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Loan Modifications

 

When dealing with an underwater mortgage where the loan amount significantly exceeds the value of the home, loan modification becomes an attractive option. We are at the forefront of foreclosure litigation and have seen a dramatic shift in behavior and attitude of lenders concerning loan modification. Our clients have received exceptional modifications with lenders making significant principal loan balance reductions.

Favorable loan modifications include the following:

  • Romeoville, Illinois June 2015
    Coordinated with loan servicer to prevent filing of foreclosure action for twelve months and successfully secured a loan modification decreasing the monthly payment by 24% and reducing interest rate from 6% adjustable to 3.25% fixed.
  • Lombard, Illinois May 2015
    Defended residential foreclosure action for over two years ultimately securing waiver of personal deficiency and cash payment to borrower upon moving out of property.
  • Bolingbrook, Illinois June 2014
    Aggressive litigation resulted in a release of a mortgage lien in the amount of $78,238.29 held by Chase Bank.
  • Aurora, Illinois September 2013
    47% principal balance reduction from $111,148.14 to $58,800, resulting in monthly mortgage payments reduced by $837.99, from $1,312.27 to $438.28. Adjustable interest rate reduced from 8.5% to 2% fixed
  • Naperville, Illinois March 2013
    Residential mortgage from Ocwen Financial Corporation. Principal balance reduction in the amount of $102,960 from $339,960 to $237,000. Interest rate reduction from 10.125% to 3.53%.

There has never been a better time than now to seek a loan modification. Whether you are current with your payment, or behind and are facing foreclosure, we can help you through all the stages of loan modification.

 
Calvo Law Offices, P.C.
119 N Ellsworth St., Naperville, IL 60540
 
Member of:
DuPage County Bar Association Bradley University Alumni Home Owners Association of Condo and CO-OP Calvo Law Offices, P.C. - Twitter