Mechanicsville Foreclosure Lawyers

Find the right Foreclosure attorney in Mechanicsville, VA

Foreclosure Law in Virginia

In Mechanicsville, 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 a large number of states, but not all of them, mortgages are a type of loan known as a "non-recourse loan." While the regulations governing these loans are complex, it most basically means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Mechanicsville, Virginia

To avoid foreclosure, communicating with your lender is key. Let's face it - if you're in a situation where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's difficult to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they probably aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is simply a last resort to cut their losses.

It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, especially if this means that they will be able to get some payments, instead of none at all.

Some buyers in Virginia, when none of the above options have worked, resort to a "short sale." This involves selling a house which is about to be foreclosed, usually for less than its market value. If the house sells for less than what's left on the mortgage, the homeowner is relieved of the duty to pay the balance. If you have decided that you have no hope of making your mortgage payments, and foreclosure seems inevitable anyway, this might be the way to go.

Can a Mechanicsville, Virginia real estate attorney help?

If you feel that your home is close to being foreclosed in Mechanicsville, Virginia, and want to try to prevent this, the advice and assistance of an experienced real estate lawyer can mean the difference between keeping or losing your home.

Talk to a Real Estate Law Attorney now!

Life in Mechanicsville

Mechanicsville, Virginia is an unincorporated community in Hanover County, with approximately 35,000 residents.

Mechanicsville is associated with several important battles during the American Civil War. These include the Battle of Beaver Dam Creek, The Battle of Gaines' Mill, and the Battle of Cold Harbor. Some of these battles are considered by historians to be very important turning points in the war.

As a result of these, and other important events from the time, Mechanicsville, Virginia is rich with historical sites, and professional and amateur archeologists frequently visit the old battlefields looking for artifacts. Mechanicsville, Virginia is also home to a local landmark - the large stone windmill which has been a fixture of the community since it was built in the 1970s. However, it fell into disrepair over the years. It was renovated in 2008, and fully restored to working condition.

If you live in Mechanicsville, Virginia and are in need of a good attorney, chances are you'll be able to find one. There are many Mechanicsville, Virginia lawyers (or lawyers from nearby) who can probably help you with just about any legal problem you might face.

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