Stop Virginia Foreclosure

Here’s some information for people in Northern Virginia about foreclosures.

Virginia is NOT one of those states with a lot of legal steps for your mortgage company to take before they sell your house.  In fact, there are hardly any steps at all.  Usually here’s all they have to do:

• Send you a certified letter that you are behind
• Send you a certified letter that your loan is accelerated. (Accelerated means you now owe the whole amount.)
• Send you a certified letter and put an ad in the paper telling the world the day they are going to sell your house.  (Sometimes the ad goes in the paper even before they send you the certified letter.  Swell!)
• Sell your house.

These certified letters work whether you sign for them or not.  And Virginia is NOT one of the states where you have any rights at all after foreclosure.  Once your house has been sold – you’re out.  That’s it.

Mortgage companies are having trouble foreclosing in some states, where they have to show their paperwork to judge.   And a good friend of mine, New York Bankruptcy Lawyer Dave Shaev, got a woman a paid-for house, after the Judge said the mortgage companies’ paperwork was totally bogus.   That would be a whole lot tougher to do here in Virginia.

On this website, I’m talking about something a lot simpler.  Stopping foreclosure to get you a little more time.   A little more time to work out a loan mod; a little more time to get a new job, so you can catch up; a little more time to get to the end of the school year before you move out.

And I’m talking about one more thing.  Getting rid of that after foreclosure deficiency–getting you out of debt and back to good credit.

Is Virginia Foreclosure All That Bad?

Some people think that once they lose the house, that’s as bad as it gets.  That’s true in many states, but not Virginia.  When the house is sold at foreclosure, there’s a deficiency.  The deficiency is the amount the mortgage company came up short when the house was sold.  In this market that can be a hundred thousand dollar or more.  And under Virginia law, you still owe that deficiency.

It’s on your credit report, telling the world that you are behind on your payments one hundred thousand dollars–you can imagine how that looks.

And they often do come after you for it, too.

Second mortgages come after you quickly–usually six months or a year if you are lucky.  Then you can expect to receive court papers.

Until recently, first mortgages were likely to leave you alone.  But Fannie Mae, the government owned mortgage insurer, told the mortgage servicers in June 2010 that they want them to start suing.

So, the foreclosure itself is not the end of your problem.  It may be only the beginning.

I’ve helped more than 12,000 people over the course of my practice and I might be able to help you, but only if you call me.  I’d encourage you to read the rest of my posts about Virginia Foreclosure and then pick up the phone and call me.

Wishing you all the best,

P.S.  No question is too small and your call is never an inconvenience.  We want to help you.  We know how stressful this can be and we’re in your corner.  Pick up the phone and give us a ring @ 703.584.5425.  If it’s after hours leave us a message and we’ll call you in the morning, and once you do that you can go to sleep knowing that you’re not alone and someone who cares will be contacting you.

PPS – Over the years our office has helped more than 12,000 people.  The only way we’ll know if we can help you is if we talk.  Stop the stress – give us a call.