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Approach mortgage restructuring in Illinois with caution

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 giving 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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