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FORECLOSURE

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You don’t have to lose your home to foreclosure. The Merna Law Group can help.

Stop Foreclosure - Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Newport News, Hampton, Yorktown, Richmond, Chesterfield, Henrico

What is Foreclosure?

A foreclosure is the legal process wherein the mortgage lender or judgment lienholder forces the sale of a home by auction to either get the outstanding balance paid by the foreclosure buyer or takes back the title to the property.

There are hundreds of foreclosures each week in Hampton Roads.  Most foreclosure sales are conducted on the Circuit Court steps of the city where the home is located.  In Virginia, the mortgage lender does not have to file a legal action to foreclose.  A trustee is assigned and responsible for following the legal requirements set out by state law which include notification to the homeowner.  To understand all the requirements and restrictions on the mortgage lender the homeowner must consult not only state law but the deed of trust which can set out additional requirements.  That is the legal mumbo jumbo.

Virginia law provides many options to homeowners faced with foreclosure

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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

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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.

REQUIRED BAR NOTICE: THESE TESTIMONIALS DO NOT GUARANTEE SIMILAR RESULTS.

 The Merna Law Group, Attorneys At Law, P.C. …kind and friendly from the start!5 Stars! “Everyone there was kind and friendly from the start and helped us with everything in a timely manner. They were never rude no matter how much we called or asked questions.” Reviewed by B.P. of Virginia Beach on Feb 20 . 
 The Merna Law Group, Attorneys At Law, P.C. …debt free!5 Stars! “A friendly staff and outstanding attorney who helped me through a difficult time in my life. Thanks to everyone at the Merna Law Group who helped me move on to and new chapter in my life debt free!” Reviewed by M.F. of Norfolk on Mar 8 . 
 The Merna Law Group, Attorneys At Law, P.C. …overall experience was outstanding!5 Stars! “My husband and I were very happy with The Merna Law Firm. They are well organized, time manageable, and friendly. I was even able to bring my children with me if I needed to. In court, they stayed right there beside us and answered all questions we had. Our overall experience was outstanding and I am glad we were represented by the Merna Law Group.” Reviewed by A.M. of Suffolk on Mar 5 . 
 The Merna Law Group, Attorneys At Law, P.C. …very helpful and friendly!5 Stars! “Everyone at the office was very helpful and friendly. The attorney answered all of our questions and helped us through the entire process. He was also very helpful answering concerns that we had after the process was completed/over. Highly recommended!” Reviewed by M.E. of Virginia Beach on Mar 11 . 
 The Merna Law Group, Attorneys At Law, P.C. Didn’t have to worry about anything!5 Stars! “Just keep providing the type of service you do. You business values are based off reliability and service. Today’s Law Offices just don’t offer that kind of experience. Didn’t have to worry about anything!!! Just being able to go on with my normal life and know that all my issues are well taken care of is a relief in itself.” Reviewed by A.P. of Virginia Beach on Mar 4 .