Loan Modification – The Lucas Law Way

Loan Modification – The Lucas Law Way
by: Bobby Presley



Foreclosures continue to increase in numbers as the economy continues to
go down. More and more homeowners are having difficulty keeping their
homes. Some homeowners try to have their loans modified by their lenders
only to be frustrated.

What is Loan Modification?

Loan modification involves the adjustment and renegotiation of the terms
and conditions of an existing mortgage contract allowing for more
affordable payment rates that will fit your budget. If an account is
delinquent, loan modification brings your account to current status. It
is not the same as refinancing. You do not need good credit standing as a
prerequisite for the terms to be modified. Change of terms is dependent
on the type of loan obtained. The most problematic loan is the adjustable
rate mortgage. You can have this changed to the fixed-rate loan. A
fixed-rate loan is better because you can adjust your rate to better suit
your budget. Lower rate means lower payments. Loan terms can also be
extended, for example from 20 to 30 years.

Do You Need a Lawyer?

Not necessarily. But having the services of a good attorney to represent
you during negotiation proves to be more advantageous. It will
dramatically increase the possibility of success in the loan modification
process. A lawyer can provide a more detailed and careful analysis of the
situation. Better equipped with knowledge on the different options open
to you, the lawyer can come to a better understanding with the lender
concerning your property and financial condition. When negotiation fails,
the appropriate legal action will be filed.

What Can the Lucas Law Center Do For You?

The Lucas Law Center is committed to keeping you in your homes. It
renegotiates existing mortgage contracts of clients with lenders. The
Lucas Law Center can successfully process a loan modification when the
initial teaser rate has expired. The teaser rate may be extended to allow
the client to keep the house, while the lender still collects the monthly
dues. This benefits both client and lender.

The Lucas Law Center can get to the right people in the lender’s office.
Its lawyers talk directly to the lender’s attorneys and key people in the
organization, people who can make decisions. When negotiations fail and
complaints are valid, it does not hesitate to file suit in court.

It is dedicated to protect the client’s most valuable asset—the
home. Visit http://lucaslawcenter.com for more info.

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About The Author
Bobby Presley was born in New York City on April 3, 1975. Currently
working as an entrepreneur and salesman, he sometimes spends his free
time by writting aticles related to law as a way to offer services to
readers as well as broaden his knowledge in term of law.