How To Stop A Foreclosure Sale In Virginia

Virginia makes use of a non-judicial foreclosure process, which means your lender will not need a court permit before they can foreclose your home. However, some part of Virginia make use of the judicial foreclosure process, you should know which of the processes governs your home, in order to know how to effectively stop foreclosure. The law requires that your lender wait at least 120 days after several missed payments before initiating foreclosure.

In Virginia, reinstating a loan is rarely possible once a foreclosure process has begun as most lenders do not grant it, however, you can maximize the period given before foreclosure is initiated to reinstate your loan. Also, there is no law that allows you to redeem your home once it’s sold, the best you can do is not to let it happen. So what can you do to stop foreclosure in Virginia?

• File a lawsuit

Lenders are not always fair and some times, a foreclosure sale can be initiated for your home unfairly. You should discuss this with a lawyer and file a lawsuit against your lender, this will not only help you delay foreclosure, but it can also help you stop it. You want to make sure all your defenses are genuine and will appeal to the court. Also, any inconsistency can also be a reporter on the court, and depending on the gravity of the offense, your loan can even be forgiven.

• File for bankruptcy

In Virginia, filing for bankruptcy seems to be most homeowner’s ultimate solution. In case you can’t find any defenses to use against your lender and no loan workout is granted, you can consider filing for bankruptcy. It will give you the relief you need from mortgage payments and also the time to either pay up or try out other alternatives. Depending on the chapter you filed for, your relief period can be short-term or long-term.