• “Attorney Pratt made me feel very comfortable”
  • “Man, I feel good!! They beat down my creditors”

  • “They gave me a payment plan I could really afford”
  • “They gave me a solution that no other lawyer thought of”

  • “The attorney listened and understood me”

  • “Finally, I can sleep at night”
  • “I hired Eric Pratt and the calls stopped immediately”

  • “Attorney Pratt spoke to me every time I called”
  • “I thought that I had to file bankruptcy but Eric Pratt had a better solution”

  • “Eric Pratt is the nicest lawyer I ever met”
  • “They showed me light at the end of the tunnel”

Loan Modifications

Crystal Lake, Woodstock, McHenry, Illinois

If you are unable to manage your current monthly house or car payment but would like to keep your home or car, then you owe it to yourself to see if you qualify for a loan modification. When you miss a loan payment your bank considers this a “default”. Defaults are governed by federal and state law as well as the written language of the mortgage documents. An attorney from the Eric Pratt Law Firm can review your mortgage or car loan documents and determine if a loan modification is right for you. We can help you retain ownership of your home or car by working with new or existing lenders to keep you out of default and stop foreclosure or repossession. Our experience and knowledge can help you:

  • Lower your payment;
  • Obtain a forbearance or principal reduction.
  • Change the terms of an ARM mortgage;

A loan modification brings your monthly loan payment in line with your current financial situation. All banks require that you establish that you demonstrate “financial hardship” that makes it so that you are unable to make your monthly payment. Hardships include adjustable rate increases, job loss, or any other event that affects your ability to pay. Once we have determined why you are unable to make your monthly payments, we can get to work on reducing that monthly payment so that you can afford it.

The best option for a borrower is to hire an attorney to negotiate the modification for them. However, some people make the mistake of trying to “go it alone” or hire a “modification shop” to communicate with the their bank. If you “go it alone” you will get extremely frustrated. You will spend a lot of unproductive hours trying to get your bank to listen to you. Banks and servicers are not willing to educate you on how to negotiate the best deal. They’ll say “This is the best we can do” when in fact they can do more. Or worse yet they give you the “run around”.

“Modification shops” typically use templates that have not been reviewed by a lawyer and are not tailor made to your particular situation. Also, modification companies don’t have the legal skill that an experienced attorney has. Remember, a mortgage is a highly complex legal document drafted by lawyers that represent your lender.

The legal strategies used by the Eric Pratt Law Firm will help you get the result that you desire. If we are unable to work out a modification with your current lender, we have good working relationships with trustworthy large and small lenders who may be able to help you.

Call us today at (815) 315-0116 for a free consultation to learn about available options for your particular financial situation. The Eric Pratt Law Firm stands ready to answer your questions. Contact us

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The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Disclaimer: The Eric Pratt Law Firm, P.C. is a Debt Relief law firm as defined by 11 U.S.C. 528. We help people file for Bankruptcy Relief under the Bankruptcy Code. We do not guarantee any result and prior results do not guarantee a similar outcome. This is an attorney advertisement and this website is for informational purposes only.