Loan Modification also referred to as Loan Workout or Note Modification is the process of re-writing or modifying the terms of an existing loan to a payment that is reasonable. There are different forms of Loan Modification and we can present a compelling and innovative solution to the lenders.

At Jain Law Group our team of experts, lawyers and real estate agents, will assist you in re-negotiating the terms of your existing loan with your current lender. This could lower the interest rate, lower the principal balance, and/or extend the terms of the loan resulting in lower payments.

Repayment Plan/Forbearance
If you have incurred a short term financial hardship and our loan is two or more months pas due, your loss mitigation specialist will also consider submitting a request for a payment plan to your lender for approval. Only after reviewing your financial situation will this option be considered. All clients must be able to show that they can afford this plan in order to be eligible.

Short Sale
If you have suffered a long term financial hardship and are unable to maintain you loan or if you need to sell the property to avoid a default loss on the property, it is possible that the lender may be able to accommodate you with a short payoff. A qualified buyer is required and we can assist you in finding one. Our Real Estate division can assist in marketing and procuring a buyer for you property. If this is an option you wish to pursue, you must inform the loss mitigation specialist assisting you immediately. There may be tax ramifications associated with any short payoff or foreclosure; therefore, we recommend you contact your tax advisor for details. Some states permit lenders to seek a deficiency judgment for the amount the payoff was discounted. See your state's foreclosure law for more information.

Deed-in-lieu of Foreclosure
If you have incurred a long term financial hardship and your house has been on the market (at fair market value) for at least 90 days, you may be eligible for a deed-in-lieu of foreclosure. To be considered for this option, you must complete a financial package and provide a copy your recent active listing agreement. Also, there cannot be any additional claims or liens (other than your mortgage) against the property. If you are approved for a deed-in-lieu, the lender may waive all deficiency judgment rights. You may be asked to participate in a Short Sale program before a deed-in-lieu of foreclosure is accepted.

Since we are a law firm we are not like the traditional lenders and services, our calls and letters get answered and there is level of trust and integrity between us and you that no one can match. This can make the difference between saving your home and losing your home.

We always offer a free in-office consultation for prospective clients and along with a willingness to work with clients regarding fee arrangements and cost.
Please contact us today, we are here to help. Thank you for visiting Jain Law Group.