Paul Lacus law center has anyone out there used them for a loan modification? If so how good or bad were they?
Freedom Dancer asked:
I have look on the internet to see if they are a good law center, or bad however, there is nothing good or bad on the internet only their website???? They advertise on the radio.
Loan Modification vs Refinancing
I have look on the internet to see if they are a good law center, or bad however, there is nothing good or bad on the internet only their website???? They advertise on the radio.
Loan Modification vs Refinancing
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Loan modification is not a skill that is so special. They promise you a lot and when the lender doesn’t agree or not modify as much as you like, you had already paid for their services.
Loan modification is simply your request to the lender to reduce the interest rate or lengthen the loan (30yr to 40yr). The lender will never change the original principal amount.
The basic concept is if you can convince the lender that you can continue making payments, but at a reduced rate, they will not foreclose on the house. You have to provide common sense documented information, such as the family’s income, expenses, length on the job, etc. If you can prove that you can continue making payments at a reduced rate, they may agree to it.
There’s no reason why anyone cannot ask the lender for this themselves. But, don’t get your hopes up. The approval rate is only about 40% to loan modification.
The main reason is if the lender can see that there’s no hope for you, they won’t approve and will foreclose if you can’t make payments anymore, or if there’s a possibility of you to continue making payments at a lower rate, they may agree to it.