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Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. Virginia, however, doesn't have a law providing a post-sale redemption period. So, you won't be able to redeem the home following a foreclosure.
VA Loan Foreclosure Waiting Period Generally, Veterans must wait two years after a foreclosure event to reapply for a VA loan. This period is a mandatory cooling-off phase to ensure that the borrower has regained financial stability. While two years may sound like a long time, it's better than some alternatives.
STRATEGIES FOR KEEPING YOUR PROPERTY AND STOPPING FORECLOSURE REINSTATE YOUR MORTGAGE ? ... REFINANCE ? ... REPAYMENT PLAN ? ... FORBEARANCE ? ... LOAN MODIFICATION ? ... BANKRUPTCY (Chapter 13) ? ... SELL THE PROPERTY ? ... SHORT SALE ?
Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).
Filing any chapter of bankruptcy immediately stops a foreclosure. A Chapter 13, which is a repayment plan, will allow you to catch up on the missed payments over a five year period while you resume the regular monthly payments.
Is a foreclosure done through court? No. Under Virginia law, foreclosures are done outside of court. Virginia is a non-judicial state therefore the Trustee simply sells your property, usually at a public auction to the highest bidder.
In Virginia, a creditor (someone to whom you owe money) may not foreclose unless you're more than 10 days late with a payment. If you make all missed payments and any late fees, within 10 days of the due date, a creditor may not foreclose.
In Virginia, a creditor may not foreclose unless you're more than 10 days late with a payment. If you make all missed payments and any late fees, within 10 days of the due date, a creditor may not foreclose. If you are more than 10 days late with all or part of a payment, a creditor may foreclose.