Having mortgage problems, moving but can't sell, lose your job, marital issues--you don't have to go into foreclosure.  This section will define terms and identify programs that may help you.  If you are having problems, and don't know where to turn, call us at 540-420-1013.  We have helped many families resolve their problems before they went into a foreclosure situation. 

 

 Short Sale:  A short sale occurs when the lender agrees to accept less than the mortgage amount. The lender releases the lein on the property and usually will forgive the remainder owed. However, each lender is different.  When a contract offer for the property is received, and all parties agree to the terms, the lender maintains the final approval.   Depending on the offer and the lender, the process can vary in timeframes, sometimes as quick as a week, and other times months.  You and the buyer need to realize that the lender is in control and that patience is required.  Make sure you have a REALTOR experienced in short sale transactions.  We were one of the first agents experienced in short sale transactions in our market area and have guided many of our clients through this process.  Do not be hesitant to tell your REALTOR that you are close to foreclosure. 

 

Foreclosure: A foreclosure occures when you cannot pay the mortgage and the lender exhausts its options to have the mortgage repaid.  This should be your last resort because of the impact it will have on your credit.  We have worked with sellers that tell us at the last minute that they are going to be foreclosed on.  So far, we have been able to help most of them. Remember, your REALTOR is to your property as a doctor is to your health.  Do not hesitate to share your situation with your REALTOR. We have included a link that will provide the technical aspects of a foreclosure in Virginia.  

 

Veterans Administration Loans:  If you have a VA loan and the agency has a program that assists Veterans catch up on their mortgage, reduce monthly premiums, etc.  It is called The Compromise Loan Program.  We have provided a link for you to easily access it.

 

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