Legal Question in Real Estate Law in Virginia

80/20/foreclosure/fixed rate/co-signers

My house is going into foreclosure August 4, since it wasn't sold at a short sale.I had an 80/20 loan with a fixed rate of 12.5 and 8, I wasn't unable to refinance due to the house value going from $378 to 212. The auction at the courthouse is nonjudicial, but I'm afraid of a deficiency judgement because I live here in VA and my co-signers have a house of their own. I have moved out already and couldn't afford the house any longer due to the high two mortgages I had to pay. I struggled for 2 1/2 years, but my hours got cut at work and I started to get sick due to working a full time and a part time of 30 hours. Please advise me.


Asked on 7/30/08, 12:25 pm

2 Answers from Attorneys
Robert Strupp Robert J. Strupp,Attorney at Law, PLC

Re: 80/20/foreclosure/fixed rate/co-signers

An attorney may be able to help you negotiate the deficiency issue.

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Answered on 7/30/08, 12:31 pm
Daniel Press Chung & Press, P.C.

Re: 80/20/foreclosure/fixed rate/co-signers

If there is a large deficiency that you cannot afford, and you can't work it out, you may want to consider a bankruptcy filing. See a lawyer sooner rather than later, as there is more that can be done to protect you if there is more time.

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Answered on 7/30/08, 2:30 pm


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