Loss Mitigation Lawyers in Jackson, MS
No one enters into a mortgage agreement with the intent of not finishing payments on the mortgage loan. Sometimes, economic crises, illness, family loss, loss of income, or other financial misfortune can make loan payments hard to fulfill for debtors. Jackson loss mitigation lawyers can help you deal with the situation.
Loss Mitigation can be a great alternative to a home foreclosure if you’re struggling to pay mortgage loans. It is a viable tool that can help both borrowers and lenders find a resolution while avoiding foreclosure.
If you’re struggling with debt and you’re worried about losing your home, our bankruptcy lawyers in Jackson, MS can help. We assist you in restructuring your mortgage payments so you can avoid foreclosure. Call The Rollins Law Firm today at 601-202-5296 for a free consultation.
What is Loss Mitigation?
Loss mitigation is the process where lenders and borrowers cooperate to come up with a solution that benefits both parties. Through the loss mitigation process, you can keep your home and avoid foreclosure. It can include a variety of foreclosure alternatives:
- Loan Forbearance
- Repayment Plan
- Loan Modification
Loss mitigation refers to the loan servicer’s duty to lessen or mitigate the loss to the investor resulting from a borrower’s mortgage loan default. It is designed to benefit the investor as well as the debtor.
Foreclosures can be complicated and time-consuming for lenders, that is why they try to compromise and coordinate with the borrower to find an alternative that satisfies the debt obligation.
If you’re unable to make timely payments on your mortgage loan and you’re falling behind payments, contact an experienced loss mitigation specialist right away. Our Jackson loss mitigation lawyers can help you coordinate with your lender and process a loss mitigation request. Call our Jackson, MS bankruptcy law firm today at 601-202-5296 for a free consultation.
Apply for a Loan Forbearance with the Help of a Jackson Loss Mitigation Lawyer
In a loan forbearance agreement, the lender consents in reducing or suspending your payments for a certain period of time. It provides temporary relief for borrowers, and the loan servicer won’t start a foreclosure proceeding.
In return, the borrower has to continue making payments after the forbearance period and get current on any missed payments which include the principal, taxes, insurance, and interest. A borrower can usually:
- Pay in a lump sum
- Distribute the unpaid mortgage to your regular monthly payments until you get current on your balance
- Complete a loan modification
The specific terms in a forbearance agreement can sometimes differ from lender to lender. To know if a forbearance agreement is fair and complete, consult with our Jackson loss mitigation lawyers. Call us today at 601-202-5296 for a free consultation.
Set Up a Repayment Plan with Jackson Loss Mitigation Lawyers
A repayment plan is an agreement between the lender and the borrower to repay the due balance in increments. If you’re late on your loan payments due to a temporary financial hardship, a repayment plan can help you get caught up on past-due payments once you’ve recovered financially.
How repayment plan works:
- The creditor spreads your overdue payments over a certain period.
- A part of the overdue amount is added to your monthly mortgage payment.
Once the repayment period is over, you should be current on your loan payments and continue paying your regular monthly payments.
The period of the repayment plan will depend on how much unpaid due balance you owe, and how much you can afford to pay every month. Typically, a repayment plan would last for about three to six months.
To know if a repayment plan will work for you, consult with an experienced loss mitigation lawyer in Jackson, MS. At The Rollins Law Firm, we have committed loss mitigation lawyers who can provide you with quality legal advice to help with your loss mitigation process. Call us today at 601-202-3942 to find out what legal actions you can take about your student loans, mortgages, auto loans, wage garnishments, and other types of debts.
Jackson Loss Mitigation Lawyers Can Help You Get a Loan Modification
When you get a loan modification, you’re permanently restructuring your loan payment so you can change to a more affordable loan payment term. If you presently can’t afford to meet the payment terms due to unforeseen circumstances, avoiding foreclosure is possible through a modification program. This is possible if you are able to afford a modified payment moving forward.
Getting a modification on your mortgage loan payments can help you avoid foreclosure. The loan modification process can be complicated, so it is best to connect with a loss mitigation lawyer in Jackson, MS. An experienced lawyer can help you craft the best modification program that fits your needs. Contact us today at 601-202-5296 for more information.
There are plenty of modification options available, but in general, the lender may allow the following options to lower your monthly payments:
- Lower the interest rates
- Extend the loan payment terms
- Convert to a fixed interest rate instead of a variable interest rate
- Forbearance. (Allows a borrower to make reduced mortgage payments or no mortgage payments for a specific period of time.)
Qualifying for a Loan Modification
To qualify, you should:
- Provide all required information such as a bank statement, proof of income, most recent tax report, and a hardship letter
- Prove that you can’t commit to your current mortgage payment because of financial distress
- Undergo a trial period to show that you can commit to the new monthly payment
- Meet all mortgage lender conditions, which can sometimes be complicated and exhaustive
Loss mitigation can be a good solution for both borrowers and lenders during times of financial strife, but both parties need to understand the options available and the type of relief that would best fit their situation. At The Rollins Law Firm, we have experienced Jackson loss mitigation lawyers who can help you choose the best foreclosure alternative for you. Contact us today for an initial consultation.
Contact a Jackson Loss Mitigation Attorney
Going through a financial crisis can be challenging and stressful. If you’re struggling with making payments for your mortgage and you want to avoid foreclosure, applying for a loss mitigation can help. Call our Jackson loss mitigation law firm today so we can help you understand federal and state laws in Mississippi regarding foreclosure proceedings and the loss mitigation process.
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