Mortgage Restructuring Lawyer Arlington Heights, IL
If you are struggling to pay your mortgage, you should speak to a mortgage restructuring lawyer Arlington Heights, IL residents trust. Struggling to pay your mortgage can be very stressful, and a lawyer can help you restructure it. Here are some of the benefits of mortgage restructuring.
Reduced Monthly Payments
One of the main benefits you can receive from restructuring your mortgage are lower monthly payments. If you’ve recently lost your job or taken on more expenses, you may be struggling to keep up with your current mortgage payment. You might lie away at night wondering how you will continue to afford your mortgage. If you have smaller mortgage payments each month, you will have an easier time affording your other bills.
Lower Interest Rates
If you modify your mortgage with your lender, they may agree to lower your interest rates. This can be very beneficial when you are getting your payments lowered, as you will be paying for a longer period of time, letting more interest build up.
Peace of Mind
When you get your mortgage payments modified to something more affordable, you can also gain peace of mind. You will no longer lie awake at night wondering how you’ll afford your mortgage payment this month. That much stress can eventually take a toll on your physical and mental health.
Are There Any Drawbacks to Mortgage Restructuring?
If you get your mortgage loan modified with the assistance of a mortgage restructuring lawyer in Arlington Heights, IL, understand that it may negatively affect your credit score. However, the dip in your credit rating isn’t nearly as bad as having a foreclosure on your credit report, as it can prevent you from qualifying for loans for a long time.
Do You Need a Lawyer?
Although you’re not required to hire a lawyer to restructure your mortgage, it’s recommended. A lawyer can assess your unique circumstances and determine if restructuring is the right choice for you. He or she can also help you fill out the modification paperwork correctly and in a timely manner. If you make errors in these documents, your case could get denied.
It’s also necessary to hire a lawyer if your lender has rejected your first modification request. You have the option of filing an appeal, and a skilled lawyer can improve your chances of getting it approved.
Schedule a consultation with a estate planning lawyer Arlington Heights, IL residents recommend.
Call Bott & Associates, LTD in Arlington Heights, IL today.