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

If you don’t make your mortgage payments in Virginia, your lender may take steps to foreclose on the property and repossess it. Foreclosure is a legal process in which the lender takes legal action against the borrower and/or the property. The lender can take possession of the property and resell the property in order to recoup the money due. In Virginia, the lender must file a foreclosure suit in court and obtain an order from the court before they can take possession of the property. Once the court has issued the foreclosure order, the lender can then sell the property at a public auction to the highest bidder and apply the proceeds to the balance of your loan. If there is a shortage, the lender has the right to pursue the borrower for the remaining balance. Foreclosure is a serious matter, and you should always work with your lender to try to avoid foreclosure by making arrangements to catch up on missed payments or coming to a new agreement that is beneficial to both parties. If you’re having difficulty making your mortgage payments, it’s important to contact your lender as soon as possible to discuss options and possible solutions.

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

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