Bank Loan Modifications
Chicago banks and loan modifications
The Chicago Law Offices of Jay Fortier devotes a significant aspect of its practice to assisting clients with bank loan modifications in Chicago.For the most part, banks profit more from people paying off loans than from foreclosures. Foreclosures incur bank labor costs and consume time in exchange for houses they must maintain during a down market where real estate has lost value. Today, houses are more difficult to liquidate than during the boom years. Banks will sometimes reduce sale prices by 50% just to get rid of foreclosed houses. Devising a fair loan modification program through a skilled attorney, who is a Chicago loan negotiator, serves both parties’ interests—the lender’s and the borrower’s. Homeowners receive lower interest rates and in some cases, reduced principal. Lenders are not saddled with houses they have trouble selling or forced to liquidate at half the market value.
Negotiating loan modifications with lending institutions
We negotiate with a number of Chicago lending institutions through:
- Chicago Countrywide loan modification
- Chicago Chase loan modification
- Chicago Washington Mutual loan modification
- Chicago Citi Financial loan modification
- Chicago Wachovia loan modification
- Chicago EMC loan modification
- Chicago FHA loan modification
Advantages of loan modification
Ballooning loan payments and other financial troubles can make mortgage payments unaffordable. Bank loan modification offers an alternative to a short sale, foreclosure, or bankruptcy. When you obtain a lawyer to negotiate a bank loan modification on your behalf, you put yourself in a better position to receive an affordable modification program. Lending institutions prefer to avoid legal action and are more willing to work with you to reinstate a loan and waive late fees when dealing through your lawyer.
Contact the Law Offices of Jay Fortier, PA today Discuss the possibility of bank loan modification with Jay Fortier. Whether negotiating a Chicago Countrywide loan modification or a Chicago Washington Mutual loan modification, or a loan modification with another Chicagoland bank, our firm can make a difference.
Discuss your financial problems in a confidential consultation at no obligation. Call our Chicago bankruptcy and loan modification attorney Jay Fortier at 1-773-295-1324 or contact us online today!