Chicago Mortgage Loan Modification Attorneys

For individuals who are having problems staying current on their mortgage payments, there is a solution. In March 2009 the federal government initiated the "Making Home Affordable" program and allocated millions of tax dollars to fund banks who agreed to modify their customers' loans. Many homeowners have reduced their payment to as much as half of their current monthly amount!

You are eligible for a modification of your mortgage loan if you meet five essential requirements:

• Your mortgage is for your primary residence;
• Your loan amount is less than $729,750;
• You have acquired your loan on or before January 1, 2009;
• You have suffered a financial harm recently which is causing you difficulty in staying current on your loan such as: loss of income, unanticipated increase in bills caused, for example, by an accident or health issue, or increase in your mortgage payment;
• Your monthly mortgage payment is above 31% of your net income.

An attorney with knowledge of the process and experience working in real estate and foreclosure defense can make a difference in getting your loan modified successfully. Without a lawyer advocate, you risk:

• Going to the back of the line, behind hundreds or sometimes thousands of other applicants in dealing with already overburdened bank staff who are reviewing the applications;
• Getting your application rejected as improperly prepared and again going to the back of the line after already enduring a three month wait;
• Not having the legal support that only an attorney can provide in understanding and advocating for you in regard to the "big picture" of consumer finance: which includes bankruptcy, consumer protection law, and foreclosure defense;
• Wasting time, effort, and harm to your credit and personal finances for applying and depending on a modification when you never qualified in the first place.

Katz Law Office, Ltd.'s mortgage loan modification attorneys can work to get you the financial relief you need!  Contact them today!