Virginia Foreclosure Process

The Virginia foreclosure process begins when a lender of a property loan fails to make their monthly payments on their loan. This process may begin as soon as a couple of weeks after the first missed payment or after two or three missed payments. Not all lenders act as quickly as others to recover their money. One thing to keep in mind is that because of the high rate of foreclosures today, it is usually assumed by most lenders right away the property will be a foreclosure so they are acting quickly.

Because lenders are acting quickly on the Virginia foreclosure process, you might only have up to 6 months before the property is scheduled to sell at an auction. In some cases, a property can be sold at an auction as quickly as 4 months if the lender is quick about it. It is best to tell the lender if you are trying to get the money together to get current on the payments because if they do not hear from you they will assume that you do not care about the property and they need to recover their money as quickly as possible.

When the Virginia foreclosure process begins it is hard to get out of it unless you have all of the money owed to the lender to pay off the arrearages. Lenders will offer ways to get caught up and even help many people by letting them start over on their loans. Talk to your lender and see if they can help you with your loan if you are having a hard time making the payments. Make sure that if you make a deal with the lender on your loan arrearages to keep your property that you hold true to the agreement or the foreclosure may go into effect where it left off and be even quicker this time.

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