Office address

17855 Dixie Highway
Homewood, IL 60430
phone: (708) 991-7268
fax: (312) 268-1123

Practice Areas > Loan Modification
Loan Modification

Loan Modification

What is a loan modification? 

A loan modification is a permanent "change" or "modification" in the terms of your loan.  Typically it will include one or more of the following:

  1.     A reduction in your  interest rate;
  2.     An extension in your loan terms (i.e., 30 to 40 year loan term);
  3.     A reduction in principal, in rare cases;

What is the Home Affordable Modification Program or "HAMP"?

HAMP is a government sponsored program that was created to assist homeowners who are "...struggling to pay their mortgage or thirty days or more behind on their payment.."

You may be eligible for HAMP if you answer yes to the following questions

Is the home your primary residence?
Is the amount you owe on your first mortgage equal to or less than $729,750?
Are you having trouble paying your mortgage?
Did you get your current before January 1, 2009?
Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) more than 31% of your current gross income?
Are you the owner a one-to-four unit home?

FOR MORE INFO download a free brochure.

  "Loan Modification Brochure"
By Attorney Ernest B. Fenton

"For three months my wife and I tried to handle our loan modification only to be stopped by our lender. At our consultation, we were given a comprehensive package along with valuable information from knowledgeable people who took the guesswork out of the process and gave us the peace of mind we desperately needed." 

Ismail and Manal