Jim Richman, president and founder of Richman & Associates Inc., with Emergency Home Rescue, LLC combined real estate and business debt restructuring services specializing in foreclosure solutions and financial consulting. Our goal is to stop your foreclosure and give you a fresh start.

Our success rate is 97%
We are specialists in working with your lender, or lenders, to restructure your current loan(s) by providing you with a unique, professional plan that you and your lender can accept.

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

The lender wants to see a provable relationship between the homeowner's income and expenses that will ensure them and the federal regulators that the homeowner will be able to make his payments in the future.

Feel free to call us as we do offer FREE consultations to review all possible solutions.

KNOW THE LAW - Every State has different foreclosure laws that govern how long it takes a lender to foreclose on your home. Time can vary from 60 days to 9 months. Contact us and let us know what State you're in and we will send you your rights, in your State.

Loan Modification - Richman & Associates has unique expertise in successfully negotiating--often dramatcially--in the clients favor with "A" type lenders and so-called sub-prime lenders (with high interest rates). We will negotiate a loan modification where most of the delinquent payments and foreclosure fees are either wiped out or added onto the back end of the loan. Payments can remain approximately the same. In most cases the interest rate will be reduced permanently.
 

Interest Rate / Payment Rate Reduction

With the increase of interest rates on home loans many homeowners with adjustable rate loans are faced with mortgage payments they can no longer afford.

Our job is to convince the current lender that it is better to lower the homeowner's payment by lowering the interest rate or payment rate by creating a payment plan the borrower can afford, than to take the home with a foreclosure sale and lose money on the re-sale. Keep in mind lenders lose money on bank owned properties as it will sell for less than market value, and they must pay a commission to a Realtor; and closing cost plus the cost of holding the property while they wait for a sale in a market that is depreciating.

We need to prove to the lender what the maximum payment is that borrower can afford by constructing a financial plan for the homeowner that the lender will approve.

Also as the homeowner is often late with their payments and in foreclosure or soon to be in foreclosure, we need to ask the lender to forgive the delinquent payments or put them on the back of the loan.

A rate reduction in most cases is the only possibility for a homeowner to retain their home --our fee is a risk that each homeowner must weigh.

Principal Reduction

When a property is upside down and the homeowner is facing foreclosure, the homeowner has more leverage than they may realize against their lender. It is our job to force that leverage upon that lender. In doing so, we are successful in wiping out large portions of principle. Typically 50-80% on seconds.

In today's market, we can also convince the lender of first lien holders to lower the principle amount to the present market value. (ex: a homeowner owes $600,000 on first but the appraised value is $500,000. We can convince the lender to lower the loan amount to $500,000.) That is a $100,000 reduction in principle for the client.