Understanding The Process of a Foreclosure in Arlington, VA
It is perfectly reasonable and understandable for a person to slip into panic mode after they miss one or two payments on their mortgage. It is even understandable for you to contemplate packing up your items and moving out. However, you need to remind yourself that running out the door after one or two missed payments is not necessary. In fact, it is not until 30 days after you’ve missed your third payment that the process of a foreclosure in Arlington, VA will be initiated. Furthermore, a foreclosure is something that can take months, or even years, to play out. You do not actually have to move out of your home until the foreclosure sale, which happens near the end of the process.
After missing a payment or two, it is normal for you to receive a letter from your lender. This letter is just a friendly reminder that you should try to avoid missing any additional payments. It is not until you miss a third payment that you start to have a problem. You should keep in mind that a letter will be sent out after a third missed payment, letting you know there is a problem. In this letter, the lender is going to warn you that you have 30 days to get your account current, or they are going to start the process of foreclosure.
Getting your account up to date means you are going to have to pay all of the missing payments. This also means you are going to have to pay any interest that might have accumulated as well. The best thing you can do for yourself is to pay all of your missing payments, your interest rate, and a little on top of that to return to good standing with your loan provider.
It is not until you receive that letter telling you that you have 30 days to get your account current that you need to start to worry about contacting a law firm such as andrewslaw.net. The foreclosure lawyer will help you figure out what you can do to stall the Foreclosure in Arlington, VA process as long as possible.