What kind of help can I get to avoid a foreclosure auction?

When facing foreclosure in Virginia, it is important to know the different options that are available to you. One option is to ask your lender to modify your loan. By doing this, you can change the terms of your loan to make it more affordable or to reduce the total amount owed. You can also ask your lender to allow for a forbearance, which is a temporary reduction or suspension of payments. This can give you some time to get back on track with your payments. In some cases, you may be able to apply for a loan modification program. This is a federal or state program that can help you get some financial assistance to pay back a portion of your loan. The government also has special programs specifically for homeowners who are facing foreclosure. These include the Virginia Foreclosure Prevention Assistance Program and the Virginia Fair Housing Law. A third option is to work with a foreclosure defense attorney. These professionals specialize in helping homeowners avoid foreclosure and can provide valuable advice on how to defend against a foreclosure action. An attorney can also help negotiate with the lender to get a better outcome for you. Finally, if you do not qualify for any of these options, you should try to avoid the foreclosure auction. This is where lenders will often auction off your property to the highest bidder. If you can find another way to pay off your debt, you can avoid the auction and keep your home.

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What kind of help can I get to avoid a foreclosure auction?

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