Illinois Lawyer Referrals and Legal Guidance
Illinois Loan Modification Attorneys
Findgreatlawyers.com is the leading resource for finding an Illinois foreclosure or loan modification law firm. These lawyers will do whatever is humanly possible to help you keep your home. If you would like our help in finding the right attorney for you, please contact us at (312) 346-5320. We help everywhere in Illinois and all calls are free and confidential.
If you have fallen on hard times and are finding it difficult to make your mortgage payments, you may be tempted to seek the assistance of a loan modification service or company. Be careful. The Illinois Mortgage Rescue Fraud Act is specifically designed to protect innocent consumers from loan modification "predators" and there have been several lawsuits against these types of companies for basically ripping people off while they are at their most vulnerable.
However, a loan modification attorney – as opposed to a company or service – may legitimately be able to help you achieve your goal of keeping your home with renegotiated and more affordable terms.
A loan modification attorney can, among other things, negotiate better rates with your lender, check your mortgage for any legal violations of the lender, which can be used as leverage, and talk to your lender about reducing your principal.
Note that the Illinois Mortgage Rescue Fraud Act specifically states that your distressed property consultant CANNOT take any money from you or ask you for money until he or she has completely finished doing everything he or she said he or she would do. We have seen numerous situations where out of state companies charge an up front fee of $2,000 to $3,000. This violates Illinois law if they are not a law firm.
In the case of a loan modification attorney, the typical charge is about $1500 BUT they will only collect if successful. "Successful" meaning you get better terms from your lender and are able to keep your house and continue to pay your mortgage. Please note that most of the firms we recommend charge a $500.00 processing fee, and then the additional $1,000.00 is only payable upon success. Every loan modification attorney we recommend provides a free consultation and will give an honest opinion as to your likelihood for success before they take any money.
Also, note that your loan modification attorney is able to represent you anywhere in Illinois as most of the hearings that they attend actually take place over the phone. In other words, even if you are in southern Illinois, a Chicago loan modification attorney can help you.
If you are already going through the foreclosure process, you may still benefit from the use of a loan modification attorney depending on the stage of the process. A good loan modification attorney will understand what you can afford and negotiate with your lender. As noted above, you should not pay anything unless you are "successful."
If you have already filed for bankruptcy, you are aware that this halts the foreclosure process for a time. With this "bought time," your bankruptcy attorney will attempt renegotiation of your loan with better, more manageable terms.
If you have not filed for bankruptcy, you should understand that it should not be taken lightly. There are serious ramifications on your credit and you may end up losing your house anyway. You should not make the decision to file bankruptcy without the guidance of a good bankruptcy attorney.
So, depending on where you are – behind on a few payments, in foreclosure, considering bankruptcy – a good loan modification attorney will (1) not take more than $500.00 upfront but will cost about $1500 if successful, (2) be able to represent you anywhere in Illinois and (3) understand your entire financial situation and work with your lender to modify your loan so that you can obtain more affordable terms and avoid foreclosure and/or not have to file bankruptcy.
If you would like our help in finding an attorney that can you save your Illinois property, please contact us at any time. All calls are free and confidential.