The Fairfax Virginia foreclosure laws allow the lenders to foreclose the property of individual if he or she fails to pay back the loan to the lender. The law is considered as the harshest law as when someone’s house goes into foreclosure then the person has minimally two weeks before the house is allowed to sale. For every individual, losing his or her house is terrifying. Therefore, it is necessary to seek help from the experienced defense attorney to prevent the loss.
During the process of foreclosure, most of the individuals feel hopeless, as they find no other way to escape from the situation. Although taking legal help is usually not the first option for the people, but timely consultation with skilled and knowledgeable defense lawyer may greatly help the person in avoiding such devastating situation. There is no any specific time limit for the resale of the house in Fairfax Virginia foreclosure laws and as minimum as two weeks’ time can be provided to the borrower before the resale of the house. However, the date of resale of the house differs which depends upon specific circumstances and therefore, require different strategies.
In foreclosure process, the homeowners have the option to take legal help to prevent the loss of their house. There are judicial or non-judicial processes for the lenders to foreclose. In a judicial foreclosure, according to Fairfax Virginia foreclosure laws, the lender files the lawsuit to obtain the court order to foreclose the property and after that, the highest bidder in an auction will take the property. In this process, there are 240 days allowed to the borrower to regain the property by paying the amount for the property.
In the non-judicial process, there is a power of sale present in the deed of trust, which allows the person to sell the property if the borrower fails to pay back the loan on the date specified on the deed of trust. In this type of foreclosure, the lender or their representative is allowed to resale the property in case of the failure of the borrower to pay the loan amount.
Foreclosure does not mean that the individual only has the choice of affirming bankruptcy or losing the house. There are certain negotiating options are present in Fairfax Virginia foreclosure laws for the borrower, which can be helpful to avoid any loss. When the borrower gets timely help from the foreclosure legal team, the lawyer successfully negotiates with the other party by deciding on the payment method. This practice prevents the individuals from losing their home.
A skillful and experienced real estate attorney who has the proper knowledge of Fairfax Virginia foreclosure laws can negotiate with the bank to agree on a solution of mutual benefits in which the foreclosure is eliminated. Certainly, these type of decisions is usually based on compromises from both parties. Therefore, it is necessary that you have better representation to make this negotiation work.
If you are going through the similar situation then consulting the qualified and knowledgeable lawyer can help you out with this condition. Foreclosure is a humiliating situation for every individual in the family thus a skilled defense lawyer can assist you in dealing with the issue.