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.

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.