Can I get a loan modification if I'm delinquent on my mortgage?

Yes, in Virginia, you may be able to obtain a loan modification if you are delinquent on your mortgage. Under Virginia foreclosure defense law, you have the right to request a loan modification if you are facing foreclosure. Depending on the details of the loan and your individual financial situation, lenders may be willing to modify your loan. If you are having difficulty making your mortgage payments and are on the brink of foreclosure, you should contact your lender and explain your situation. Your lender may be willing to work with you to change your loan terms in order to make it more manageable. This could involve lowering the interest rate, extending the length of the loan, and/or reducing the overall principal due. Another option you may have is to apply for a loan forbearance. This involves temporarily suspending or reducing your payments for a specific period of time, during which you can negotiate a loan modification with your lender. No matter the outcome, it is important to remember that you have options. Under Virginia foreclosure defense law, you have the right to take action in order to keep your home. Contact an experienced foreclosure defense lawyer to discuss the specifics of your case and review all available options.

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