Loan Modifications And Other Alternatives

News stories have reported on the willingness of banks to work with homeowners on mortgage loan modification if they are unable to keep up with existing payments. In truth, however, modifications are not as prevalent as many homeowners may have been led to believe.

A lender will only restructure a mortgage loan if it is more beneficial to the lender than foreclosure, or if you qualify for a modification under strict statutory guidelines. The attorneys at Kaplan and Associates, Ltd., in Chicago, understand how lenders assess these cases. We advocate on behalf of individuals who wish to pursue loan modifications. If you are struggling to make your monthly mortgage payments, we can review your situation and help you determine the best steps to take to seek relief.

We offer our loan modification services in conjunction with our representation of clients who face bankruptcy litigation in Illinois.

Attorney Arnold Kaplan has represented borrowers for 13 years. Prior to that, he represented banks and other lending institutions for 17 years in foreclosures and other creditors' rights cases. His experience working both sides of foreclosure actions helps him provide valuable insights to our clients. Our lawyers and support team strive to help our clients get the most favorable terms and stay in their home.

Know What You Are Agreeing To Ahead Of Time

We negotiate some modifications directly with a lender. A lender may adjust the interest rate, the length of the loan, the principal or a combination of the three in order to make monthly payments more manageable.

Loan modifications are paperwork-intensive. Unless you work in real estate or finance, modification contracts can be difficult to understand. We keep our clients' best interests top of mind throughout the process and make sure there are no surprises once you sign the documents.

Let Us Assess Your Situation

If your lender has sent you a notice of foreclosure, you are in the midst of filing bankruptcy or you cannot keep up with your mortgage payments and wish to take proactive steps to remedy the situation, our attorneys can help.

Call or use the contact form on this website to schedule a free consultation. We will answer your questions, explain your options and recommend an effective course of action. We work with clients in Greater Chicago and throughout Cook County, as well as DuPage, Kane, Lake, and Will counties.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.