If you need assistance, please call 301-349-7939

Are you encountering difficulties with your mortgage payments in Virginia? Worry not.

Thursday, January 11, 2024   /   by Claudia Vieytes

Are you encountering difficulties with your mortgage payments in Virginia? Worry not.

This article serves as your comprehensive guide to preventing foreclosure, offering straightforward steps to safeguard your home and financial stability.


Contact Your Mortgage Servicer: If you're facing challenges but are still current with payments, reach out to your mortgage servicer promptly. Acting before falling behind may qualify you for a loan modification, demonstrating your commitment to preventing imminent default.


Continue Making Payments: Ceasing payments can lead to foreclosure and have adverse effects on your credit score. It is crucial to persist in meeting your financial obligations. Avoid halting payments at all costs.


Explore Refinancing Options: For those up to date on payments, investigate refinancing options to potentially lower interest rates and monthly payments. Consult your bank's lending department for personalized advice and available options.


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.


Explore 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 adhering to 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.


  virginia real estate, homes virginia, realestate agent northern virginia, va

Stillwell Group
Lee Stillwell
11400 Rockville Pike #107
North Bethesda, MD 20852
301-349-7939
301-349-7804
240-252-5833 - ext 104

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Stillwell Group participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. © 2024 BRIGHT, All Rights Reserved Information Deemed Reliable But Not Guaranteed. Data last updated: March 3, 2024 2 PM.
This site powered by CINC: www.cincpro.com