Essential information to help you understand your rights and protect your home equity in Virginia
Under federal law, lenders cannot officially begin foreclosure until you're more than 120 days past due on payments. This provides homeowners time to apply for loss mitigation options with their servicer.
Virginia law requires lenders to serve a notice of sale at least 60 days before the sale if the home is owner-occupied. The notice must include information about legal aid and HUD-approved housing counselors.
Notice must be published in a local newspaper once per week for two weeks, or on consecutive days for three days. If no loan agreement provisions exist, publication must occur once per week for four weeks or five consecutive days.
You don't have to leave your home until the foreclosure process is complete and formal eviction proceedings begin. You maintain your right to occupy the property throughout the process.
Virginia is a "deed of trust" state, meaning foreclosures are typically non-judicial. The trustee named in your deed of trust has the power to sell your property without court proceedings, making the process faster than judicial foreclosure.
Virginia does not provide a statutory right of redemption after foreclosure sale for most residential properties. This means once your home is sold at auction, you cannot reclaim it by paying off the debt - making prevention strategies critical.
Virginia foreclosure laws provide specific protections, but acting quickly is essential. Contact a qualified REALTOR® immediately if you're facing foreclosure to explore all available options for protecting your equity and avoiding auction.
Professional real estate representation is crucial for homeowners facing foreclosure. Here's why hiring an experienced REALTOR® can save your equity and credit:
Why hire a REALTOR®: "Don't be in denial and go into foreclosure. That just gives your equity back to the bank. If you're 60 days behind and can't catch up, call a real estate agent, get the house on the market, and get as much money out of it as you can." - Real Estate Expert
Expert Advice: "The best advice I can give to sellers facing foreclosure is don't wait till the last minute. Rather than face it alone, reach out to a real estate agent who's well-versed in facilitating pre-foreclosure home sales."
Current Market Benefits: "In this current housing market, almost every homeowner has equity. So, don't be in denial and go into foreclosure."
Your home equity represents years of payments and appreciation. Don't lose it to foreclosure - protect it with professional guidance:
Know Your Position: Your equity equals your home's fair market value minus what you owe on all mortgages.
Example:
Home Value: $400,000
Mortgage Balance: $280,000
Your Equity: $120,000
Why It Matters: If you have positive equity, selling your home can pay off your mortgage and put money in your pocket.
Professional Sale Advantages:
Expert Tip: "Selling your home may get you the money you need to pay off your whole mortgage while protecting your equity in the property."
When Time is Critical:
Success Factor: "For homeowners with significant equity facing foreclosure, an experienced REALTOR® has the legal expertise to postpone or cancel the foreclosure auction while fast-tracking the sale."
Many homeowners don't realize they have equity that could solve their financial problems. Even if you're behind on payments, your equity can provide the funds needed to catch up or move forward with dignity.
Don't wait - every day counts when protecting your home equity. Get expert guidance from a licensed Virginia REALTOR® with 25+ years of foreclosure prevention experience.
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