Mortgage restructuring vs. loan modification

A very high percent of loan modifications fail. This is because, largely, foreclosure is the most attractive option to banks and other creditors. In order for a mortgage restructuring to be successful, it has to be appealing to your lender.

We understand the mortgage industry and know how to negotiate with banks and mortgage lenders on behalf of our clients. In some cases, filing for bankruptcy in addition to seeking a loan modification garners the desired result. We will work with you personally to gain an understanding of your situation and craft a legal strategy that suits your unique goals.

If you are experiencing temporary financial hardship, such as job loss or medical bills, your lenders may be more agreeable to a loan modification. It is important that you have sufficient documentation of such a circumstance before entering negotiation with a creditor.

Brydges and Associates have handled numerous mortgage modification negotiations on behalf of homeowners throughout Illinois. We also represent businesses in commercial loan restructuring and loan modifications. We can help you throughout all stages of the process and with all of the legal details.

Contact us at Brydges and Associates online or by telephone at 847.680.6250 to determine what is the best solution for your individual situation.