You don’t have to lose your home to foreclosure. The Merna Law Group can help.
Virginia law provides many options to homeowners faced with foreclosure:
Negotiated repayment: The payment of the past-due amount can be negotiated. These agreements provide flexibility in the time to repay the loan and may evan reduce the amount repaid. A Negotiated Repayment usually requires a forbearance agreement between you and the lender, and effectively stops any foreclosure action as long as the terms of the agreement are kept.
Loan Modification: These agreements change the terms of the old mortgage. Frequently, the interest rate can be modified and the delinquent amount of the loan added to the outstanding amount.
Partial Claim: In these agreements, the delinquent amount is used to create a second mortgage with no payments or interest made until the loan is paid off.
Deed In-Lieu: This is an arrangement where the borrower signs the deed to the lender to refinance the home and avoid foreclosure.
Pre-Foreclosure Sale: The home is appraised, placed on the market with a realtor, and sold within 3 months, even if short of a full payoff.
Chapter 13 Bankruptcy Organization: Take the amount you are behind on the mortgage and repay it over a three to five year period.