Loan Modification in Vermont
Vermont has had one of the lowest residential foreclosure rates in recent years, but many homeowners are still struggling. Falling real estate prices have left some people holding the keys to a property that is "underwater," or worth less than the balance of the mortgage. And if a homeowner is hit with a medical crisis or loses a job or gets divorced, many struggle to make their mortgage payments. But there is a possible solution: A loan modification. Attorneys can guide you through the process of modifying your mortgage and lowering your monthly payments.
Vermont Loan Modification Basics
When a bank agrees to a loan modification, it's making a change to the original terms of the mortgage. It may:
- Write off or forgive some of the loan's principal balance
- Reduce the mortgage's interest rate
- Write off some of the fees, penalties and fines that have accrued on the loan
- Extend the life of the loan
Any and all of these changes result in lower loan payments.
Mortgage modifications can help homeowners avoid foreclosure, bankruptcy or a short sale, and remain in homes they couldn't otherwise afford.
If you want to apply for a loan modification, experts recommend that you work with experienced loan modification attorneys. That's because loan modification scams are becoming commonplace in Vermont. If you fall victim to such a crime, you risk losing your hard-earned money and your home.
Find & Hire Local Vermont Mortgage Modification Attorneys
Attorneys.com offers a free legal referral service that can quickly match you with mortgage modification lawyers in your area. Call us at 877-913-7222 or complete the form on this page. Whether you live in Burlington, Rutland, Barre or elsewhere in Vermont, we can connect you with a local loan modification lawyer.