Services
Foreclosure Prevention
There are options available to help Virginia homeowners prevent foreclosure — and acting early matters.
Foreclosure is a legal process where a lender can take ownership of a property when a borrower fails to make mortgage payments.
Virginia’s foreclosure procedures may extend over several months and can severely harm homeowners struggling with payment obligations. Multiple assistance programs exist to help Virginia residents maintain homeownership.
Five prevention steps
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Contact Your Lender
Reach out to explain financial circumstances. Lenders may provide forbearance arrangements, loan modifications, or information about foreclosure prevention initiatives.
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Seek HUD-Approved Housing Counselor Assistance
HUD-approved housing counselors can provide you with free advice and assistance on how to avoid foreclosure. They help evaluate options and navigate applications for modifications, repayment arrangements, and other relief.
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Apply for Virginia Hardest Hit Fund
This program assists homeowners facing mortgage payment challenges from job loss or financial hardship. Options include mortgage payment assistance and loan modifications. Specific eligibility criteria apply.
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Consider a Short Sale
A short sale is when you sell your home for less than the amount owed on the mortgage. This approach can reduce foreclosure impact and credit damage.
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Explore Additional Resources
Virginia Foreclosure Prevention Taskforce: foreclosure avoidance information and resources. Virginia Housing Development Authority: programs for struggling homeowners.
Conclusion
It is important to remember that there are options available to help Virginia homeowners prevent foreclosure. Early action and professional assistance increase chances of remaining in your home.
Foreclosure Assistance Inquiry
Tell us about your situation and our team will get back to you. There is no cost to you out of pocket to have your case reviewed.