How to Stop Foreclosure in Virginia
- 1). Review your mortgage agreement. Most people only read their mortgage documents when they are in the process of purchasing their home. Make sure you know your interest rate, whether your loan is a fixed or adjustable rate loan, and the full term of the mortgage.
- 2). Talk to your lender. If you are unable to make your loan payments, it is understandable that your lender is not someone you look forward to contacting, but you must let him know why you are having trouble making payments. Find out if the lender is willing to modify your mortgage. A mortgage modification typically lowers the mortgage payment, either temporarily or permanently, depending on the type of modification. Be honest and specific with your lender, and make sure that you document all conversations. It is important that you make note of and meet any deadlines agreed upon by your lender.
- 3). Contact the Virginia Foreclosure Prevention Task Force online to sign up for a free mortgage clinic. A Task Force counselor will be able to look at your mortgage and give you specific tips pertaining to your situation.
- 4). Sell your home. If your financial situation will not be a temporary one, then selling your home may be the best way to avoid foreclosure. Most lenders will suspend foreclosure proceedings if your home is on the market; be sure to check with your lender about this option. If you sell your home for less than the amount of the mortgage, this is called a short sale, and you may still be responsible for the remainder of your loan amount.
Source...