Charlottesville Foreclosure Lawyers

Find the right Foreclosure attorney in Charlottesville, VA

Foreclosure Law in Virginia

In Charlottesville, Virginia is a process authorizing a lender of a mortgage to take possession or ownership of the property that secured the mortgage in the first place, to cut their losses when a borrower defaults on his or her loan.

If an ordinary consumer faces foreclosure, it typically involves a home that was purchased with a mortgage from a bank. The bank will typically try to sell the house at a public option, with the hope of at least covering the remaining debt, to avoid taking a large loss.

Like every other state in the U.S., Virginia permits homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a process through which a court oversees the sale of the house by the lender. The purpose is to see that the lender takes reasonable steps to notify the public of the auction, and other steps to ensure that the house sells for the highest price possible. This is meant to protect the borrower, making it less likely that they'll have to pay a large deficiency judgment (the remaining amount due on the mortgage if the house sells for less than the remaining balance).

In some states, original mortgages are identified as "non-recourse" loans, making the above problem a non-issue. This basically means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.

How to Possibly Avoid Foreclosure in Charlottesville, Virginia

First and foremost, you need to communicate with your lender, and not ignore the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be forthright with your lender, and stay in touch with them as much as possible.

Bear in mind that banks aren't in the business of real estate speculation - they're in the business of lending money, and making profits through interest on their loans. In short, the bank doesn't really want your house - they'd much rather have you continue making your mortgage payments. For banks, foreclosing on a home is a last resort. Basically, nobody likes foreclosures, and everyone wants to avoid them.

If your financial situation suddenly changes, your lender may be willing to change the terms of your loan, at least temporarily, allowing for lower monthly payments. If this means that they will be able to get some money from you, with default as the alternative, it can become an attractive option for everyone involved.

As a last resort, you might consider a "short sale," which results in loss of the home, but it typically leads to a great deal of the debt on the mortgage being forgiven. Typically, a short sale in Virginia involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what's left on the mortgage, the balance of the debt is forgiven.

Can a Charlottesville, Virginia real estate attorney help?

If you are worried that your Charlottesville, Virginia house is going to be foreclosed, and want to try and stop this, a knowledgeable real estate lawyer can help.

Talk to a Real Estate Law Attorney now!

Life in Charlottesville

Charlottesville is an independent city surrounded by Albemarle County. Being an independent city, it is not actually legally part of the county in which it sits. It runs its own affairs, and unlike other cities, the government of the county in which it sits has no jurisdiction over it. It has a population of about 41,000 people.

Charlottesville was named in 2004 as the best place to live in the United States, in the book Cities Ranked and Rated, due in part to its high quality of life, low cost of living, and mild climate.

The city of Charlottesville is steeped in history. It was the home of presidents Thomas Jefferson and James Monroe. It is home to the University of Virginia, which was founded in 1819 by Thomas Jefferson. Along with Monticello (Thomas Jefferson's estate), the university is an UNESCO World Heritage Site - having been recognized by the United Nations as a place of special historical significance to all of mankind. It is the only university in the U.S., and one of the only manmade structures in the U.S., to be designated a World Heritage Site.

The University of Virginia has one of the best law schools in the country, so you don't need to worry about finding a good Charlottesville, Virginia lawyer, if you ever need one. Charlottesville lawyers are ready to take just about any case that you're likely to face.

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