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What is Foreclosure?

What is foreclosure? Virginia Beach, Newport News, Chesapeake, Richmond, Norfolk, Portsmouth

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.

WHAT IS FORECLOSURE AND WHAT DOES THAT MEAN TO YOU?

The term “foreclosure” is thrown around by mortgage lender in several context.  The first context might be that you are behind on your payment and they are threatening to “put you in foreclosure”.  In this context they mean they are about to send your loan from their loss mitigation department to the foreclosure department.  You are actually not in foreclosure.  Your loan is transferred in essence from one process, the process wherein they are trying to get you to pay, to the process where they are going to take your house to pay the loan.

WHAT CAN YOU DO TO STOP FORECLOSURE?

Here are your options plain and simple:

  • Get caught up on the amount you are behind;
  • Get an agreement with the mortgage company to become current (loan modification);
  • Sell your house to pay the loan;
  • File a Chapter 13 bankruptcy to stop the foreclosure and catch up on the missed payments.

TO SPEAK WITH A FORECLOSURE DEFENSE ATTORNEY TODAY CALL 1-800-662-8813 OR CLICK HERE.

We provide more information for our clients going through foreclosure in our “Foreclosure Portal”.

MORE INFORMATION (click):

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 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. …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. …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 .