What is Foreclosure in Virginia Beach, Virginia?

Find the right Foreclosure Bankruptcy attorney in Virginia Beach, VA

Foreclosure in Virginia Beach, 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 usually involves a forced sale of the house at auction. Banks usually 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 United States, including Virginia, foreclosure by judicial sale is an option. This allows the sale to be done under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In some states, original mortgages are "non-recourse loans," meaning that the lender may only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Virginia Beach, Virginia attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans that have been refinanced.

How Can I Avoid Foreclosure in Virginia?

First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make an issue go away. You should stay in touch, and be honest with, your creditor as much as possible. It is necessary to remember that banks don't really want to own homes in Virginia Beach. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. You could also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Virginia Beach, Virginia Attorney Help?

If you think foreclosure is imminent, a good Virginia Beach, 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 Virginia Beach

Virginia Beach, Virginia is a popular tourist town located on the Atlantic Ocean in the southeastern corner of Virginia. The city is home to an estimated population of over 440,000 residents and is the most populated city in all of Virginia. It is also the 41st largest city in the United States.

Virginia Beach is best known as a resort city and has beaches that stretch for miles with hotels, restaurants, and clubs crowding the ocean front for residents and visitors to enjoy. In fact, Virginia Beach is in the Guiness Book of World Records for having the longest "pleasure beach" in the world. Real Estate and tourism are the two biggest components to Virginia Beach economy. In addition to expansive beaches, the city is also home to 210 parks within it's city limits.

Virginia Beach is also home to a major fighter jet base for the U.S. Navy -- Naval Air Station Oceana which also helps drive the Virginia beach economy. Of the 11 public high schools in Virginia Beach one provides students with some interesting legal training. First Colonial High School has a legal student academy giving high school students classes in legal research and writing, intro to the law, and other law-based classes to prepare the students for a legal job. With a focus on the law at such a young age, it is no wonder that there are so many great lawyers in Virginia Beach. Virginia Beach lawyers are trained at some of the best schools in the country and with legal training as young as 14, it is no wonder that Virginia Beach lawyers are so good at what they do!

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