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Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
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.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
Ways to Stop Foreclosure in Virginia Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.
Chapter 13 bankruptcy in Virginia: It is a common option to go for to stop foreclosure. ing to chapter 13 bankruptcy, you are given a payment plan of 3 or 5 years to catch up with the payment in arrears. The lenders will be given orders to stop going forward with the foreclosure process.
The foreclosed homeowner might get a five-day notice to quit (leave). While you can stay in the property until you're forcibly removed through the eviction process, it's generally best to leave before the deadline to move out given in the notice to quit expires.