Lending companies have weighed down borrowers in financial straits with monumental debt for a long time now. Enticing borrowers with seemingly low interests and agreeable payments, lending companies have had a lot of borrowers bending over backwards to keep their credit reports clean often resulting with mortgagors engaging in short sales agreements, employing the assistance of credit experts such as the Lucas Law center.
Short sales are deals between the lender and the borrower to sell the property in question for less than the amount that is owed on the mortgage. Lenders then accept less than the total dues, thereby allowing the borrower to sidestep a foreclosure potentially harmful to their credit rating. Foreclosures, wherein lenders regain a property which they have financed, stay on credit histories for as long as 10 years, a dire nuisance to purchasing a new home or credit acquisition. Although the use of a short sale may still affect credit score by a range of 75 to 100 points, it is still a better compromise than having mortgagor credit ratings damaged by foreclosure.
With the proliferation of online services, law firms are now offering credit assistance on the internet. One particular website, the online law offices of Paul J. Lucas, succeeds in helping countless clients negotiate short sales agreements with their lenders.
Though it may not seem likely for lenders to agree to short sales, lending companies would actually prefer short sales over foreclosures since foreclosures are costly and time-consuming and involves a more tedious process bringing in uncollected interest payments, taxes, lawyers, accumulation of bad debt and an overall overwhelming bureaucratic process that most lenders would simply rather avoid. Short sales are actually less expensive and troublesome for mortgagees than having to go through a foreclosure process.
Credit assistance specialists intend to bring borrowers and lenders together into an understanding that leaves both satisfied. Contacting the right people within the lenders’ offices, credit assisting law firms such as Lucas Law resolve mortgagor issues with their borrowers efficiently, making the most logical decisions advantageous for both parties.
In today’s frenzied ratrace, it is important for credit ratings to avoid being tarnished. It is a good thing that law firms such as Lucas Law are now offering their expertise online to help save clients ensnared into rapacious lending.Visit http://lucaslawcenter.com for more info.