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

The answer to whether you can get a loan modification if you are delinquent on your mortgage depends on the laws in West Virginia. Generally, loan modifications are available to borrowers who are delinquent on their mortgage, but the laws in West Virginia may be different. Under West Virginia’s foreclosure defense law, lenders must provide multiple options for borrowers to avoid repossessing their home. Before a lender can evict a borrower, they must provide the borrower with a “Loss Mitigation” form, which outlines several options that could potentially allow the borrower to stay in their home and avoid foreclosure. One of the options outlined on the form is a loan modification, which allows struggling borrowers to have the terms of their loan altered in order to reduce the likelihood of defaulting. This could include reducing the monthly payment, extending the term, or changing the interest rate. A loan modification is an option that borrowers can pursue if they are delinquent on their mortgage. Borrowers who are delinquent on their mortgage should contact their lender and inquire about their options for loan modification. The lender can explain the process and provide the necessary forms and documentation for the borrower to complete. In order to qualify for a loan modification, borrowers must demonstrate an ability to make timely payments and show that their financial situation has changed since taking out the loan. Borrowers should also be sure to have all necessary documentation, such as recent pay stubs and bank statements, when submitting their loan modification application.

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

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