Our team has 10 years of success in negotiating 95% of all mortgage loan modification requests to a successful outcome. We have the most effective, state-of-the-art systems and procedures in place to modify any residential or commercial loan. Our goal is to sustain property ownership on affordable terms, while limiting loss to financial institutions. 

Statistically 58% of all loan modifications fail!

—However—

For the modification requests we accept, our modification failure rate is less than 1%. Why? Because we first diligently underwrite borrower capacity and based on the strength of that analysis, offer lenders a detailed and workable note modification plan that works for them and the borrower.

Simply put, if you try to negotiate a loan modification with your lender directly or through one of the 500 start-up modification companies, your chance of failure is 58%—or more.

Notice to California property owners

In fact, more than 500 foreclosure consultants have opened their doors in California in just the last 6 months—yet most do not have a clue as to WHO is a valid candidate for a loan modification, and HOW it can be successfully negotiated. Also, many of these ‘consultants’ are operating illegally. This is because the state of California requires them to be licensed by the Department of Real Estate (DRE), or be a licensed attorney. Home Retentions and Financial Programs ,Inc. DBA JL RICHMAN & ASSOCIATES CO. is a licensed real estate broker, licensed by the DRE; license no. 01857289.

We offer our services in all 50 states.

We have licensed real estate brokers and attorneys in all 50 states that offer our professional services to their clients

IN SHORT, NO OTHER COMPANY HAS MORE EXPERIENCE AND CAPACITY TO ACHIEVE YOUR LOAN MODIFICATION NEEDS.

Constant Updates 24/7 On Your Loan Modification Progress

Our clients can view the status of their loan modification online 24/7 through our exclusive and very private case management system. Clients are assigned a unique code that allows them access to their file; status updates, and viewing of our underwriter’s case notes and where applicable, notes from their attorney.

Our clients receive an email advising them of every change made to their file—automatically. Progress reports are also sent by email periodically.  

Our goal is to successfully negotiate a modification of your loan so that you keep your property and limit the damage to your credit. 

We fully understand that you have a serious problem and only a short time to overcome the real possibility of losing your property.

Know The Law. Foreclosure laws and property owner’s rights vary from state to state.  The time required to complete a foreclosure can vary from 60 days to 7 months. To receive a summary of the timelines and general rights you have to avoid foreclosure in your state, contact us and we will send you the general information that applies in your state. This is not however, intended to constitute the giving of legal advice. You are urged to discuss your legal options and alternatives to foreclosure with an attorney licensed to practice law in your state. Our company does not and cannot give legal advice.

We do not contract directly with homeowners. Property owners must contract for loan modification with a licensed real estate broker or attorney in their state. We will be please to offer a list of licensed attorneys and brokers in your area that use our services.

Typical results of our loan modification plans

LOAN MODIFICATION - 99% of all "A" type lenders and 70% of sub-prime lenders (with high interest rates) will package a loan modification where most of the delinquent payments and foreclosure fees are added onto the principal balance of the loan. Payments can remain approximately the same. In some cases the interest rate will be reduced permanently.

FORBEARANCE PROGRAMS - Typically 30% of sub-prime lenders (with high interest rates) will only offer a workout program that requires you to immediately pay at least 20% or more of the total delinquencies including foreclosure fees, plus the balance of the delinquency will be added to their regular monthly payments over a period of 6-to-48 months. Forbearance plans do not remove a foreclosure action but simply stop it in place until the loan is paid current.

FORBEARANCE PROGRAMS OFTEN FAIL IF THE LENDER IS NOT FORCED TO CONSIDER THE FINANCIAL ABILITY OF THE BORROWER TO PAY. WE REQUIRE THEM TO CONSIDER YOUR ABILITY TO PAY IN OUR FORBEARANCE PROPOSALS.

Payment Rate &/or Interest Rate Reduction

Increased interest rates on home loans have made it impossible for many homeowners to pay their mortgage payments, triggering mortgage defaults.

