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Dec
05
Home Loan Modification Not Easy For Those Facing Foreclosure

Home Loan Modification Not Easy For Those Facing Foreclosure

On behalf of Law Offices of Chad M. Hayward, P.C. posted in Home Foreclosure Defense on Thursday, December 5, 2013.

If you live in Chicago, you know that a lot of the city is closing up because of foreclosures and bankruptcies. Fortunately, with some help from an Illinois home foreclosure defense, there are ways to prevent you from losing your home. Falling on hard times may be no fault of your own, like in this case that has reached the news pages. On Dec. 2, a woman reported that she has been struggling to renegotiate her home loan, but it doesn’t seem like her lender is interested in helping.

This woman’s story is much like many peoples’ today; hard financial times resulted in needing higher mortgages or credit use that wouldn’t normally be used from day to day. In 1992, this woman was paralyzed on her left side due to a health issue, and by 2010 she had gone through a number of seizures and needed two lumbar surgeries. Because of her situation, the money she got for changes to her home – the kind of changes that make it possible for her to live comfortably with a disability – was used for other purposes. Now, she’s trying to change her home loan, according to the news, but even though she’d filed 10 or 11 sets of important documents with the bank, she claims they say they have been lost or not received at all.

Like many people in Chicago, the problem arose when the real-estate taxes rose and were added to a mortgage scheme. Her bank allegedly wouldn’t work with her then, which has resulted in the pending foreclosure now.

If you’ve found yourself in a similar situation and are fearful about losing your home, you may want to check your legal options before doing anything rash. There are a number of policies and laws in place to help you stay in your home and to help with refinancing, as well as other solutions to the problem.

Source: Chicago Sun-Times, “Arlington Heights couple struggles to get home loan modified” Mary Mitchell, Dec. 03, 2013


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We have office locations throughout the Chicago Area:

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Oak Brook

Naperville


All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

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