Illinois Home Loan Modification – Modify Your Mortgage in Illinois

Free Loan Modification Consultation

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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.

Illinois Mortgage Companies

Seniors Reverse Mortgage, Inc.
3615 Park Drive
Olympia Fields, IL

Bank of America Home Loans
1356 S Milwaukee Ave
Libertyville, IL

Charter Mortgage Services Inc
145 Covington Dr
Bloomingdale, IL

15130 S RT 59

Mortgage Buy Sell Inc.
409 Busse Road
Elk Grove Village, IL

Quicken Loans
(866) 602-1549
20555 Victor Pkwy Lvnia
Peru, IL

Blue Chicago financial Corp
3793 South Archer Ave
Chicago, IL

Wells Fargo Reverse Mortgages
511 W North Ave
Chicago, IL

AAA Reverse Mortgage Specialists, Inc.
PO Box 631
Spring Grove, IL

American Fidelity Mortgage Services Inc ~formally Charter Mortgage Services
145 Covington Dr
Bloomingdale, IL

Illinois Legal Services

Legal Assistance Foundation of Metropolitan Chicago

Assistance: Foreclosure and Loan Modification scams
Location: Metropolitan Chicago (there are six service offices in the Chicago area)
Phone: 312- 341-1070 (Main Office)
Services: The Legal Aid Foundation of Metropolitan Chicago provides a range of legal services to low-income people, including representation in foreclosure proceedings, suits alleging predatory lending or mortgage fraud, and complaints of foreclosure rescue scams.

Land of Lincoln Legal Assistance Foundation

Assistance: Foreclosure
Location: Land of Lincoln Legal Assistance Foundation covers sixty five counties in central and southern Illinois. It has five regional offices, three satellite offices and a centralized telephone intake, and an advice and referral center called the Legal Advice & Referral Center. The regional offices are located in Alton, Champaign, Carbondale, East St. Louis and Springfield. The satellite offices are in Charleston, Decatur and Mt. Vernon.
Phone: Legal advice and referral center at 618-394-7300 or toll free at 877-342-7891
Services: Land of Lincoln Legal Assistance Foundation provides free civil legal services to low-income persons and senior citizens, including services to those facing foreclosure.

Avoid Mortgage Scams Illinois

Attention homeowners: If you think you have been a victim of a scam, or approached by a scammer, report it to the Loan Modification Scam Prevention Network now! Your complaint could provide vital information that will help put loan modification scammers out of business.

Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)