http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx

Making Home Affordable

An official program of the Departments of the Treasury & Housing and Urban Development

US Department of the Treasury US Department of Housing and Urban Development

If you are not unemployed, but you’re still struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program (HAMP®). HAMP may lower your monthly mortgage payments in order to make them more affordable and sustainable for the long-term.

If you currently occupy your home as your primary residence, we encourage you to contact your mortgage servicer as soon as possible to begin the HAMP evaluation process.

In an effort to continue to provide meaningful solutions to the housing crisis, effective June 1, 2012, the Obama Administration expanded the population of homeowners that may be eligible for the Home Affordable Modification Program to include:

Homeowners who are applying for a modification on a home that is not their primary residence, but the property is currently rented or the homeowner intends to rent it.
Homeowners who previously did not qualify for HAMP because their debt-to-income ratio was 31% or lower.
Homeowners who previously received a HAMP trial period plan, but defaulted in their trial payments.
Homeowners who previously received a HAMP permanent modification, but defaulted in their payments, therefore losing good standing.
If you are a homeowner who falls into any of these criteria, you may be eligible for a modification under the expanded criteria. Please check with your mortgage servicer to see if you are eligible to begin the HAMP evaluation process.

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Last Updated: 6/4/2012 9:17 AM
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As you enter a process that can sometimes be overwhelming, it would be in your best interest to engage a housing expert to help you along the way. Let a HUD-approved housing counselor help you understand your options, prepare your application, and work with your mortgage company.
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Hear it from Homeowners

Curtis and Darlene of Chicago, IL
Curtis and Darlene had lived in their home for 35 years when Curtis lost his job. That’s when MHA helped them cut their mortgage payments in half.

See their story (PSA)
Beware of Scams

Unfortunately, and far too often, homeowners looking for mortgage help end up victimized by scam artists. Know the warning signs to protect yourself, your money, and your home.

 

http://constructionlawva.com/five-general-tips-for-all-construction-contracts/?goback=%2Egde_3229018_member_184250547

Construction Law Musings- Richmond, VA

Thoughts on the construction landscape from Christopher G. Hill, Virginia construction lawyer, LEED AP and member of the Virginia Legal Elite in Construction Law
Top Five General Tips for All Construction Contracts
Written on November 9, 2012 by Christopher G. Hill in Construction, Construction Law, Contracts, Guest Post Friday 1 Comment – Join the Conversation!

 

For this week’s Guest Post Friday here at Musings we welcome Spencer Wiegard. Spencer is a Partner with Gentry Locke Rakes & Moore, LLP. He is a member of the firm’s Construction Law and Commercial Litigation practice groups. Spencer focuses his practice in the areas of construction law and construction litigation. Spencer is a member of the Board of Governors for the Virginia State Bar Construction Law and Public Contracts Section, and a member of the Legislative Committee of the Associated General Contractors of Virginia and the Executive Committee for the Roanoke/SW Virginia District of the Associated General Contractors of Virginia.

I would like to thank Chris for inviting me to author today’s guest post. Over the past few days, I have found myself wading through the terms and conditions of a lengthy and complicated construction contract, while at the same time considering what topic I should write about. As I slogged through the legalese, I was reminded of a presentation that I gave earlier this year to the Roanoke District of the Virginia Associated General Contractors. The district’s executive committee asked me to speak to its members concerning the broad topic of “Construction Contracts 101.” At the beginning of my presentation, I passed along my top five general tips for all construction contracts. Although some of these tips may sound like common sense, I often encounter situations where these basic rules are violated by experienced contractors, subcontractors, suppliers and design professionals. My top five general tips for all construction contracts are:

1. Reduce the terms of the agreement to writing.

a. The written agreement should include all important and relevant information and terms. If it was important enough to discuss prior to signing the contract, it is important enough to include in the written contract;

b. At a minimum, include who, what, when, where, how, and how much;

c. Both parties should sign the written agreement; and

d. Don’t ignore handwritten changes to the contract, as these changes may either mean that you don’t have a deal, or they may become part of the contract when you sign it.

2. Read the contract.

a. Carefully read the whole contract;

b. Read all of the “contract documents,” including all attachments and addenda;

c. Be careful of “flow-down” or “pass-through” provisions in subcontracts;

i. If the subcontract incorporates the prime contract documents, get them all and carefully review them;

ii. A “flow-down” or “pass through” clause provides that the subcontractor assumes toward the general contractor all of the duties and obligations that the general contractor has assumed to the owner in the prime contract;

iii. A “flow-down” or “pass through” clause also provides that the terms and conditions of the prime contract are incorporated by reference into the subcontract and become a part of the subcontract.

