Loan Modification in Virginia
Many homeowners have been hard-hit in recent years. High unemployment rates, a decline in income and falling real estate prices have left many struggling to make their mortgage payments—or justify the expense of paying off a loan for a home that's "under water," or worth less than the value of the mortgage. But you have legal options that might enable you to remain in your home. A Virginia loan modification attorney can help you get a reduction in your monthly mortgage payments.
What Is a Loan Modification?
When you modify a mortgage, you're changing some aspect of the underlying loan in an effort to reduce your monthly payment. With the lender's agreement you may be able to:
- Lower the interest rate
- Change the length of the loan
- Reduce the total balance of the loan (also known as principal reduction, principal forgiveness or principal write-down)
Who Qualifies for a Virginia Mortgage Modification?
Your lender and your Virginia loan modification lawyer can explain the exact qualification requirements, but you may be eligible for a mortgage modification if:
- Your home is worth less than the value of your loan
- You're locked into a high interest rate and are unable to refinance your loan
- You've experienced a financial setback—such as unemployment, divorce or major medical expenses—and cannot afford your monthly loan payment
Why Hire a Virginia Mortgage Modification Lawyer
You're not legally required to hire a Virginia mortgage modification attorney to help with your loan modification, but it's a smart move.
Your attorney will be able to explain all of your legal options in addition to the mortgage modification. Before deciding which path to pursue, you'll understand the advantages and disadvantages of consumer bankruptcy, a short sale and foreclosure in addition to loan modifications.
Mortgage modification scams are commonplace, but Virginia loan modification attorneys will help ensure that you don't become a fraud victim.
Finally, modifying a loan involves signing documents that are legally binding. As with any contract, an experienced attorney should review the documents before you sign them.
Find & Hire a Virginia Loan Modification Attorney
If you're ready to modify your mortgage, then you're ready to hire a Virginia loan modification lawyer—and Attorneys.com can help you find one in your area. Our free service can quickly connect you to local Virginia mortgage modification attorneys. Call us at 877-913-7222 or fill out the form on this page to get started today.