What are my rights if I am denied a loan modification?

If you are denied a loan modification in Virginia, you have certain rights. Your lender is required to provide you with an explanation for the denial and contact information for any agencies that may be able to help. Additionally, you may have the right to challenge the decision through foreclosure defense law. Under foreclosure defense law, you can file a complaint against your lender or loan servicer in a Virginia court. This complaint will seek to have the lender modify the loan or stop the foreclosure. If a court finds that the lender or servicer acted in an improper or illegal manner when handling your loan modification, it may order the lender to alter the terms of the loan, cancel the debt, or award damages. You may also attempt to negotiate a loan modification with your lender or servicer. If your lender agrees to modify the loan, you should ensure that the agreement is in writing and that it includes all of the terms of the loan modification, such as interest rates, eligibility period, and repayment requirements. If you are still having trouble, you can contact a foreclosure defense attorney to help you. These attorneys specialize in protecting homeowners facing foreclosure and can provide legal advice and representation. Additionally, there may be state or federal government programs available to help you with loan modifications or other foreclosure assistance.

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What are my rights if I am denied a loan modification?

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