What is Foreclosure in Newport News, Virginia?

Find the right Foreclosure Bankruptcy attorney in Newport News, VA

Foreclosure in Newport News, 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 various states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the debtor for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Newport News, Virginia lawyer to see if this state is one of them.

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. One should remember that banks typically don't want to take your house in Newport News. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are straightforward with them about your financial situation, they are likely to make reasonable accommodations to keep you from defaulting.

If you can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will 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 Newport News, Virginia Attorney Help?

If you think foreclosure is imminent, a good Newport News, Virginia lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.

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Life in Newport News

Newport News is home to many shipbuilding, military, and aerospace installations that fuel the local economy. Newport News is the end of CSX Railroad tracks owned by Fortune 500 giant CSX Transportation once known as the Chesapeake and Ohio (CO) Railroad. The two Newport News industrial parks have helped foster manufacturing and distribution industries that now help fuel the economy.

Newport News lawyers help solve all kinds of legal problems. Newport News isn't all business though, they city is home to countless historical sites, museums, and shopping thoroughfares. The Newport News Mariners' Museum is a world renown collection of over 35,000 pieces that include some works of art and a number of artifacts. Some of those artifacts are from the USS Monitor. The USS Monitor was an American Civil War ship credited with the first ironclad battle against the Confederate States Ship named the CSS Virginia. The Virginia War Museum, U.S. Army Transportation Museum, Peninsula Fine Arts Museum, and Ferguson Center for the Arts on the Christopher Newport University campus are other popular attractions in Newport News.

There's 35 city parks in Newport News but most tourists visiting are boaters who visit one of the cities two boat ramps: Denbigh Park Boat Ramp and Hilton Pier/Ravine. The area is know for having outstanding trout fishing. There are camping, archery, Frisbee golf, and picnic areas with barbeque pits available for residents and tourists too.

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