Illinois is facing a severe dilemma with its banking system. The lenders approved mortgages and loans to those clients, which were incapable of keeping up with the payment. The number of people defaulting on their loans increased for the last three years. The risk of acquiring mortgages was not evaluated by both parties, and now they are suffering it. Several homes are foreclosed and banks are selling them so that they can the money they invested for it.
Unfortunately, people are not interested in buying homes because they prefer to save money over investing in a real estate. The banks suffered big losses after the foreclosure processes, because the money invested didn’t return. The government proposed a new measure that can solve the issue of the banking system as well as bringing back the benefits to both of the parties involved in a mortgage contract. This new law allows loan modification procedures. If the mortgagor thinks that it is not fit anymore about the current terms of the agreement, he/she has the rights to ask for a re-evaluation of the condition. This gives an advantage for the lenders too.
Before you apply for a loan modification, make sure that you are qualified for such process. For example, if the agreement was signed about less than a year before, you are not eligible for a loan modification program. To be eligible, you have to endure the issue until you meet the term. For the mean time, what you can do is to gather evidences of your financial struggle for the monthly payments, like pay checks, bills and taxes. If you are able to prove that your situation approaches its limit and you are very close towards defaulting, the bank will immediately start a re-negotiation process; the bank doesn’t want another foreclosure process to happen. The bank will mitigate your monthly problem by reducing the rates as well as expanding the length of your mortgage.
There is a possibility that the interest could be lowered and the charges, penalties and fees cut off. As a precaution, read thoroughly any new deals, the terms, the agreement and related documents before signing them. After obtaining the loan modification that you want, never ever repeat the same mistakes again. Manage your money better this time.
Through loan modification, you save your home from foreclosure. This law can bring benefits to both of you and the lender, since the present market of real estate is already overwhelmed and doesn’t need another foreclosed home to add up to the problem. The State of Illinois implemented this law last 18th February 2009.
Seniors Reverse Mortgage, Inc.
3615 Park Drive
Olympia Fields, IL
Bank of America Home Loans
1356 S Milwaukee Ave
Charter Mortgage Services Inc
145 Covington Dr
OPEN MORTGAGE LLC
15130 S RT 59
Mortgage Buy Sell Inc.
409 Busse Road
Elk Grove Village, IL
20555 Victor Pkwy Lvnia
Blue Chicago financial Corp
3793 South Archer Ave
Wells Fargo Reverse Mortgages
511 W North Ave
AAA Reverse Mortgage Specialists, Inc.
PO Box 631
Spring Grove, IL
American Fidelity Mortgage Services Inc ~formally Charter Mortgage Services
145 Covington Dr
Legal Assistance Foundation of Metropolitan Chicago
Land of Lincoln Legal Assistance Foundation
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