Solving Virginia Mortgage Problems
At Legacy Law Group, PLC, we help clients throughout Virginia with home mortgage modification. Our goal is to keep clients in their home and, if possible, avoid bankruptcy and foreclosure. If you have a distressed or troubled mortgage, contact our firm online or call us at 804.332.6247 to work with an experienced and dedicated lawyer.
Because of the state of the current economy, many people who were once financially sound are now struggling to make ends meet. Job loss, salary cuts, divorce or medical bills can all create financial instability. If you are behind on your mortgage payments or are facing foreclosure, we may be able to help protect your home.
Options for Struggling Homeowners
Although many lenders are willing to negotiate loans and mortgages in order to receive their money, negotiating with them can prove to be a frustrating and unproductive experience for a borrower. However, many lenders perceive attorneys as having the necessary knowledge and authority, and are therefore willing to communicate with them. Our lawyers have significant experience working with lenders and know how to initiate and sustain a productive dialogue.
We work closely with our clients to help them pursue viable options for avoiding foreclosure, including:
- Mortgage loan modification: Some lenders are willing to modify the terms of a borrower's mortgage. We can work with lenders to reduce your interest rate, or extend the number of years you have to repay the loan. You may also be eligible for the federal Home Affordable Modification or Home Affordable Refinancing programs.
- Repayment plan: Also called a temporary hardship, a repayment plan allows you to temporarily reduce your payment or to pay back the delinquency over time.
- Short sale: If you are unable to keep your home and owe more on your mortgage than what the house is worth, your lender may allow you to conduct a short sale. In a short sale, the lender takes the proceeds from the sale of the home and forgives the remainder of the debt.
- Deed in lieu of foreclosure: If you are unable to keep your home and cannot find a buyer, you may be able to give your house deed to your lender in exchange for forgiving your debt.
Whether you are in mortgage default, delinquent in payments due to an adjustable rate mortgage (ARM), or victimized by mortgage fraud, our attorneys can help try to find a way to keep you in your home. Contact our firm online or call us at 804.332.6247 to learn more about the mortgage loan modification options available to you.
