Mortgage Modification Lawyer in Jackson, MS

Going through a financial crisis is hard. There are many factors at play that could affect your financial health like high unemployment rates or a bad economy. These can make meeting your financial obligations burdensome. For many, making monthly mortgage payments can be the most challenging, which can make you at risk of losing your home. But depending on your situation, you may be eligible for a home loan modification, which can make it easier for you to make your monthly mortgage payment on time and avoid foreclosure.

Are you struggling to pay your home loan on time? Contact Rollins Law Firm to learn more about your legal options. A Jackson mortgage modification lawyer can help you determine if a loan modification program is right for your situation.

Call 601-202-3942 to schedule a consultation with our Jackson bankruptcy attorney today.

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Mortgage Modification Defined

A mortgage modification is a written contract between the borrower and the mortgage lender that permanently changes the original agreement to make the monthly mortgage payments easier to pay. With a modification, the interest rates are lowered and the loan term is extended. If you’re behind on mortgage payments, sometimes you can also add the amount overdue to your unpaid remaining balance to become a part of the modification.

However, banks and lending institutions usually don’t allow principal reductions to make the loan payment lighter in a mortgage modification even if the balance of the mortgage loan is higher than the fair market value of your property. 

Even though the terms of the mortgage modification program are decided by your lender, the outcome is usually lower monthly payments. Foreclosure can be a costly process for the lender, so they are usually willing to discuss foreclosure alternatives and modifications in the mortgage loan agreement to avoid a foreclosure.

If you’re facing a mortgage crisis, you can contact a mortgage modification lawyer in Jackson so they can provide mortgage assistance and help you file an application. You need to input your income, expenses, and current financial situation in your application. You’d also need to provide supporting documents.

The process can be a little intimidating at first, but a mortgage modification lawyer can surely help you understand the process better and make sure that you follow all the specific guidelines when applying for loan modification programs.

Mortgage Modification Requirements

To be eligible for a mortgage loan modification, you need to prove that:

  • The home is where you live (primary residence).
  • You’re going through a financial crisis, like getting a lower-paying job, or going through the process of divorce and losing a household income.
  • You have enough regular income to fulfill your duties in paying your mortgage under the mortgage modification.

Usually, there will be a trial period where you’d have to pay for about three months under the new payment plan to prove that you can sustain your monthly payments.

Evaluate Your Mortgage Modification

Applying for a Mortgage Modification in Jackson, MS

When applying for a loan modification, you will be given a loss mitigation application. You need to submit this application which likely contains the following:

  • Your personal information, property information, and mortgage information
  • Loss of profit statement (if you’re self-employed) or your most recent paychecks
  • Bank statements and tax returns 
  • A financial statement that includes your income and expenses
  • A financial hardship statement or letter

In some cases, you might also be required to provide supporting documentation or answer questions regarding your situation. It is best to submit your application right away if you’re encountering problems with paying your mortgage on time or if you’re falling behind your payments. A foreclosure could start or continue processing if you wait too long before processing your application. Reach out to a Jackson mortgage modification lawyer to help you process your application quickly. We can also help you with other processes such as debt relief, Chapter 7 or Chapter 13 applications, stopping repossession, and preventing wage garnishment.

Prepare Your Mortgage Modification Paperwork

Dos and Don’ts in Mortgage Modification Applications

Send a Complete Application

To avoid dual tracking, you need to submit a complete application for a mortgage modification. “Dual tracking” happens when your mortgage servicer continues to process the foreclosure of your home while considering your application for a modification at the same time. There are now federal laws that limit this practice, but it is still best to make sure that you send a complete application. Your application is complete once you’ve provided everything that your loan servicer has requested, such as your paychecks, financial statements, statement of assets, and a hardship statement.

Failing to provide a complete application is one of the reasons why many requests for modification don’t get approved. Your servicer won’t start processing your application unless you have submitted everything that they have requested.

Keep a Record of All Your Correspondence with Your Servicer 

Make sure that you keep all the letters you’ve received from the servicer, such as a confirmation letter informing you that your application is complete and is currently being processed, or a letter informing you that there are certain items missing from your application.

Keeping a record of all of these could be useful later on especially if you want to question a foreclosure if the servicer did not comply with certain guidelines.

Make Sure to Send Only Legible Documents 

When sending documents, make sure that all pages are clear and readable. Otherwise, it might not be accepted by the servicer and your application might be denied. Keep in mind that what is readable to you might be illegible to the servicer. They process lots of documents so it is best to submit clear and clean copies of your documents.

Don’t Omit Anything in Your Application

When you submit the documents, make sure that you include every page of the required documents, because the servicer might think that you’ve submitted an incomplete document. For example, if your financial statement has 4 pages and the fourth page is blank, you still need to submit it if the other pages indicate “Page 1 of 4” and so on.

Don’t Lose Your Cool If the Process Doesn’t Go Smoothly

Keep calm, even if you have to repeat certain processes in your application. Comply with all their requests, and make sure to send them as soon as you can. Always keep in mind that your servicer probably processes a lot of modification requests, so it is better to just comply to avoid giving them a reason to reject your request.

Don’t Be Afraid To Ask For Clarifications

Make sure that you know exactly what you need to submit. If there’s anything that you’re unsure about, it is best to ask your servicer exactly what they need. For example, they might request that you submit two paychecks assuming that these cover your income for a month. But you might have to submit more or less if you’re paid every week or once a month.

Don’t Forget to Put Your Contact Information on All Your Documents

Usually, there are different ways to send your documents; you can send them either by regular mail, secure mail, or fax. Sometimes, paperwork can get lost so it is best to send them via secure mail. But even if you opt for secure mail, it is still best to put your information such as your name, loan number, and contact number in all of your documents. That way, even if the courier or your servicer misplaces any document, they can easily identify it as yours.

Call Our Jackson Mortgage Modification Lawyer Today!

Experiencing financial difficulties can be difficult for you and your family not just physically, but also mentally. It could bring a lot of stress and affect your relationships, but you don’t have to go through it alone. At Rollins Firm, we have an experienced mortgage modification lawyer in Jackson and Ridgeland Mississippi who can provide legal assistance and help you negotiate a loan modification for foreclosure prevention. Don’t wait until it is too late, contact us by calling 601-202-3942 today so we can help you.

With us, you are never alone.

The Rollins Law Firm is committed to providing you with quality legal assistance during the loss mitigation process. From the moment you walk into our office, you can rest assured that your needs will be met. We are by your side throughout the loan modification process, from getting you a good deal to preparing your loan modification documents.

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