What is Foreclosure in Blacksburg, Virginia?

Find the right Foreclosure Bankruptcy attorney in Blacksburg, VA

Foreclosure in Blacksburg, Virginia is a judicial proceeding which allows a mortgage lender to acquire ownership of the home that was used to secure the mortgage, in the event that the creditor defaults. Foreclosure normally involves a forced sale of the house at auction. Banks normally want to rid themselves of ownership of the home as soon as possible, collect as much money as they can, and then move on.

In all states in the U.S., including Virginia, there is an option to go through foreclosure via judicial sale, in which a court supervises the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that may have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In numerous states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the debtor for the balance, if the sale nets less than the amount due. You should consult an attorney in Blacksburg, Virginia to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in Virginia?

First of all, you shouldn't dismiss the problem. You should stay in contact with your bank, and be straightforward with them. Ignoring the issue will not make it go away. It is essential to remember that the bank does not really want your Blacksburg house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If no deal can be worked out, or the mortgage payments have become prohibitive, you may consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders typically treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency may be forgiven. You may also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.

How Can A Blacksburg, Virginia Attorney Help?

If you are facing the possibility of foreclosure, a good Blacksburg, Virginia real estate lawyer can help. At the very least, they will be able to inform you of your legal options.

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Life in Blacksburg

Blacksburg is a town located in the county of Montgomery in Virginia. It is best known for being the home to Virginia Polytechnic Institute and State University, or simply, "Virginia Tech". Due to the presence of the university, Blacksburg is an ideal site for high tech industry development.

Another feature of Blacksburg is the Virginia Tech Corporate Research center, which houses many companies including Honeywell and the National Weather Service. Radford University is also located nearby. Blacksburg's population is estimated to be about 41,000, which reflects the suburbanization of the area.

Noteworthy points of interest in the town of Blacksburg include Lyric Theatre, Armory Art Gallery, Virginia College of Osteopathic Medicine, and the Hahn Horticulture Garden. The town hosts several festivals and parades throughout the year. Some of the more popular events include The International Street Fair Parade held every spring, and "Steppin' Out", which is a summer street festival showcasing local food, fun, talent and crafts.

Blacksburg lawyers are usually accommodated by the Montgomery General District Court. Lawyers in Blacksburg, Virginia with more advanced claims can file their cases at the Montgomery County Circuit Court. Montgomery County also has an extensive public library system, with a branch conveniently located in Blacksburg.

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