Matt Walsh is top notch
Matt Walsh is top notch. Responsive, knowledgeable and very professional. Highly recommend him!
Get A Fair Cash Offer From A Trusted Local Cash Home Buyer To Sell On The Date You Pick, And Possibly Prevent Foreclosure.
Start by giving us a little information about your property, or give us a call at: (757) 755-5587
No Realtors, No Fees, No Commissions.
Matt Walsh is top notch. Responsive, knowledgeable and very professional. Highly recommend him!
Are you falling behind on your mortgage? Or you are afraid that you soon will? Please, Please, Please, do not put your head in the sand and forget about it. This is a serious problem that will not go away on its own. In order to understand your options, it is important for you to have a good understanding of the foreclosure process, as well as your rights and obligations.
To start, letβs talk about Mortgages and Deeds of Trust. Mortgages and deeds of trust are the instruments used to secure your lenderβs interest in your home. Some states use mortgages while others use deeds of trust. Why is this important to know? Because a mortgage requires a judicial foreclosure and deeds of trust utilizes a non-judicial foreclosure, in order for the lender to reclaim your home upon default. In Virginia we are a Deed of Trust state.
Nonjudicial tend to be much quicker than judicial.
Depending on where you live, you likely either signed a mortgage or a deed of trust when you took out a loan to purchase your home. With a mortgage, the two parties that enter into the contract are:
A deed of trust, like a mortgage, pledges real property to secure a loan. This document is used instead of a mortgage in some states. While a mortgage involves two parties, a deed of trust involves three:
The trustee is an independent third party that holds “bare” or “legal” title to the property. The trustee’s primary function is to sell the property at a public auction if the trustor defaults on payments.
The Virginia Mortgage Relief Program provides financial assistance to prevent mortgage delinquencies, defaults, and foreclosures for homeowners experiencing financial hardships due to the pandemic. Eligible homeowners in Virginia can apply for some of the $258 million the state received as part of the American Rescue Plan Act to pay overdue mortgage payments, homeowners’ insurance, flood insurance, mortgage insurance, homeowners’ association fees, and property taxes.
Nonjudicial foreclosures happen outside the court system, which means the lender doesn’t have to go to state court to foreclose on your mortgage. Not all states allow a nonjudicial foreclosure process like Virginia does. To find out if you live in a state that permits nonjudicial foreclosures, see our Key Aspects of State Foreclosure Law: 50-State Chart.
If you’re facing a nonjudicial foreclosure,Β it’s important to understand the basic process and timeline.Β While foreclosure procedures vary by state, here’s how the nonjudicial process generally goes.
In most cases, under federal law, a foreclosure can’t start until you’re more than 120 days delinquent on the loan. Though, under certain circumstances, the process might start sooner.
Depending on state law, you might receive:
For the specific procedure in your state, check out the link to your state in our Summary of State.Foreclosure Laws.
The foreclosure sale will take place at the designated time and date, and the property will be sold to the highest bidder. The foreclosing lender can credit bid up to the total amount of the debt, plus fees and costs, while any other parties must bid in cash or a cash equivalent, like a cashier’s check. In the majority of cases, the lender will be the highest bidder at the foreclosure sale.
Once the property is sold at a foreclosure sale, the property’s ownership is transferred to the new owner. If you haven’t already vacated the home, an eviction will start to remove you from the property.
The foreclosing lender must serve you a notice of sale, usually by mail, no less than 60 days (previously, state law required only 14 days) before the sale if the home is owner-occupied and must include information about legal aid and how to contact a HUD-approved housing counselor. (Va. Code Ann. Β§ 55.1-321).
Notice must also be published in a local newspaper of general circulation as provided in the mortgage loan agreement, but not less than once per week for two weeks, or three days if published on consecutive days. If the loan agreement doesn’t provide publishing requirements, the notice must be published once per week for four weeks or on five consecutive days. (Va. Code Ann. Β§ 55.1-322). The sale may be held eight days after the first publication and no more than 30 days after the last publication. (Va. Code Ann. Β§ 55.1-322).
If you have fallen behind on your mortgage payments, but have not yet received a Pre-Foreclosure Breach Letter, put the computer down now and call your lender! Believe it or not, your lender does not want to take your home. They are in the business of lending money, not managing properties.
If you have already received a Breach Letter or Notice of Foreclosure Sale, time is of the essence. Selling your home may be your best option, as it will prevent you from suffering a foreclosure which stays on your credit report for many years, but you do not have much time. The foreclosure process can be very fast, and you need to act swiftly.
Call Academy Home Buyers today, and we can work together to determine a good course of action for you. Since we are also licensed sales agents in the Commonwealth of Virginia, we have even more tools to help you avoid foreclosure.
(757) 755-5587
Source: www.nolo.com
Our team will do our best to bring you an offer that works! Jut fill in the form below to get your offer started. Remember,
and there is never any obligation to accept.There are few life events more stressful than a foreclosure and selling the family home. At Academy Home Buyers we understand this and will never pressure you at all. Our goal is to provide you with the help and guidance to get you back on your feet. We buy houses fast so that you have the best chance of avoiding foreclosure. We buy Houses, Condos, Townhouses and more, all over Virginia no matter what your reasons for selling are.
When you contact us and submit the short property information form (below), weβll give you a fair all-cash offer on your house within 24 hours… and the best part is: we can close whenever YOU choose to close β itβs entirely up to you. It doesnβt matter what condition the house is in, or even if there are tenants in there that you canβt get rid ofβ¦ donβt worry about it. Weβll take care of it for you. And if you need the cash quickly, we can close in as little as 7 days because we buy houses with cash and donβt have to rely on traditional bank financing. (Go here to learn about our process β)
Or Give Us A Call Now At: (757) 755-5587
We buy houses in Hampton Roads, Virginia and all surrounding areas in Virginia. If you need to sell your house fast in Virginia, connect with us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose π