Loan Modification – Our highly experienced attorneys and professional staff at Victory Law are dedicated to helping families save their home. Financial difficulty is common and many homeowners struggle to make their monthly mortgage payments, while others have completely stopped paying their mortgage altogether. Many others are underwater on their home. This may be devastating to many individuals that feel they will soon be losing their home.
Shortly after you stop making your mortgage payments, your lender can pursue a foreclosure against your home. If you qualify, we can represent you in processing a Loan Modification that will help you lower your monthly mortgage payment and save your home. The Home Affordable Modification Program (HAMP), is just one of many federally sponsored programs that are designed to keep homeowners in their homes.
A Loan Modification Approval can possibly offer the following which in return would lower your monthly payment and allow you save your home:
- Reduction in interest rate, and/or a change from a floating to a fixed rate, and/or the computation floating rate is computed
- Reduction of a portion of your principal balance under the Principal Reduction Program
- Forgiveness of some or all of your mortgage arrears
- Reduction in late fees or other penalties
- Capping the monthly payment to a percentage of household income
If your home is already in foreclosure, a Loan Modification may prolong the foreclosure process and allow you to make arrangements with your lender to make your home more affordable for you. Please read the Foreclosure Defense section for more information.
Our Loan Modification attorneys and staff are highly experienced in determining your eligibility and will inform you of all your available options. It is in your best interest to begin the Loan Modification process as early as possible to avoid a foreclosure sale. We strive to represent our clients in the best way to ensure that our clients receive the best loan modification possible. Contact us today for a free consultation at 312-600-7000.
Our success is measured by our clients’ satisfaction