What is the difference between a mortgage modification and foreclosure defense?

A mortgage modification and foreclosure defense are two different strategies used to help homeowners avoid foreclosure in Virginia. Mortgage modification is when a lender agrees to change the loan’s terms in order to make it more manageable for the homeowner. This could include reducing the interest rate, extending the loan term, or reducing the principal of the loan. Foreclosure defense, on the other hand, is a strategy that homeowners use to fight against the foreclosure and keep their home. It involves contesting the foreclosure in court and making arguments that the lender has violated certain laws or has not followed the proper foreclosure procedures. The main difference between a mortgage modification and foreclosure defense is that, with a modification, homeowners work with the lender to agree on a new loan agreement in lieu of foreclosure. With foreclosure defense, homeowners attempt to challenge and prevent the foreclosure in court rather than work with the lender. Mortgage modifications can also be used to help homeowners avoid foreclosure, but for some, foreclosure defense may be the only option for keeping their home. In both cases, it is important to seek the help of a lawyer who is experienced in foreclosure defense law in Virginia in order to ensure the best possible outcome.

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What is the difference between a mortgage modification and foreclosure defense?

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