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Are you facing challenges with your mortgage payments in Virginia? Fear not. This pamphlet is your comprehensive guide to preventing foreclosure, offering simple steps to protect your home and financial stability.
Contact Your Mortgage Servicer:
If you’re struggling but still current with payments, contact your mortgage servicer promptly. You may qualify for a loan modification before falling behind, demonstrating that you risk imminent default.
Keep Paying:
Ceasing payments can lead to foreclosure and negatively impact your credit score. It’s crucial to continue meeting your financial obligations. Avoid stopping payments at all costs.
Refinancing Options:
For those up to date on payments, explore refinancing options to lower interest rates and monthly payments. Speak with your bank’s lending department for personalized advice and available options.
Do you need to catch up on Payments? Take Action!
- Respond to Your Lender: Open and respond to letters promptly. Early communication can lead to potential solutions.
- Seek Qualified Advice: Utilize free resources with trained advisers to assist with budgeting and negotiating with your servicer. Beware of scams that request upfront fees.
Know Your Rights:
Understand the foreclosure steps. Lenders must notify you and provide a 90-day “right-to-cure” period. Use this time to pay missed amounts or apply for a loan modification. The Service Members’ Civil Relief Act (SCRA) protects active-duty service members from foreclosure.
Legal Resources:
Familiarize yourself with Virginia and Federal Laws for specific guidelines. This knowledge empowers you to better understand your rights and potential courses of action.
Exploring Your Options:
Consider the following alternatives:
- Loan Modification: Adjust your loan terms to make payments more manageable.
- Forbearance or Repayment Plans: Temporary solutions to help you catch up on payments.
- Short Sale or Deed-in-Lieu: Consider selling your property or returning it to the lender as a last resort.
- Bankruptcy: A complex option. Consult a bankruptcy attorney or consumer guides for more information.
Remember:
Acting early and seeking advice can significantly increase your chances of avoiding foreclosure. Stay informed, be proactive, and take the necessary steps to protect your home and financial stability. Your future is worth the effort.
By following these simple steps and staying informed about your rights and options, you can navigate through challenging times and work towards securing the place you call home in Virginia.
