Approach mortgage restructuring in Illinois with caution

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If you have had difficulty making payments on your home, you may have begun to explore the idea of restructuring the loan. While there are some good options for doing so, you should also be aware that there are people who could take advantage of your situation, leaving you in an even worse position. At Ledford, Wu & Borges, LLC, we regularly help people like you to come up with solutions to problems like this.

As the Illinois Department of Financial & Professional Regulation points out, some common signs of a loan modification scam include the following:

  • The organization requests an upfront fee.
  • The organization wants you to sign over the deed to your home.
  • The organization states that you need to pay to participate in the federal “Making Home Affordable Plan” program
  • The organization says it can accept your mortgage payments.

Instead of falling for a scam, there are several other steps you can take to restructure your mortgage. First, you may be able to call the loan provider directly and simply ask about your options. In some cases, the provider may agree to give you more time to make payments or adjusting your interest rate. The sooner you place the call, the more likely the mortgage holder is to work with you.

You can also work with an accredited counselor. The IDFPR states that you should check with the Department of Housing and Urban Development to find an approved agency.

Our attorneys have years of experience navigating mortgage issues and foreclosure cases. We have successfully negotiated with lenders to help people stay in their homes. For more information on this topic, please visit our page regarding changes to your mortgage.

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Located in Chicago, the law firm of Billbusters, Borges and Wu LLC. represents clients throughout Illinois, including, but not limited to the cities of :Alsip, Arlington, Heights, Bellwood, Berkeley, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Burbank, Calumet City, Chicago, Chicago Heights,  Chicago Ridge, Cicero, Country Club Hills, Des Plaines, Dolton, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Franklin Park,  Glencoe,  Glenview, Glenwood, Golf, Hanover Park, Harvey, Harwood Heights, Hazel Crest, Hickory Hills, Hillside, Hines, Hoffman Estates, Hometown, Homewood, Justice, Kenilworth, La Grange, La Grange Park, Lansing, Lemont, Lincolnwood, Lyons, Markham, Matteson, Maywood, Melrose  Park, Midlothian, Morton Grove, Mount Prospect, Niles, Northbrook, Oak Forest, Oak  Lawn, Oak Park, Olympia Fields, Orland Park, Palatine, Palos Heights, Palos Hills, Palos  Park, Park Forest, Park Ridge,  Posen, Prospect Heights, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Schaumburg, Schiller Park, Skokie, South Holland, Steger, Stone Park, Streamwood, Summit Argo, Techny, Thornton, Tinley Park, Westchester, Western Springs, Wheeling, Willow  Springs, Wilmette, Winnetka, Worth and All of Cook County IL.

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