With the recent economy, more and more people are worrying about being able to pay off their mortgage on time. With financial difficulties affecting many people, loan modification can help secure your house against the threat of foreclosure.

What is loan modification? Simply put, loan modification is an agreement made between the lender and the borrower to rearrange the terms of the loan without having to refinance the property in question. The mortgage is renegotiated to help the monthly rate fit within your budget.

Not everyone qualifies for loan modification, and it’s best to seek advice from a practiced attorney regarding your eligibility and the process involved. Contact Katz Law Office, Ltd. today to receive a consultation regarding information on loan modification.

There are a variety of different ways the borrower can receive a loan modification. Some common modifications are:

• Reduction in interest rate
• Change from a floating to a fixed rate
• Reduction in principal
• Reduction in late fees
• Lengthening of the loan term
• A cap on the monthly payment

It’s always better to start the process of loan modification sooner rather than later. Katz Law Office, ltd. can help you get started as soon as possible. Whether you’re behind on your payments, in default, bankruptcy, going through property division, or dealing with *foreclosure link* foreclosure, the attorneys at Katz Law Office, ltd. are experienced in helping the lender and borrower reach an agreement to help the borrower avoid losing their house.

Contact an attorney about loan modification today. You can either call 1-773-847-8982 or request a consultation online. Se habla espanol.

The Katz Law Office, Ltd. serves clients throughout Illinois, including Chicago, La Villita, Lawndale, Brighton Park, Midway, Cicero, Pilsen, Waukegan, Joliet, West Chicago, Elgin, Aurora, Skokie, Arlington Heights, Garfield Park, Berwyn, Cook County, Lake County, Kendall County, Kane County, Du Page County, Will County, Avondale and Logan Square.