Facing Debt? Schedule Your FREE consultation Call us! 601-202-5101 Jackson Loss Mitigation Lawyers Ask a question or request a free consultation. 601-202-5101 CONTACT US NOW 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. APPLY FOR LOAN FORBEARANCE 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 601-202-5101 to find out what legal actions you can take about your student loans, mortgages, auto loans, wage garnishments, and other types of debts. PREPARE YOUR LOAN REPAYMENT PLAN 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.) EVALUATE YOUR LOAN MODIFICATION 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. KNOW IF YOU QUALIFY FOR A LOAN MODIFICATION 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. SCHEDULE A FREE CONSULTATION Learn more about how filing for bankruptcy can help you. Give us a call to schedule your appointment 601-202-5101 GET YOUR FREE CONSULTATION Testimonials I’m feeling a lot better about my financial future and thankful for all their help. I went into Mr. Rollins’ law firm not knowing what to expect. After my first meeting with his team, I knew I made the right decision to contact his office. Everyone was knowledgeable and very willing to answer any questions and prompt with their responses. I’m feeling a lot better about my financial future and thankful for all their help. Dawn Barfield WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE. Connect with Us We serve clients throughout Mississippi including those in the following localities: Madison County including Canton, Madison, and Ridgeland; Forrest County including Hattiesburg and Petal; Warren County including Vicksburg; Lauderdale County including Meridian; Harrison County including Biloxi, Gulfport, Long Beach, Pass Christian, and Saucier; Hinds County including Clinton and Jackson; Jackson County including Moss Point, Ocean Springs, and Pascagoula; and Rankin County including Brandon, Florence, and Pearl. Stop Rollin' in Debt and Start Getting Up on Your Feet! What debt problems are you having? 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