What are the foreclosure options for servicemembers?

In Virginia, servicemembers have access to a range of resources and protections when it comes to foreclosure proceedings. One of the most important forms of foreclosure protection for servicemembers in Virginia is the Soldiers’ and Sailors’ Civil Relief Act (SSCRA). This act provides servicemembers and veterans with certain legal protections from foreclosure and other debt collection actions while they are on active duty. It has been in effect since 1940 and is applicable in all states, including Virginia. Servicemembers in Virginia also have access to specialized foreclosure programs administered by the federal government. These programs can help servicemembers avoid foreclosure by providing financial assistance or loan modifications. For example, the Home Affordable Modification Program (HAMP) assists financially distressed homeowners with modified loan payments and may help servicemembers avoid foreclosure. Other options for servicemembers facing foreclosure in Virginia include requesting a forbearance period, filing for bankruptcy protection, or applying for a loan modification. During a forbearance period, a lender may agree to temporarily reduce or suspend the amount of payments owed. Bankruptcy protection can provide a permanent solution, as it can eliminate the debt completely or allow servicemembers to pay off the debt over time. Finally, a loan modification may be available, which involves changing the terms of the loan to make the payments more affordable. No matter what option is chosen, servicemembers in Virginia should work with experienced legal professionals to help them navigate their options and protect themselves from foreclosure.

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