The foreclosure process in Virginia is usually a non-judicial foreclosure process. With this form of the foreclosure process, your lender will not need to file a petition to court before foreclosing your home. Your lender can’t just foreclose your home, except you’ve stopped making payment on your loan. The federal law mandate that 120 days will be given to borrowers to complete payment before a foreclosure process can start. Your lender will contact you to discuss loss mitigation options with you to prevent foreclosure from happening during this period. Many homeowners do not maximize this period and end up facing foreclosure.

However, your lender will send notices to you to keep you informed of your loan state. Even when a foreclosure process has started, you can still stop foreclosure on your home if you take action. The first step you should take towards stopping foreclosure is to get as many as possible information on how it is done in your state. Laws guiding how foreclosure should be done differ with different states. Therefore you need to know what your state allows and what it does not.

After a foreclosure sale has been concluded in Virginia, your lender can still sue you for a deficiency judgment if the money gotten from the sale doesn’t cover your loan. Which means, after losing your home, you can still be forced to keep making payments till your loan is paid off. Another important thing you should know is that Virginia does not have any law supporting redeeming your home. In some states, you can redeem your home after a foreclosure sale has been concluded. However, it is impossible to do this in Virginia.

Your best chance is to stop the foreclosure before your home is sold, as you might end up with unnecessary liabilities. Contact your lender to discuss loss mitigation alternatives such as loan modification, short sale, mortgage forbearance, etc. All these options have helped many save their homes and can help you also if you act early.