Virginia, similar to other states in the United States, is experiencing a rise in the number of foreclosed homes that remain unsold for months. This started to happen when the banks made it easy for anyone to get a mortgage without verifying if the person has the ability to pay. Because of this, the people started to default their loans, because they found it hard to pay the monthly rates anymore. When they failed to pay, they also lost the possession of their house.
The bank seized their homes and belongings in order to recover the money that they invested in the mortgage. Yet, the number of foreclosed properties was so high that it overwhelmed the real estate market. During recession, people are not too keen on buying foreclosed properties that is why banks are having such a hard time in selling these homes. People with loans, on the other hand, chose to default when they are faced with a difficult situation, and after some time, apply for another mortgage once again. Because of this messy situation, the government devised a new plan to solve the problem because it both affects the mortgagor and the mortgagee. The loan modification law was approved on February 18, 2009.
For you to be able to apply for a loan modification, you must show proof that you are indeed experiencing a financial difficulty. Documents such as bills, pay checks, or receipts of your expenses everyday can be used as evidence. Show this to your bank or lender so that they would offer a modification of your loan with lower rates which you can now afford. Keep in mind that before applying, you should be aware of the rules and feed yourself a lot of information regarding the process because the banks will always work in their advantage. If you think that you need help and you cannot handle all the negotiations alone, it is advisable that you hire an experienced lawyer to help you. You can search for different law firms on the internet, or you can ask around for recommendations.
Of course, you wouldn’t want to be handled by someone with no experience in the field. The lawyer will represent you in the meetings with the bank representatives so he should be able to negotiate well. Furthermore, you should not trust companies offering paid counseling sessions or programs.
The loan modification program has improved the situation of the banking and real estate system in Virginia. The state was formerly one of those with a high foreclosure rate, but now, more than 100,000 homes were saved since the implementation of the new program.
1305 Executive Blvd. Ste. 100
U&OB Notary Services
5561 S. Laburnum Ave
Prosperity Mortgage a division of Wells Fargo
4701 Columbus Street
Virginia Beach, VA
Bank of America Mortgage
7619 Little River Turnpike
Dynamic Capital Mortgage
1809 William St
Credit Dispute Pro of VA
22634 Timberlake rdsuite c
Pineapple Lending Corp
1801 Reston Parkway
NATIONSFIRST MORTGAGE OF VIRGINIA, LLC
3145 VIRGINIA BEACH BLVD. STE. 210
VIRGINIA BEACH, VA
Cash For Your Notes Today
1888 292 1803
PO BOX 7437
American Nationwide Mortgage
70 East Mosby Road
Legal Aid Justice Center
Central Virginia Legal Aid Society (CVLAS)
Rappahannock Legal Services/Potomac Legal Aid Society (RLS)
Legal Aid Society of Eastern Virginia
Legal Services of Northern Virginia
Virginia Legal Aid Society
Blue Ridge Legal Services
Legal Aid Society of Roanoke Valley
Southwest Virginia Legal Aid Society
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