Legal Question in Real Estate Law in Virginia

Forclosure

What can I expect from the forclosure process? I have a 1st mortgage for about $190k and a 2nd for about $48k. The house has been on the market for over 60 days and no hits (attempting a short sale). I understand a deed in leiu of is not an option because of the 2nd mortgage. Will I be responsible for the remainder of the forclosure sale? I dont live there and rent the place out for $1250 and the mortgages and hoa total about $2000. How much notice do I formally need to give the tentants? What can i expect? Thank you


Asked on 7/21/08, 2:00 pm

1 Answer from Attorneys
Robert Strupp Robert J. Strupp,Attorney at Law, PLC

Re: Forclosure

Perhaps a more agressive short sale effort is needed. Have thetenants been approached about buying the property? You may be responsible for any deficiency if property does not cover loans. This may be negotiated. Was this your residence?

I suggest contacting an attorney who represents borrowers.

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Answered on 7/21/08, 5:17 pm


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