3. Use the correct party names.

a. If a party is a corporation, LLC, partnership, etc., use the correct full legal name of the entity;

b. Make sure the endorsements include a statement of in what capacity a person endorses the agreement on behalf of an entity; and

c. If the contracting entity is a sole proprietor, describe him or her as “the person’s name, d/b/a the trade name.”

4. Note any documents or information that you must provide to the other party and note all notice periods and deadlines.

a. Make two separate lists of these requirements, and keep the lists in a conspicuous place where project managers, officers, and/or management can quickly access this information; and

b. Frequently refer to these lists to ensure that you comply with all of these requirements.

5. Don’t assume that you are stuck with the language of the contract form.

a. Even if you have little bargaining power, you may be able to negotiate changes to the most taxing or arduous clauses; and

b. Consider what amount of risk you are comfortable taking on before you agree to an onerous term.

If you have any questions or concerns about the language in a proposed contract, call a knowledgeable construction lawyer. Consider asking your lawyer to review any proposed construction contract, especially those for large, “business killer” projects.

As always, Spencer and I welcome your comments below. Please subscribe to keep up with this and other Guest Post Fridays at Construction Law Musings.

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ABOUT MUSINGS

I am a construction lawyer in Richmond, Virginia, a LEED AP, and have been nominated by my peers to Virginia’s Legal Elite in Construction Law on multiple occasions. I provide advice and assistance with mechanic’s liens, contract review and consulting, occupational safety issues (VOSH and OSHA), and risk management for construction professionals.

 

Christopher G. Hill

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http://www.americanbar.org/groups/professional_responsibility/publications/model_rules_of_professional_conduct/rule_1_14_client_with_diminished_capacity.html.html

Client-Lawyer Relationship

Rule 1.14 Client With Diminished Capacity

(a) When a client’s capacity to make adequately considered decisions in connection with a representation is diminished, whether because of minority, mental impairment or for some other reason, the lawyer shall, as far as reasonably possible, maintain a normal client-lawyer relationship with the client.

(b) When the lawyer reasonably believes that the client has diminished capacity, is at risk of substantial physical, financial or other harm unless action is taken and cannot adequately act in the client’s own interest, the lawyer may take reasonably necessary protective action, including consulting with individuals or entities that have the ability to take action to protect the client and, in appropriate cases, seeking the appointment of a guardian ad litem, conservator or guardian.

(c) Information relating to the representation of a client with diminished capacity is protected by Rule 1.6. When taking protective action pursuant to paragraph (b), the lawyer is impliedly authorized under Rule 1.6(a) to reveal information about the client, but only to the extent reasonably necessary to protect the client’s interests.

http://www.bankrate.com/finance/auto/8-top-auto-maintenance-myths-1.aspx?ec_id=cmcta_01_comm_aut_image_headline

8 top auto maintenance myths
By Terry Jackson • Bankrate.com

Highlights
Maintenance on today’s cars is vastly different than auto maintenance standards on cars of the past.
You don’t need to change your oil every 3,000 miles.
Air filters can often be cleaned instead of replaced.

Want to save hundreds of dollars a year on automobile maintenance?
Then stop over-maintaining your vehicle.

Sales pitches by fast-and-furious oil change shops and service centers touting all sorts of fluid flushes and lube jobs have Americans wasting wads of cash on unnecessary service items — particularly on newer vehicles.

Top auto maintenance myths
3,000-mile oil changes.
Chassis lubrication.
The standard tune-up.
Air filter swaps.
The transmission flush.
Radiator drains.
Fuel injectors need cleaning.
Warranty validity claims.
Often bewildered by the mass of electronics, wires and hoses that adorn a modern engine, many drivers simply put themselves at the mercy of service facilities that may only be interested in running up your bill.

Of course there’s the flip side to all of this: Some drivers never have their cars serviced and then wonder why the engine seizes after the oil has turned to sludge.

But it’s more likely that you’re one of those drivers who follow the maintenance advice your dad gave you 30 years ago when you got your first car.

Thanks to computer-controlled ignitions, improvements in filter technology, upgraded suspension designs and other mechanical improvements developed by the manufacturers, today’s vehicles require far less maintenance than the cars our parents drove.

Doubt that premise?
Check your owner’s manual and see what it says about when to change oil or do other maintenance. The 2005 Honda Civic, for example, calls for oil changes every 10,000 miles. The average recommended oil change interval industry-wide tends to be 7,500 miles.

