Getting a foreclosure notice seems like the end for many homeowners. Fortunately, there are ways to stop this event from happening besides paying a lot of money that you might not have.
Understand your rights when it comes to foreclosure in Virginia and why it’s important to contact an experienced bankruptcy attorney during these times.
The Rights of Property Owners
Every property owner has certain legal rights when going through a foreclosure. The borrower must receive a copy of the advertisement for the foreclosure sale at least two weeks before the date. After the property is foreclosed, the owner has 240 days to redeem the property by paying its purchase amount plus six percent interest.
Bankruptcy and Foreclosure
Bankruptcy and foreclosure are both legal processes that are typically connected in a few ways. Bankruptcy is a status that is declared when a home or business owner cannot pay back debts. Foreclosure is the process of recovering a debt by initiating a forced sale of the property.
A property owner who files for bankruptcy can stall or prevent foreclosure. This is possible if the paperwork is filed on time and long before the sale. The bankruptcy process could take several months to be approved.
What an Experienced Bankruptcy Attorney Can Do For You
A bankruptcy attorney helps you file the right documents and slow down a foreclosure. He or she first explains the process of filing, including which documents to send and when. You are given a brief overview of Virginia's bankruptcy laws and the rights given to people who file. You will learn that it takes several months to complete, even when paperwork is filled and filed correctly.
You could wait a period of time to get approved and still be denied. An experienced bankruptcy attorney will work hard to appeal your case if it’s denied.
There are few options available to prevent foreclosures in most states. Bankruptcy is one of the few solutions that you can use to save your home in Virginia. Even so, the process has to be considered carefully with a legal expert's help.
The bankruptcy attorneys at Throop Law have years of experience helping those in financial crises during the most trying times in their lives, and we can help you during yours.
Contact Throop Law at (804) 464-3989 to discuss your options and financial future.