Loan Modification Woodbridge VA

Why investigate modifying your loan?

• A loan modification will often lower your interest rate, and therefore your payment.
• If you are currently behind on your mortgage, a modification will typically take that arrearage and put it back into the modified loan amount, bringing you current.
• If you don’t have equity in your home, the lender will sometimes forgive some of the loan balance.
• The lender may work with you to lower the monthly payment by taking some portion of the loan and deferring it for 20, 30 or even 40 years.
• You are modifying your existing loan, not applying for a new one (refinancing), so the qualifications are different.

• If you are a bankruptcy client, it is a $1,000 flat fee for each loan if the modification is approved, with that fee approved by the court.
• If you are not a bankruptcy client, the fee is $150/month. Since the typical modification should take less than 6 months, it’s still around $1,000.