A Foreclosure is a Lawsuit

Feb. 22, 2011 - PRLog -- We Buy Houses Fast – Portsmouth VA: If your bank has sent you a notice by mail to inform you that they are preparing to start foreclosure proceedings, they are preparing to sue you. A foreclosure is just another term for a lawsuit by the lender to recover their property from you if you have defaulted on your contract by failing to pay your mortgage payments.

The letter will not necessarily be a surprise to you, as you will be aware that you have missed several payments on your house. The lender must sue you in most states to recover the property unless you can catch up on the payments you have missed. The trouble there is probably that if you have fallen behind far enough to have received a notice from the bank, you are struggling and it would be very difficult for you to come up the required money to avoid the foreclosure.

When you receive the letter, talk to the lender as soon as you can. Don’t delay as there may be something you can do work it out with them. In fact, you should actually begin talking to the lender before the notice comes to you. It is never too soon to call the lender if you believe you will be having trouble making your payments.

Lenders have had to foreclose on so many properties over the last several years that they often have their own mortgage modification officers in house. That means you can possibly rearrange your mortgage to make the payments more affordable each month. Instead of simply taking your property back, the lender is usually more interested in keeping you in the house and paying back the loan.

Banks are not real estate agents and aren’t all that happy about taking your home away from you. First of all, it costs them a great deal of money to process a foreclosure. When it is finished, they have possession of a house that may sit vacant in a neighborhood for months or longer before it is sold. When they must conduct an auction to try to dispose of the property, which is expensive, too.

An alternative to going into foreclosure might be to sell your house to an investor that buys homes in any condition. They give a homeowner a discounted amount of cash for the house in a week or so in most cases and you can pay off the bank with the money.

Virginia’s 24 Hour Home Buyers, is a locally owned Real Estate Company in Virginia Beach that buys houses. We buy houses that need major repairs or in “as in” condition. Divorce, relocation, double payments, tax liens, over financed, foreclosure,etc. http://www.webuyhomesvirginia.com

If you have a home you would like to sell without paying expensive real estate commissions, contact us today for a free, no obligation consultation on how we can buy your house in less than 7 days and close when you want. http://www.webuyhomesvirginia.com

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Virginia's 24 Hour Home Buyers, is a locally owned Real Estate Company in Virginia Beach that buys houses. We buy houses that need major repairs or in "as in" condition. Divorce, relocation, double payments, tax liens, over financed, foreclosure,etc. http://www.webuyhomesvirginia.com