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Stop Foreclosure with a Loan Modification

Rockford, Illinois

Would you like to keep your home but are unable to manage your current monthly payment on your home? We maintain good working relationships with all of the Big, and most of the small, lenders. Use our experience and expertise to:

  • Lower your payment;
  • Change the terms of an ARM mortgage;
  • Obtain a forbearance or principal reduction.

A loan modification is designed to bring the borrower’s monthly mortgage payment in line with his or her current financial status. Financial hardship must be established. This relates to your ability to make payments. Hardships include job loss, adjustable rate increases, or any other event affecting your ability to pay. Once this is determined then work begins on reducing your monthly payment.

A borrower typically negotiates the modification through representation by an attorney. However, some borrowers attempt to negotiate directly with the bank or through a modification shop. Attempting to “go it alone” leads to extreme frustration and many unproductive hours because lenders are not willing to educate an individual on how to negotiate with lenders. They would rather tell you “this is the best we can do”.

Regarding non-lawyer “modification shops”, they typically use templates that are not reviewed by an attorney and which are not tailor made to each borrower’s unique situation. Also, modification companies can’t use the legal tools that an attorney can use. The modification shops typically leave the borrower being told “this is the best we can do”. After all, a mortgage is a highly complex legal document drafted by an attorney for your lender. Falling behind on your mortgage is considered a “default” which is not only governed by the written language of the mortgage documents but also state and federal law. The legal strategies used by the attorneys at Eric Pratt Law Firm will help you get your desired result. We start with a free initial consultation to learn about your particular financial situation. Eric Pratt Law Firm stands ready to answer your questions. Contact us.

The information contained on this site is intended to educate members of the public generally and is not intended to provide solutions to individual problems. Readers are cautioned not to attempt to solve individual problems on the basis of information contained herein and are strongly advised to seek competent legal counsel before relying on information on this site. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Disclaimer: The Eric Pratt Law Firm, P.C. is a Debt Relief law firm as defined by 11 U.S.C. 528. We help people file for Bankruptcy Relief under the Bankruptcy Code. We do not guarantee any result and prior results do not guarantee a similar outcome. This is an attorney advertisement and this website is for informational purposes only.