Virginia Beach Virginia Foreclosure Help, Defense, Laws and Process

 


It is virtually every person’s wish to move from paying rent to living in a home they can call their own. But the cost of buying a home in the US including Virginia Beach, Virginia has soared to dizzying heights and few people are ever able to buy property in cash. To make matters worse, the recent unstable and hard economic times that have bedeviled large swathes of the US have seen people previously on good salaries get laid off and have to settle for much lower paying jobs. This has seen a rise in foreclosures all over the US.

Foreclosure is a serious matter and must be addressed promptly before matters get out of hand. Some of the major contributors to foreclosure include unemployment, divorce, bankruptcy or sometimes death. It is important for you to seek assistance from an Advice agency, that provides quality legal representation as well as solve problems through education to low income people. You can also request your bank for a loan modification.

Stop Foreclosure in Virginia Beach, Virginia

The major method of foreclosure in Virginia involves judicial and non-judicial foreclosure. The non-judicial does not involve any court procedure but when the mortgage is initially set up it must have power of sale clause which upon default gives the attorney the go ahead to foreclose on the property in order to support the underlying defaulted loan. Since this is a non-judicial remedy a strict statement and the legal document are required to support this type of foreclosure.

On the other hand the judicial process expects the lender to file a law suit so as to get a court order and also they must be able to prove that you are in default on your mortgage loan. If you are behind on a number of your home loan payments, the lender will first discuss the issue with you through alternate ways, so as to avoid foreclosure but if these means fail to work, and you are still unable to pay the amount the lender then is forced to pursue a court action.

Below are some tips to help you avoid foreclosure:

  • Make sure you deal with the problem because the more you delay; the harder it becomes to reinstate your loan.
  • Communicate with your lender the moment you realize you have a problem because they are capable of getting you out of a financial problem.
  • Contact your State Government Housing Office for government assistance on mortgage rights, so that you are aware of what legal action your creditor might take in case you are unable to clear your payments.
  • Seek government help for example contacting the U.S Department of Housing and Urban Development (HUD)they offer free counseling on how to organize your finances and they also represent you in negotiations with your creditor.

Virginia Beach, Virginia Foreclosure Process

The foreclosure process differs in every state and it is important that you understand this process so that you can make good decisions based on the right information. Foreclosure in Virginia Beach is judicial and non-judicial.in the judicial process the creditor is allowed to sue the borrower in court.

Non-judicial is different because the loan document must contain the power of sale clause instructing the lender to sell the property .and the process is as follows:

  • After 3 to 6 months of missed payments, the creditor instructs a trustee to advertise a note of default that puts you as the borrower on notice that you are facing foreclosure and a reinstatement period that runs up to 5 days before your home is up for an auction.

Ensure that you repair credit in good time to enable you qualify for a loan in future.