Monday, March 9, 2009

Providing Options

Keeping you secured in your home when a foreclosure comes in your midst is not at all easy. The lenders, which are usually banks can become too harsh for borrowers and they will not usually negotiate. Meanwhile, the law offices of paul j lucas seeks to provide you with options to finally solve your real estate problems. Experience has given us the trust of many companies and we use our connections to advance your needs and interests.
After the free consultation that we offer, it is then can we make plans that suit your needs. The following services are made available, depending on your current situation and how far the problem has furthered:

· Loan Modification
In cases of homeowners who cannot pay because of the negative amortization that some of the lenders today do give. The initial teaser may not last long and the lender turns the low cost mortgage into the nightmare home loan for the borrower. Loan modification is the renegotiation of your existing contracts so that the lender may approve a longer run of the teaser rates. Here, you still have the home and that under this arrangement, the lender may collect a monthly pay.

· Short Sale
When the home owner could no longer afford to keep the house for some reason, the lucas law brings you the service that will get you out of it. This works well, especially when the house is sold less than what the lender is owed. The borrower can get out of the house immediately while saving himself from the debt that gradually increases if he stays there. This saves the lender money in the foreclosure and eviction processes.

· Deed in Lieu
Arrangements for a deed in lieu of foreclosure are not very easy to make as this is not always accepted by the lenders. For the home owner, this gets them out of the house by leaving the keys and walking away from it,; that is, if the borrower does not owe more than the house is worth. Why should the lender accept such is the craft of the lucas law center because even in threats of foreclosure, a deed in lieu can be pursued. The answer is tactful negotiation that benefits the lender.

Get Help During a Short Sale

The Lucas Law Center offers the short sale that gets the homeowner out of the house while being free from debt.

Losing a home by signing away ownership is not easy for the homeowner. It is a source of embarrassment and robs the homeowner of dignity. There are ways to avoid foreclosures or bankruptcy. A short sale is one alternative. Short sales stop the foreclosure of homes. The lucas law firm offers this service to help homeowners avoid the problem being left with the bill for the remaining balance of a loan.
What is a Short Sale?

A short sale in real estate means that payment from the sale is less than the balance of the loan granted to secure the property. The lender is willing to accept less than the actual amount of the outstanding balance of a loan. This happens due to financial difficulties on the part of the homeowner. Negotiation is carried out by the bank’s loss mitigation or workout department. The homeowner sells the house for less than the remaining balance of the loan, and gives the proceeds to the lender. Not all properties are eligible for short sales. Not all lenders agree on short sales. It would be wise for a homeowner who wishes to do a short sale to get legal advice and representation. A competent real estate lawyer knows the consequences of such a sale.
What Can the Lucas Law Center Do For You?

The lucas law Center helps homeowners get out of their homes without a record of foreclosure on their credit report. Short sale is the service is for clients who can no longer afford to pay the mortgage while avoiding the problem of being left with the bill for the remaining outstanding balance of the loan amount. Damage to a seller’s credit report is unavoidable, but it is still less than damage from a foreclosure.

The lucas law Center helps in the preparation of an offer, presentation of comparative market analysis reports to the lender, and negotiation on the short sale contract. Acceptance of a short sale by the lender is not a guarantee that no legal pursuit will be done for the remaining balance of the loan or deficiency. The Lucas Law Firm addresses this very important issue of responsibility for the deficiency. It aims for freedom from debt for the clients.