By Robbie Franklin, Co-Founder & Real Estate Expert
Recent economic challenges caused tremendous disruption to American life, leading many institutions and the federal government to place moratoriums on evictions for those who could not pay their mortgages on time. While forbearance periods provided temporary relief, many Virginia homeowners now face difficult decisions about their financial future.
Key Insights: Options for Virginia Homeowners Facing Foreclosure
- Fast Sale Solutions: RENOMAX can help sell your home quickly to avoid foreclosure
- Zero Upfront Costs: Complete home improvements and listing with no money needed upfront
- Average Client Success: Our clients see $53,090.95 in additional cash at closing
- Financial Assistance: Up to $2,500 to help with mortgage payments, moving costs, and deposits
- 14-Day Window: Virginia law gives you at least 14 days’ notice before a foreclosure sale
- Free Consultation: Get help now
What Now?
According to Fox Business, mortgage delinquency rates fell to 4.14% in July, which is half of where they were in May. While that represents significant improvement, roughly 1.45 million homeowners are still at least 90 days delinquent on their mortgage payments.
The encouraging news is that banks don’t appear eager to foreclose. Many will work with homeowners so that the entire past-due amount isn’t required upfront. Some banks are even voluntarily extending their forbearance periods.
This isn’t to say that foreclosures are not happening, or won’t increase. If you are nearing the end of a forbearance, it is best to reach out to your lender as soon as possible to discuss options and next steps. Showing that you are proactive and ready to take control can make a difference to a business that is overwhelmed with others who may be trying to avoid the conversation altogether.
Many banks will place past-due payments on the back end of the mortgage, giving homeowners tremendous breathing room, although this does extend the original pay-off timeframe. For those who were out of work or unable to pay their mortgage for other reasons, this has been an incredibly beneficial lifeline.
What If You ARE Being Foreclosed On?
Just because you are facing foreclosure does not mean all is lost. But time is critical – you must act fast to preserve your options.
Your Virginia foreclosure options include:
Option 1: Loan Modification or Forbearance Extension Contact your lender immediately to discuss payment restructuring or additional forbearance time. Many banks prefer working with proactive homeowners rather than engaging in costly foreclosure proceedings.
Option 2: Quick Sale Through RENOMAX Sell your home fast with strategic renovations that maximize value. Our zero upfront cost program means you can renovate and sell without any money out of pocket, often walking away with significant cash instead of losing everything.
Option 3: Legal Consultation A foreclosure attorney may help you find additional options or spot lender errors that could buy you more time.
Option 4: Short Sale If you owe more than the home is worth, a short sale may be possible, though this typically provides less financial benefit than renovating and selling through RENOMAX.
In the Commonwealth of Virginia, the lender or trustee must serve you with notice at least 14 days ahead of a foreclosure sale. This narrow window is your opportunity to act – but don’t wait until the last minute.
The RENOMAX Solution: Act Fast, Renovate Smart
Suppose you find yourself nearing the end of forbearance or facing foreclosure. In that case, RENOMAX Real Estate offers a solution that can help you avoid foreclosure while maximizing your home’s value – but you must act quickly.
Why renovation makes sense even when facing foreclosure:
- Strategic improvements can add $50,000+ to your sale price
- Zero upfront costs mean no additional financial burden
- Renovated homes sell faster in Virginia’s competitive market
- You walk away with cash instead of losing everything
With the RENOMAX Program, we renovate your home to increase its value, offer up to $2,500 to assist with mortgage/rent payments, security deposits, moving and storage expenses, and list it for free with no upfront cost to you â we get paid at the closing table.
Time is your enemy – the sooner you contact us, the more options we can create for you. Don’t wait until you receive foreclosure papers to explore your alternatives.
Our Virginia clients facing financial challenges have successfully:
- Sold their homes quickly to avoid foreclosure
- Received tens of thousands more than they would have selling as-is
- Avoided the credit damage and stress of foreclosure proceedings
- Moved forward with their lives and a financial fresh start
The idea of being foreclosed on can be frightening, but it doesn’t mean you don’t have options. Time is critical in these situations, and the sooner you explore your alternatives, the more options you’ll have available.
Ready to explore your options? Get your free home value assessment to understand what’s possible with your property.
RENOMAX Real Estate
24 Synan Rd Suite 117, Fredericksburg, VA 22405
(540) 737-5617
info@renomaxva.com
Renovate. List. Sell. For More!
Frequently Asked Questions
Virginia homeowners facing foreclosure have several options, including loan modification, short sale, or selling quickly through RENOMAX’s program. We can help you sell your home fast with zero upfront costs, often allowing you to walk away with cash instead of losing everything to foreclosure.
We can typically complete renovations and get your home on the market within 2-4 weeks. Many of our Virginia clients facing foreclosure have successfully sold their homes and avoided the foreclosure process entirely. Time is critical, so contact us immediately if you’re facing foreclosure.
No, absolutely not. Our entire program is designed with zero upfront costs until closing. We cover all renovation expenses, marketing costs, and even provide up to $2,500 assistance with your immediate needs like mortgage payments or moving expenses. You only pay us when your home successfully sells.
