Skip to main content
Short Sale Listings
Alexandria Foreclosure and Short Sale Information
How To Stop The Foreclosure Process
Loan Modification
Effects Of Foreclosure
Cost of Bankruptcy
Understanding HAFA
VHDA Short Sales
FHA Short Sale Program
Talk To Your Lender
Homeowners We Helped
Short Selling Your Condo
Avoid Foreclosure
What Is A Short Sale?
Short Sale vs. Foreclosure
Qualifying Process for a Short Sale
Financial Hardships
Frequently Asked Questions
Glossary Of Terms
Access Our Free E-book
Learn About Short Sales
What The First Step In The Short Sale Process
Qualifying for a Short Sale and Avoiding Foreclosure
Home Evaluation
Initial Consultation
Your Hardship Letter
Avoid Scams
My Sold Listings
Getting Started
VA Compromise Military Short Sale Program
Military Short Sale Programs
Old Town Alexandria Short Sales
Del Ray Alexandria Short Sales
Kingstowne Alexandria Short Sales
Manchester Lakes Short Sales
Fairlington Short Sales
Northern VA Short Sales: Avoid Foreclosure Northern VA
22301 Stats
22302 Market Stats
22304 Stats
22305 Stats
22314 Stats
Market Stats
What Is A CDRS - Certified Default Resolution Specialist
What Is A CDPE
What Is The LDPD?
Tamara Inzunza - (703) 623-8759
Tamara Inzunza Northern Virginia Short Sale Realtor
Our Blog

Recently Closed Short Sale
Lorton Valley
Lorton, VA
* - Investment property
* - Two mortgages
* - Current on mortgage payments
* - No cash due or promissory note

Alexandria VA Townhouse Short Sale

Recently Closed Short Sale
Alexandria, VA
* - HOA liens paid by lender
* - Two mortgages
* - No cash due at closing
* - No promissory note
* - closing costs paid to buyer

"I now realize that I may not have gotten through the transition so smoothly if it had not been for her expertise in an area most Realtors do not care to touch! Tamara has a heart for her clients and it is evident in the dedication she exhibits. I would highly recommend her to anyone searching for a home or trying to get rid of one." - E. Dawson

"Her attention to every detail and willingness to go beyond her area of responsibility was a huge factor in getting my place sold in a timely manner. Selling my home was very stressful and Tamara made the process as easy for me." - J. Bain

Loan Modification Help

Loan Modification Frequently Asked Questions

What is a loan modification? A loan modification is when the lender agrees to change the terms of your loan.  The modification agreement may reduce your monthly mortgage payment temporarily, or it can be a permanent change over the life of the loan.  This is the first option that we recommend for homeowners who want to keep their home.

How is a loan modification different from a refinance? When you refinance your mortgage, you are creating a new loan, which requires 'closing' again and closing costs.  If you are behind on your mortgage payment, you will most likely not qualify for a refinance.  The process is essentially the same as the mortgage approval process when you purchase a home, so the lender will pull your credit report, any missed mortgage payments will likely disqualify you for a refinance.  If you have missed mortgage payments and are facing a financial hardship, a loan modification may be a better option.

How long does the loan modification process take? This depends on your lender.  In general, a loan modification may take up to 90 days to process.

Do I qualify for a loan modification? The most important qualification that your lender will be looking for is your ability to make mortgage payments. That means income.  If you are currently employed, then your chances of obtaining a loan modification are better, but other factors including your debt will be taken into consideration.

How much does a loan modification cost? When you work directly with your lender, your loan modification is usually free of charge.  There are some attorneys who charge a fee for this service, however you do have the option of dealing directly with your lender.

How do I start the loan modification process? By now, your lender should have the tools and staff to help you get started. Your monthly mortgage statement will likely have a toll free number, and a dedicated foreclosure prevention page or section on their website.  This is the best place to start.

What if I don't agree to the terms of the loan modification? You should negotiate the terms directly with your lender.  In the event that the terms are not acceptable, your lender will likely allow you to short sale your home.

Why should I even try, I should just walk away and let the house go to foreclosure. Just walking away may not relieve you of the financial obligation. Believe it or not, it costs the bank more money to foreclose.  Because of programs like the Home Affordable Refinance Program, or HARP, banks who participate will receive money from the federal government to help homeowners with options such loan modifications and refinancing.  So there is a financial incentive ($$$) for the banks to offer assistance to homeowners. If the home goes to foreclosure, nobody wins.  Even if your loan modification is declined, you may still have the opportunity to complete a short sale and receive relocation assistance from $3,000 - over $20,000 depending on your lender.  If your home is within a condo or homeowner assocation, you may also be financially liable for the delinquent fees and maintenance during the time it takes your home to go through the foreclosure process after you vacate.

If you would like to keep your home, a loan modification may be the answer. Please fill out the form below and we will contact you immediately to help.

* indicates a required field
Please fill this field.

If you know of a friend, family member, or loved one who may be experiencing difficulty making their mortgage payment, please click the button above to refer them to this website.

Brought to you by:

Tamara Inzunza, Associate Broker

RE/MAX Executives 
Certified Distressed Property Expert (CDPE),
Certified Residential Specialist (CRS)

2104 Mount Vernon Avenue
Alexandria, VA 22301
(703) 623-8759


Certified Distressed Property Expert       

Copyright© 2016 - Pro Step Marketing, All Rights Reserved.

Terms of Use - Privacy Policy - Contact Policy

Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.

Site Powered By
    Online web site design