A very high percentage of loan modification applications are denied. 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 lending and servicing industries and know how to negotiate with banks, mortgage lenders and servicers 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 a 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 a negotiation with a creditor.

Be wary of any non-attorney that wants to charge you upfront fees to perform loan modification services. Non-attorneys cannot and will not intervene in the foreclosure lawsuit, which is a necessary step during the loan modification process. If you do not defend the foreclosure lawsuit, the bank or servicer may tell you they are working with you on a modification while at the same time their lawyers are working in court to enter a foreclosure judgment against you and take your home. Lou Brydges & Associates has handled thousands of mortgage modification negotiations on behalf of homeowners throughout Illinois while aggressively litigating all available defenses to the foreclosure lawsuit. Some lawyers only do foreclosure defense and will not help you through the modification process. Our two-pronged approach–litigation defense and loan modification assistance–is unique and effective. We also represent businesses in commercial loan restructuring. We can help you throughout all stages of the process and with all of the legal details.

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