How can I protect myself from foreclosure?

When facing foreclosure in Virginia, there are steps you can take to protect yourself from the financial consequences. First and foremost, it is important to understand your legal rights. The Virginia Foreclosure Defense Law protects homeowners from foreclosure while they look for a resolution. This includes giving homeowners at least 90 days before a foreclosure sale is scheduled. This allows borrowers some time to explore options for resolving their financial issues. Additionally, Virginia law prohibits lenders from initiating foreclosure proceedings until they have sent written notice to the borrower 30 days before filing. It is essential to understand that there are different types of foreclosure defenses. You may be able to explore loan modifications such as lowering interest rates, extending loan terms, deferring payments, and more. Additionally, in certain cases, you may be able to use government assistance programs. Disputes over the validity of the mortgage or the foreclosure process itself are also possible, as well as filing for Chapter 13 bankruptcy protection. In order to make the best decisions for your situation, it is recommended to consult a lawyer who specializes in foreclosure defense law. This ensures that your best interests are represented and your rights are protected. Taking this step can help you avoid financial chaos and the potential loss of your home.

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How can I protect myself from foreclosure?

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