Real Estate Loan Modifications – A Brief Overview

Loan modifications, sometimes known as mortgage modifications, revise the original terms of home mortgages to allow extended repayment terms, decreased interest rates, or the addition of past due amounts to the loan. With more than 10 years of experience, Robert Lattas serves as a real estate attorney at the Law Office of Robert Lattas in Chicago, Illinois. Dedicated to helping clients in need, he offers a wide range of legal services, including assisting clients with loan modifications.

Based on the Home Affordable Modification Program (HAMP), homeowners are eligible for loan modifications if they have loans through Freddie Mac or Fannie Mae that began before January 1, 2009, and they have mortgage payments that are unaffordable. Through HAMP, homeowners receive modifications on a trial basis, during which time they must make modified payments on time for at least three months before the loan modification becomes permanent. To qualify for the Federal Government Loan Modification program, homeowners must be late on at least three of their last four payments, live in the house as their primary residence, and not have a bankruptcy filing.

Several different types of loan modifications are available to homeowners, including refinancing the loan, extending the term, switching from an adjustable interest rate to a fixed rate, and lowering the total amount of the loan. Some lenders also allow homeowners to skip some payments and make them up at the end of the loan term. When filing for a modification, homeowners should regularly check on the status of the process and gather the necessary information to show their ability to repay a modified loan.


Creating Beneficial Relationships Between Teacher and Student

Based in Chicago, the Law Office of Robert D. Lattas assists clients with business law and real estate matters. In addition to operating his legal practice and counseling clients, Robert Lattas has spent more than a decade as an educator. He has taught courses in accounting, management, and law at institutions such as Nova Southeastern University, Moraine Valley Community College, and DePaul University. Here are two methods for teachers to build better relationships with their students.

Get to know students better outside of class. Interacting with students not just on an educational level, but also on a social and personal level, may form valuable connections. Building rapport with students can help students to perform better academically, as they will be more invested in the class. Additionally, mentor relationships can be as rewarding for teachers as they are for students.

Welcome feedback in the classroom. When students feel as though they have a voice and can provide feedback as to how the classroom is conducted, this creates a more amicable and respectful relationship between teacher and student. When pupils’ opinions are valued and taken into consideration, the classroom becomes a happier and more effective learning environment.