification available and that you understand what you are agree to. Your Lisle home loan modification attorney can help make sure your application is approved. Plus, lenders tend to be more flexible once you have legal representation.
Covert & Covert, LLP has experienced foreclosure defense attorneys that can help clients even if they have received a foreclosure notice. They help clients obtain loan modifications that enable them to stay in their homes with affordable payments.
