What happens if I don't make my mortgage payments?

If you do not make your mortgage payments on time in Virginia, it is possible for your lender to start the foreclosure process. When this happens, the lender is allowed to take possession of your home and sell it to cover the amount you owe. It is important to note that Virginia has a non-judicial foreclosure process, meaning that most foreclosure cases do not go through the court system. The foreclosure process in Virginia begins when the lender sends a notice of default to the homeowner. This notice informs the homeowner that they are in default, and how much is owed. If the homeowner does not make the payments and cure the default, the lender can proceed with the foreclosure. The general timeline for a Virginia foreclosure is approximately four to five months. During this period, the homeowner may be able to sell the home or enter into a repayment plan with the lender. If the homeowner cannot repay the debt, the lender will advertise the home for sale as part of the foreclosure process. After the sale is complete, the lender is allowed to collect any remaining debt from the proceeds of the sale. It is important to note that the foreclosure process in Virginia can cause significant damage to your credit score and could result in other financial difficulties. Therefore, it is important to take action if you find yourself at risk of foreclosure. There are a variety of options available to homeowners in Virginia, such as loan modification and refinancing, that can help to prevent foreclosure.

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What happens if I don't make my mortgage payments?

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