Reston Foreclosure Lawyers

Find the right Foreclosure attorney in Reston, VA

Foreclosure Law in Virginia

Foreclosure is when a lender in Reston, Virginia, re-possesses the real property that was purchased with the loan. This is meant to cover the bank's losses, in case the borrower continuously fails to make his or her mortgage payments.

A foreclosure normally involves a forced sale of the house at auction, so the bank can recover at least some of the loss it has incurred as a result of the default. Banks normally want to rid themselves of the property as soon as possible, collect as much money as they can from the sale, and then move on.

In Virginia, and every other state, foreclosed homeowners can go through a "foreclosure by judicial sale." In this type of foreclosure sale, a court supervises the sale, ensuring that the bank makes every reasonable effort to get the highest price possible for the house. The purpose of this is to maximize the chances that the bank gets, at the very least, the remaining balance of the mortgage. Although this may seem counter-intuitive, it is intended to protect the borrower: it helps prevent them from still owing money after the house is sold at auction.

In many states, mortgages fall into a category of loans recognized as "non-recourse loans." This means that, if the house is sold by the lender, the entire debt is eliminated, even if the sale price was less than the remaining balance on the loan. While the loss of one's home can be personally devastating, treating a mortgage as a non-recourse loan at least means that the homeowner will be more or less free to move on with their life once the property is foreclosed and sold.

How to Possibly Avoid Foreclosure in Reston, 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 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 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, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the proceeds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Virginia, the remaining debt is absolved.

Can a Reston, Virginia real estate attorney help?

If you live in Reston, 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 accomplished real estate lawyer probably will.

Talk to a Real Estate Law Attorney now!

Life in Reston

Reston is known internationally for its meticulous planning that aimed at changing post World War II concepts of how to utilize land and create a residential/corporate development in suburban America. That probably why 64,560 Fairfax County residents chose the standout community. It could also be because the schools are so great in the area. There are a number of public and private options and even several opportunities for higher education. Reston has a high proportion of college educated adults, 67%. You can understand then why the average household income is ,221. Reston has a great selection of lawyers who are familiar with local courts. Since Reston is so close to Washington D.C., many Reston lawyers have been licensed in multiple states. Celebrity and political figures live in Reston for the same reasons. Some notable residents of the city include mystery fiction writer Donna Andrews, songwriter and producer to Katy Perry and Britney Spears Benny Blanco, and Delegate Kenneth R. Plum.

Reston has seen much interest and money invested into the city by various technology and Fortune 500 corporations like NII and Sallie Mae. The United States Geological Survey, CNRI, and the National Wildlife Federation are all based out of Reston. Rolls Royce, Google, and other companies recently began putting large installations into the Reston Town Center area. The four-mile direct access from the Washington Dulles International Airport along the Capital Beltway is free. The international companies recognize the savings and also give back to the community. Reston properties are highly sought after because it's such a thriving city with lots of opportunities.

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