Norfolk Virginia Foreclosure Help, Defense, Laws and Process

 


Owning a home is not as easy as it sounds; in the current scenario it is impossible for a regular wage earner to own a home in an expensive city like Norfolk in the state of Virginia. Because you will always opt-in for taking up credit from a bank it is quite possible that you end up getting your assets foreclosed by the government as you might not be capable of paying up the debts. This quite often happens during a bad state in stock markets and happened on a very large scale during the recessions in the 2008. By this article we tend to guide you through the process of foreclosure in the city of Norfolk, Virginia.

Although the Norfolk foreclosure process differs from all the states, still the basic protocol remains the same; only what changes are the laws, timelines and the person dealing with you. The general remains almost the same.

Norfolk Virginia Foreclosure Process

  • The lender contacts you telephonically on missing the installment the first time
  • If this is not rectified and the next installment is even missed, the lender will try again to get in touch with you.
  • If for the third time you tend to miss the installment then the lender would send you a demand notice specifying the amount due along with the delay fees added and also begin the process of foreclosure. But this is not the end. A 30 day deadline comes to you help.
  • If you miss the installment the fourth time. And you have not already arranged for the payments mentioned in the demand letter then the lender’s attorney will start interfering.
  • Soon after the end of the period of 30 days. The attorney would set up a sheriff’s or public trustee’s sale; this date will be marked as the date of foreclosure. And a notice would be taped to your door, and you will be notified in every possible communication channel. It will also trigger the beginning of the redemption period.
  • Redemption period is a short time after the trustee sale in which you can buy back the foreclosed asset by paying the demanded amount by the lender and the attorney’s fees. Else the asset is mortgaged.

Stop Foreclosure in Norfolk, Virginia

  • People avoid calls and direct contact with the lender as they are ashamed of their financial status and thus end up missing all these important calls. In fact these calls must be attended and a new payment plan could be easily worked out in accordance with the lender.
  • Emphasis is always given to workout out a new plan of payment to the lender and it’s important to make a fruitful solution to the problem.
  • People even end up getting in touch with private foreclosure counselors which are non-recognized by the Human and Urban Development (HUD).
  • Also you should be aware of President Obama’s Homeowners affordability and stability plan (HASP), which might make you eligible for some loan modification or refinance scheme.

Quick facts and links about the Norfolk foreclosure process:

  • The process of lending in the state of Virginia involves “Deed of Trust” and “Mortgage” as primary instruments of security for the lenders.
  • The process of foreclosure can be initiated either judicially or non-judicially. When initiated judicially then the lender’s attorney files a lawsuit for his client regarding that property, and obtains official orders for foreclosures.
  • In case the instruments like “Deed of trust” and “mortgage” were signed during the time of lending then this gives the right to sale of the assets in case of non repayment of loans. In this case no judicial involvement is required but a protocol needs to be followed which can be found here https://www.foreclosureprocess.org/virginia

Private Counseling for avoiding Norfolk foreclosure process:

Private counseling is not as such recommended by the US government; recently many such scams have been unearthed. It is recommended to get in touch with a HUD approved agency for providing counseling and assistance in case of foreclosure. Information about one such agency for avoiding Norfolk foreclosure process is.

CCCS OF NEBRASKA
700 1/2 Benjamin Country Club Plaza – English
Norfolk, Nebraska 68701
P: 402-371-4656
T: 877-494-2227
F: 402-371-7462
E: LUribe@cccsnebr.org
W: www.cccsn.org