Legal Question in Real Estate Law in Virginia
Foreclosure
If we have followed proper procedure to inform our mortgage company of loss of income (due to my husband losing his job), can our mortgage company still proceed with foreclosure? We have followed their protocol for possible refinancing by providing application and the first paycheck stub my husband received from his new job.
1 Answer from Attorneys
Re: Foreclosure
A mortgage co. is not obligated to refinance or restructure your loan. If you can't pay it, and if they decide not to deal with you, they are free to foreclose. You may be able to avoid foreclosure and cure the arrears by filing a Chapter 13 bankruptcy, but you must be able to make the current payments plus pay back the arrears in no more than 5 years (while making payments of some amount to your other creditors). Feel free to contact me if you want to discuss Chapter 13.
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