Foreclosure Law in Virginia
In Danville, Virginia is a process allowing 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 usually involves a home that was purchased with a mortgage from a bank. The bank will usually 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 allows 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 known 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 Danville, Virginia
It's very important that you engage in continued communication with your bank. Lenders are surprisingly willing to make accommodations if it means they still get paid something, but in order to accommodate your situation, they have to know about it.
You should remember that the bank doesn't really want your house. They approved a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.
If you experience a sudden change in your financial situation, your lender, in an effort to prevent you from defaulting, might be willing to accept lower monthly payments, at least temporarily.
Finally, there is the "short sale." Usually considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good option. In Virginia, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.
Can a Danville, Virginia real estate attorney help?
If you live in Danville, Virginia and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an experienced real estate lawyer probably will.
Great Lawyer would recommend anytime.
Was very good at his job and helped me get what I needed.
Nick Muller was very helpful to me about my case. He understood what I needed and he was very quick to get the job done. I am very grateful for his help
Nick responded immediately every time that I contacted him. I wasn't sure who to call and I decided to give Legal Match a try. I couldn't be happier with the results. Nick's knowledge, honesty and calm demeanor reassured me each step of the way. Hopefully I won't need a lawyer again, but if I do I won't hesitate to call Nick again.
Nick has been so great. My past experience with attorneys have never actually been enjoyable, but Nick was kind and understanding from our very first conversation which he consulted for free. He kept me updated constantly and had my case settled within the week of us speaking. THANK YOU, Nick for being so kind and fair.
Nick G. Muller responded to my LegalMatch request within a few hours after I posted it. He was extremely knowledgeable in the area I needed legal representation in. He explained everything to me in terms which I understood, and was very clear about what his plan of course was and the outcomes that could possibly follow. Nick only charged me for one hour of work; despite the fact that due to some technology issues (with scanning and faxing on my end) he spent more than an hour with me. Nick worked with me on a time sensitive case over the weekend; a time that most law offices would be closed. Nick stayed in great contact with me, and made me feel confident in the outcome of my case! I would use Nick in the future, and I would recommend him to anyone who has needs for a real-estate attorney.
Nicholas G. Muller is a very good attorney! He really helped take a huge burden off of my shoulders so that I could rest. I highly recommend him!
Accountant
Actually, I did hire him but I basically handled my situation and got the necessary results before a contract was signed with Attorney Muller beyond the first 30 minute consultation. That said, he seemed very nice and if I would need an attorney in the area of his expertise I would contact him again. Thank you.
He kept on the HOA, maintained my best interest, fully understood the issue. I would recommend Nick Muller 100%
thanks!
Was incredible, just who we needed to represent us with our needs.
Nicholas was very knowledgeable / Professional and knew exactly what to do. We was also very quick to handle my case. I will definitely hire him again.
Wonderful. With Nick Muller on my side, I felt safe and protected and knew I would not be taken advantage of. Thank you.
Nick assisted me with the highest level of professionalism and addressed all of my legal needs. I highly recommend him.
Can't say Thank you enough to Mr. Muller and to Legal match. Wasn't sure what to expect from this on line service, but I couldn't have found a better attorney had i looked through the phone book. Mr. Muller was very clear in what he would do for me and the outcome was better than I could have asked. Many Thanks!
Excellent in all areas. I have already recommended him to others in the area.
Nick was amazing. Not only did he take the time to fully understand our questions and needs, but he put in time outside of business hours when he really didn't have to. It's that kind of dedication that we were looking for, and for that, we are very thankful. We will definitely use Nick again of the need arises.
Nick Muller is an asset to the Legal community. Thanks for having Nick Muller on your team!
Great Lawyer that won my case for me! Nicholas was prompt, knowledgeable, and very friendly. His pricing was fair and what I expected. I would use him again.
I would absolutely hire Mr. MULLER again. He reached out instantly and his help was almost as quick. He was very affordable and after hiring him my rental nightmare ended and can now sleep again. I would highly recommend him. I seriously wanted to drive to Golden and hug him. He has followed up numerous times, but not overbearing. Superb service. Thank you again Mr. MULLER.
Mr. Mueller was absolutely wonderful to work with!! He was always quick to respond to my issues and questions about my case!! He worked expeditiously and with persistence to resolve the matter with an outcome much better than I had expected!! His kind and professional manner made it very easy to work with him again and I will absolutely use him again in the future should I have another need to retain legal services. I highly recommend him!! Thanks Nick!!
Mr. Muller did an excellent job for me and in fast timely manner, I appreciate his work.
Mr Muller contacted me quickly, answered all my questions and concerns completely and handled everything professionally and in a timely manner. I would definitely have Mr. Muller represent me again and highly recommend his services.
Nick Muller was very helpful in all phases of the negotiation and followed up with a conclusion that was more than I was hoping for. I would definitely turn to him if I needed legal representation in the future.
Nick was by far the most impressive Lawyer I have worked with. He treated me like family and was a bulldog on the issues. Couldn't have found a better lawyer to represent me.
Fantastic service, quick response and very personable. I couldn't have asked for a better attorney to help me.
This was the best legal experience I've ever had and I have had many personally and professionally. Nick is excellent at digesting a great deal of information in a short period of time, acting swiftly to move the matter forward in a professional manner. He is adept at handling various personality types and view points without losing sight of the desired legal outcome. I would recommend him without reservation to anyone needing legal expertise.
He was awesome. Lots of work for a great price.
Nicholas Muller has the highest integrity,is a skillfully effective and efficient negotiator and produced the results we sought promptly.
Mr. Muller was Excellent. He took a huge burden off of my back within a very short period of time.