How can I stop foreclosure fast in Virginia? The most effective way to how to avoid foreclosure in Virginia when you are out of time is through a pre-foreclosure sale Virginia. Because Virginia is a non-judicial foreclosure state, banks can auction your home in as little as 30 to 45 days after issuing a Notice of Sale. To beat the auction clock and protect your credit, you can sell the property directly to cash home buyers in Virginia Beach like Integrity Cash Home Buyers. This pays off your mortgage balance immediately, stopping the legal proceedings and avoiding deficiency judgments Virginia lenders might otherwise file against you.
I got a phone call from a homeowner in Virginia Beach about a few weeks ago. She wanted to know if I could help her with the house she was in danger of losing because of a Notice of Sale she received the previous day. She had told me that she thought she had more time to make the missed payments she was trying to catch up on. Unfortunately, it didn’t seem like the case.
It was 19 days until the auction date. I told her some bad news first. It was highly unlikely she was going to make the payments by that time and she would have left the house anyway. Then I gave her good news that relieved her, she could sell it while also stopping the auction from happening. She asked me “how am I supposed to do that”. I told her that my team and I at Integrity Cash Home Buyers would come over and take a look at the property. I also said that she would have a cash offer in as little as 7 days. It won’t be too late to stop foreclosure if you have time to sell your home to us.
She started to feel a bit more calm after I said that. I had to reassure her because she thought it was one of those “too good to be true things”. The same day, we went over to look over the property. Aside from some worn paint on the interior and a weathered exterior, the house didn’t look too bad. So I offered her a cash offer that was fair and that was it. She told me afterwards, “I didn’t know there were ways to stop foreclosure”.
If this is you at the moment, where you’re behind on payments or looking at a Notice of Sale that you just got in the mail, I want to help you. If you choose to take me up on the offer, I’ll make sure you get not only a cash offer but I will see to it that your credit stays intact. Meaning the foreclosure and auction stops and your credit score won’t take a beating from it.
The Ticking Clock: Virginia Foreclosure Laws for Homeowners
I can tell you based on the stories I’ve heard about Virginia and foreclosure timelines, there is no time to mess around. Because it’s a non-judicial foreclosure state, this means the following:
- The bank doesn’t need to take you to court.
- There will be no judge to slow things down.
- The entire process runs on a strict timeline.
After a lender issues a Notice of Sale, they can legally auction your home in as little as 30 to 45 days. Though the foreclosure timelines vary from one state to another, Virginia is one of the fastest in the country. So time isn’t on your side at this point. You don’t have months to figure it out nor enough time to wait. Stopping the auction date is your main goal at this point.
The Hidden Danger: Avoiding Deficiency Judgements Virginia
I have had people ask me if foreclosure means losing the house. I did say that it isn’t the worst part about the process. Let me explain what I mean:
Suppose you owed $300,000 on the house. The bank auctions it at $250,000. You still owe $50,000. This is what is known as a deficiency judgement. That doesn’t stop there, I’m afraid even with foreclosure assistance grants or any sort of aid.
What happens next is the bank can sue you for the difference. They can garnish your wages while also seizing your bank accounts as well. I cannot begin to tell you the post-foreclosure horror stories that I’ve heard after the fact. People were blindsided years after they thought the auction was the final nail in the coffin.
Foreclosure follows you financially for years. Your credit also takes a hit as well. I don’t want you to be yet another homeowner that goes down this path. My team and I will provide you with a cash offer in Virginia Beach before the auction ever begins. We’ll stop foreclosure and make sure that your financial standing is intact.
You won’t owe the banks a dime. Nor will your credit take a hit. Give me 15 minutes to look over your property and I will provide you with a cash offer that is fair and perhaps enough for you to start anew. I would be shocked if you said no to the offer.
Short Sale vs Foreclosure in Virginia: What Actually Works?
I had another homeowner in Portsmouth ask me a question about a short sale to avoid foreclosure. Specifically, they said to me “someone told me to consider it because it can take care of the problem”. Whoever told this homeowner about that clearly doesn’t know the foreclosure timeline in Virginia, let alone how long it takes for short sales to go through.
Again, the auction takes place 30 to 45 days after the Notice of Sale is given. Short sales feature bank approvals that take anywhere from 60 to 120 days. Plus, multiple departments review the deal and there’s no guarantee if there is going to be a deal since a buyer can pull out at any time.
So a short sale isn’t going to save you. Anyone who tells you that is lying. Don’t fall for the false information. If you want a guaranteed sale, I’ve got you covered. We buy houses in Norfolk and the nearby communities in the Hampton Roads region. You get a cash offer in as little as 7 days. That’s a fraction of the time compared to a short sale and a foreclosure.
You have no time to work with at this point. Especially when you’re looking at the Notice of Sale right now.
The Lifeline: Executing a Pre-Foreclosure Sale Virginia
Every homeowner I sit down with that faces a foreclosure has a goal. It’s selling the house before the auction happens. A pre-foreclosure sale is possible in Virginia and whenever I tell them this, they breathe a sigh of relief. I also explain this to them further in detail. First, the sale will pay off the mortgage and thereby stops the foreclosure process immediately. Your credit doesn’t take a hit.
If you’re worried about repairs, showings, and buyer financing delays, don’t panic. You’re not going to deal with anything like that. Because you’ll already have an interested buyer that consists of myself and my team. Instead of a traditional foreclosure sale that takes the same amount of time as an auction would take place after a notice of sale (30 to 45 days), I can give you an offer fast.
How to Stop Foreclosure for Cash in Virginia
At Integrity Home Cash Home Buyers, we sit down with you. This is not a normal sale and we don’t treat it as such. It’s an emergency situation that will save your financial standing from certain destruction. We make cash offers within 24 hours, buy the house as-is, work with the local title companies to fast-track the closing process, and directly pay your lender.
As a result, the foreclosure stops, your debts are cleared, and a deficiency judgment doesn’t follow you. You also get a cash offer to walk away with. While you will no longer have the house, you’ll know it’s in good hands while also maintaining your credit score.
FAQ: Getting Foreclosure Help Virginia Beach
Can I sell my house to you if the auction is only a week away?
Yes. If you need to sell your house urgently, we will be glad to assist you. We have the resources and the local title company relationships to expedite the closing process. Best part, we will legally halt the auction just days before it even happens.
What if the property going into foreclosure was left to me by a family member?
I see this on a regular basis. It’s common for inherited properties with reverse mortgages to face foreclosure. For this reason, we’ll work with you and your family to sell the inherited house fast in Virginia. This also includes helping you navigate the probate and the payoff process so that the family’s equity to the bank is not lost.
Should I wait until I receive a Notice of Sale to contact you?
No. If you are behind on your payments and have yet to receive a Notice of Sale, you can contact us so we can get started on the process of buying the house. That way, you don’t have to wait until the last days. As for when is it too late to stop foreclosure, it’s when the day of the action happens.
Conclusion: Don’t Let the Bank Steal Your Equity
Integrity Cash Home Buyers know that when foreclosure is upon you, there is no room for delays. I highly advise you to give us a call if you’re behind on your payments or have a Notice of Sale in your hand. This way, we’ll be able to work with you to get the property off of your hands. Plus, you can get a cash offer and start over again. To see how it works, contact us to set up a 15 minute property discovery today.
