Your rights before, during and after foreclosure?
Foreclosure in Virginia begins with some form of hardship for homeowners. The rising cost of everything has impacted every Virginian. After missing a few mortgage payments, your mortgage lender sends you several notices, among them a notice of foreclosure and eventually your house will be judicially auctioned and sold to the highest bidder. The consequences of losing your home to foreclosure are long lasting and can prevent you from getting a mortgage in the future. Unfortunately, the foreclosure process takes time and leaves homeowners to wait anxiously, all the while feeling overwhelmed and unsure of their options when facing foreclosure in Virginia.
Can filing bankruptcy stop forclosure ?
In many cases if you’re facing foreclosure in Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton, or Newport News, filing for bankruptcy might help you by the court ordered automatic stay a pending foreclosure. A chapter 7 or chapter 13 bankruptcy can stop the pending foreclosure action cold for several months. Additionally, the Virginia homestead exemption now provides some added protection for homeowners who have been residents of Virginia for at least 2 years. This exemption is a right granted under Virginia Law and applies to all homeowners, unless the exemption was already used in the prior 8 years. Homeowners can protect up to $30,000 of equity in their homes. Married couples that own their property jointly can double this exemption.
If you’re having trouble paying your mortgage, the most important thing you can do is take action. Don’t get caught off guard if you’re a homeowner in Virginia facing foreclosure. Take action, Learn More about your options, and hopefully, work out a way forward for you and your situation.
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