Loan Modification Attorneys

At Newland & Newland, LLP we have several loan modification attorneys that can help you obtain your loan modification.

A mortgage modification or mortgage loan modification or home loan modification is the process of obtaining a modification to your existing loan. The purpose of obtaining a loan modification is to make the mortgage payment more affordable. It is similar to a mortgage refinance, but very different.

Many people are eligible for loan modification that have gone bankrupt; in fact often times bankruptcy can make the loan modification process easier.

Why are loan modifications important?

Loan modifications can often times make a difference as to whether or not someone can keep their home. Often times it is important to utilize the foreclosure defense process to obtain the best possible loan modification. Some of the primary reasons for a loan modification are as follows:

  • Save your home
  • Re-amortize your loan to include past due payments
  • Waive principal or negatively accrued interest
  • Grant extensions on mortgage payments
  • Fix an adjustable rate mortgage
  • Get a better interest rate

Why use a loan modification lawyer?

The loan modification process can be a scary one. The lenders have been known to use deception and other methods of getting consumers to agree to terms that are less than favorable. According to Trial Attorney and consumer advocate Gary A. Newland, "we have represented folks that have been in trial periods of payment for loan modifications and / or the banks have agreed to loan modifications and banks still proceed in court to take homes even when the bank says they will not or will hold off. Many times the practices utilized by the banks are illegal or at minimum unprofessional." Mr. Newland said he has clients that have forwarded documents to banks for modification 3 or 4 times and the banks claim they have not received the documents.

At Newland & Newland, LLP we can help you protect your home and obtain a loan modification. First we evaluate what your needs and goals are and then we put together a strategic plan to assist you in obtaining your objectives.

I am unemployed; how can I get a loan modification?

Often times clients come to Newland & Newland, LLP seeking a loan modification attorney and in no way can qualify for a loan modification because of unemployment. In some circumstances we are hired to delay the foreclosure so that the homeowner has time to find employment wherein they can qualify for a loan modification.

What type of loan modifications are available?

Often times at Newland & Newland, LLP we are able to obtain a loan modification for a client at 2 or 3% interest amortized over 30 or 40 years. Sometimes that amount is fixed for the term of the loan and other times it adjusts depending on the type of loan modification it is. We also in many circumstances are able to get the past due arrearage tacked onto the end of the loan and in other circumstances we are actually able to work out a principle reduction. Every client is different and we would be happy to evaluate your claim.

Making home affordable program

In March of 2009 President Obama announced the Making Home Affordable Plan in an attempt to provide assistance to homeowners in financial distress. The government determined that in many circumstances it makes sense to reduce the mortgage payment to 30% of the income, including escrow fees. Even if you don’t qualify for the MHA Program you still may qualify for other types of loan modifications. Hardship can be a major factor. Other factors to consider when determining whether you qualify for the MHA Program is that the balance on your mortgage must be no greater than $729,750.00. Higher limits are available for multiple unit dwellings although the dwelling must be owner occupied while under the MHA Program.

If you would like help with a modification please contact Newland & Newland, LLP.

  • Newland & Newland LLP, Attorneys, Arlington Heights, IL