What is loan modification?
Loan modification is an alternative debt relief method that allows debtors
the chance to work directly with their creditors in an attempt to restructure
or reduce their loans without filing for bankruptcy. It is important to
realize that whether or not you are able to modify your loan remains entirely
at the discretion and preference of your individual debt collector.
The creditor has the right to agree to modify the terms of an original
loan contract as well as the right to refuse any change in terms. In today's
tough economy, however, many debt collection agencies are willing to work
with individuals who are struggling to repay what they owe. Rather than
risk losing potential loan payments entirely if the borrower files bankruptcy,
some creditors may be willing to modify the agreement in an attempt to
collect some or all of what they are owed.
How do I pursue loan modification?
Talk to a knowledgeable
Virginia bankruptcy attorney who is experienced in loan modification about your situation. It is important
to select a lawyer who is skilled in negotiating with banks and creditors.
Talking to collectors on your own is never a good idea. It is important
to retain legal representation in order to secure the best possible outcome.
Call a Loan Modification Attorney in Warrenton, Fairfax, Manassas, Culpeper
and the Northern Half of Virginia including The Valley
If you are falling behind on your mortgage payments or other loans in Virginia,
call John Carter Morgan, Jr., PLLC to schedule a free initial consultation as soon as possible. Our experienced
bankruptcy attorney has offices in and around Warrenton, including in Culpeper, Manassas, and Fairfax. We can help you make the
right decision for your future. With more than 25 years of experience,
you can trust the team at John Carter Morgan, Jr., PLLC to protect your
interests aggressively and effectively. Get in touch with our firm today
to learn more!