Remember, if a bank is forced to foreclose, they will lose money, because the property will resell for less than market value, and oftentimes, less than the amount owed to them on the foreclosed loan. Costs of holding the property and eventual sales costs add to their losses. If a bankable solution can be achieved, that is their preferred outcome as well.

A rate reduction, sometimes coupled with a substantial reduction in loan principal balance is the only possibility for a homeowner to retain their home while giving the bank a ‘face-saving’ alternative to costly foreclosure.

Deed in Lieu of Foreclosure

Under some conditions lenders will accept the property back from the borrower as full payment in order to save the time and expense of foreclosure. Negotiating these arrangements are complex, as they involve assessments of current and future value, plus current market conditions in addition to proving the inability of the homeowner to either pay the mortgage or sell the property.

Put Our Team To Work For You

FOR INVESTOR'S BUSINESS DAILY

Posted 10/16/2008

Foreclosures helped spark financial world turmoil. But efforts to curb them, widely seen as needed to stabilize the housing market and support prices, show just modest progress.

Projects have been on for months and more got a start in October — as part of Treasury's new Troubled Asset Relief Program, the Hope For Homeowners plan run by the Federal Housing Administration, and a settlement involving Bank of America's (BAC) Countrywide unit.

They aim to make mortgages more affordable for troubled borrowers. Yet foreclosure marches on. Filings related to it and payment lateness were issued on 303,879 properties in August, up 12% in a month, 27% in a year, RealtyTrac data show.

More must be done, say loan modification specialists IBD spoke with.

Overloaded With Loans

"Really, we have a national catastrophe," said Moe Bedard, president of Loan Safe Solutions, a mortgage-auditing firm in Corona, Calif.

Hard-hit by foreclosures, California is seeing a rise in efforts to help homeowners, but also a backlog. In July, the latest month for which data are available, 12,657 loans were modified, California Department of Corporations records on 10 servicers show. More than double January's 6,214, it's a good sign.

Dig deeper and the picture changes. Far more mortgage workouts are being started than finished.

Loan modifications — freezing or reducing interest rates or reducing principal — are one workout type. Among the several others are plans to bring loans current and home short sales to third parties.

Workouts begun in July reached a whopping 77,876, up from 49,845 in January. The first half of the year, servicers finished an average of 38% of the number of workouts begun, and in busy July, 34%.

What worries loan modification specialists more is the rarity of principal reductions. These cut principal owed, due to falling prices.

Despite lenders' announcements claiming they are doing principal reductions, the statistics say not often. In July, California reported 297 — just 2% of modifications finished, though up from prior months.

"People are underwater on their properties, and unless someone gives them an incentive to stay, they're going to leave," said Jim Richman, president of JL Richman And Associates Co, a Glendale, Calif., real estate and debt restructuring firm. "As we go further into recession, you're going to see more and more homeowners walk away."

Richman says Litton Loan Servicing is working with homeowners on true loan modifications, and Countrywide has become more flexible. Other lenders, such as Wells Fargo, (WFC) just offer payment plans for homeowners to catch up on back-due payments, he says.

And though intended to help, the financial system rescue that passed Congress Oct. 3 may be slowing one part of the workout market.

"When we purchase mortgages and mortgage-backed securities, we will look for every opportunity possible to help homeowners . . . while also protecting taxpayers," Assistant Treasury Secretary Neel Kashkari said this week, describing plans to buy securities and mortgages.

But Richman says some lenders are now hoping to get more money selling properties to the government, instead of at deep discounts in pre-foreclosure short sales to investors or other homebuyers.

Another problem is the time it takes to do modifications. Richman says it typically takes five weeks to get a negotiator assigned once he's sent a proposal. Some have 300-400 cases on their desks.

If a mod company or a home owner just sent in a modification request to the lender, approximately 70% would never here back in time to stop a foreclosure.

We have a staff of 30 people hounding lenders to quickly handle our cases even with the back door phone numbers of the negotiators and their supervisors it still can take 90 to 120 days to receive a modification.

Because lenders know our 9 1/2 year history (we know them), we can often get lenders to postpone sale dates to buy time to work out a loan modification.