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How to stop a foreclosure sale in Virginia? :

How to stop a foreclosure sale in Virginia? Virginia homeowners who are behind mortgage are sent one official notice before they lose their home to the foreclosure. In most of the cases, federal law prevents the bank from selling one’s home shortly after they miss a payment. Bank usually waits for a time of four months before starting the foreclosure, and it’s enough time for the homeowners to look for alternate options of repaying the money such as loan modification to stop foreclosure sale in Virginia .

Let’s find out what you can do to prevent your home from foreclosure: :

Let’s find out what you can do to prevent your home from foreclosure: Virginia . As per the federal law, the lender cannot proceed with the foreclosure process before the borrower is over four months (120 days) delinquent. This time is enough for the borrower to look for the alternatives to pay back the money. So, the lender must wait for the said period before starting the foreclosure sale in Virginia .

What are the Foreclosure types in Virginia? :

What are the Foreclosure types in Virginia? Both judicial and non-judicial foreclosures are allowed in Virginia. Let’s find out the difference between the two : Judicial foreclosure Nonjudicial foreclosure

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Judicial foreclosure: The court intervenes in this type of foreclosure method. It begins when the court files a lawsuit to auction the home. When court finds the foreclosure is proper, it passes the judgment allowing bank to go ahead with the foreclosure. The parties bid at the time of auction, but if no party bids, the home automatically goes to the bank . Nonjudicial foreclosure: The bank follows the steps outlined in the state law instead of going to the court for foreclosure. When the steps are complete, the bank can proceed with selling the home at a foreclosure sale.

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Foreclosu re notice: The bank personally delivers or mails a notice of sale to the homeowner at least fourteen days before the sale . Newspaper publication : The bank publishes the notice of sale in the newspaper in the manner mentioned in the loan contract .

Right to pay or reinstate the loan:

Right to pay or reinstate the loan States often have a law that allows borrows the chance to stop a foreclosure sale, but in Virginia , the law doesn’t give borrowers this right, so it is important to refer to your contract which may have specific terms. In special circumstances, bank may allow you to reinstate the loan.

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No right to redeem the home after the sale: Many states give homeowners the time to buy back their home after the foreclosure sale, but in Virginia it is not allowed. Foreclosure laws in each state are different, so if you want to know about the foreclosure sale in Virginia, connect with the foreclosure attorney and clarify all your doubts.

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Thank you for more details visit https ://www.consumerproponents.org/

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