Illinois Loan Modifications

The troubled real estate market, predatory lending practices and an unstable economy have combined to create a massive foreclosure crisis. If you are one of the millions of Americans who face foreclosure or the threat of foreclosure on the horizon, you may be considering a loan modification. The federal Home Affordability and Stability Plan of 2009 was designed to help homeowners avoid foreclosure and stay in their homes through refinancing or mortgage modification.

When Loan Modification Can Help

If you are current on your mortgage and not significantly “upside down” in your property value, you may be able to modify the terms of your loan to lower your monthly payment into a more affordable range. This could allow you to keep our home. In some cases, however, a loan modification is not possible or would not be advisable. If you are experiencing financial difficulty that would prevent you from paying your mortgage payment even if it is reduced, bankruptcy may be a more viable option.

A Fresh Start Through Bankruptcy

For some consumers, bankruptcy is the best opportunity to find debt relief. If you have significant debt and no way to repay it, bankruptcy could be the solution. At Springer Brown, we have decades of experience working with consumers who are facing financial challenges. We understand that there are many factors that can contribute to touch financial times and we are dedicated to helping our clients get a fresh start.

Our attorneys can meet with you at a free initial consultation to evaluate your financial circumstances and determine if Chapter 7 bankruptcy or Chapter 13 bankruptcy is right for you. Call us today to make an appointment with one of our partners or associates.