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General Motors, Mercedes-Benz and other manufacturers have added an oil life indicator on the instrument cluster that tells you when the oil needs changing. The car’s computer keeps track of starts and stops, as well as other factors, and calculates the oil’s useful interval. Depending on how you drive, GM says it’s possible to see 10,000 miles or more between oil changes.

These guidelines are coming from companies that have a vested interest in keeping your car running trouble-free: If you’re happy with the car or truck, you’re more likely to buy another one. And a well-maintained car means the manufacturer has to pay out less in warranty claims.

Even Motor Age magazine — the publication for the automotive service industry (the people who want your service and repair business) — put it succinctly: “Following the factory schedule should keep nearly any car or truck healthy past the warranty period.”

Consider that the average household has two vehicles and drives each 15,000 miles a year. Following the advice of the local change-a-lot fast lube outlet — to change oil and filter every 3,000 miles — the average family would pay for 10 oil and filter changes every year. At, say, $40 a pop, that’s $400.

That same family could cut its oil change bill by $240 by following the manufacturer’s advice to change oil every 7,500 miles.

There are some exceptions that might require more frequent oil changes: Driving in an abnormally dusty climate or taking a lot of short, stop-and-go trips. But the oil change interval for such conditions is again spelled out in the owner’s manual. No need to do it more frequently.

A word of caution about owner’s manuals: Some dealers, in an effort to boost profits, give buyers a “supplemental” owner’s manual or service guide that calls for more frequent servicing. Don’t be fooled into thinking you have to follow these recommendations — it’s just the dealer’s way of competing with the fast-lube places for your money.

Read more: 8 top auto maintenance myths http://www.bankrate.com/finance/auto/8-top-auto-maintenance-myths-1.aspx#ixzz2BZyHnSDU

http://www.nclc.org/images/outlook/consumer_impact_fall%202012.pdf

http://finance.yahoo.com/news/risky-lifeline-elderly-costing-homes-145603047.html

A Risky Lifeline for the Elderly Is Costing Some Their Homes

By JESSICA SILVER-GREENBERG | New York Times – Mon, Oct 15, 2012 4:41 PM EDT

New York Times/Jenn Ackerman – Linda McMahon, now a 65-year-old widow, was ineligible to be on the reverse mortgage her husband took out in 2005, and lost her St. Croix Falls, Wis., home.

The very loans that are supposed to help seniors stay in their homes are in many cases pushing them out.
Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes and not pay it back until they move out or die, have long been fraught with problems. But federal and state regulators are documenting new instances of abuse as smaller mortgage brokers, including former subprime lenders, flood the market after the recent exit of big banks and as defaults on the loans hit record rates.
Some lenders are aggressively pitching loans to seniors who cannot afford the fees associated with them, not to mention the property taxes and maintenance. Others are wooing seniors with promises that the loans are free money that can be used to finance long-coveted cruises, without clearly explaining the risks. Some widows are facing eviction after they say they were pressured to keep their name off the deed without being told that they could be left facing foreclosure after their husbands died. Now, as the vast baby boomer generation heads for retirement and more seniors grapple with dwindling savings, the newly minted Consumer Financial Protection Bureau is working on new rules that could mean better disclosure for consumers and stricter supervision of lenders. More than 775,000 of such loans are outstanding, according to the federal government. Concerns about the multibillion-dollar reverse mortgage market echo those raised in the lead-up to the financial crisis when consumers were marketed loans — often carrying hidden risks — that they could not afford. “There are many of the same red flags, including explosive growth and the fact that these loans are often peddled aggressively without regard to suitability,” said Lori Swanson, the Minnesota attorney general, who is working on reforming the reverse mortgage market. Joan Serioux-Forde, 72, thought that she couldn’t feel more devastated after her husband, Christopher, died last year. Then, roughly a month after the funeral, she received a letter from Generation Mortgage, a reverse mortgage lender, informing her that unless she paid $293,000, she would lose her home in San Bernardino, Calif. Ms. Forde said she was never informed that if she wasn’t on the reverse mortgage deed, she would have virtually no right to stay in her home unless she bought it outright. “It’s a nightmare,” she said. Generation Mortgage declined to comment. Although the numbers of reverse mortgages have declined in recent years, the rate of default is at a record high — roughly 9.4 percent of loans, according to the consumer protection bureau, up from around 2 percent a decade earlier. And borrowers are putting their nest eggs at risk by increasingly taking out the loans at younger ages and in lump sums, federal data and a recent bureau report show. Peter H. Bell, president and chief executive of the National Reverse Mortgage Lenders Association, a trade group, said that he met with officials from the Department of Housing and Urban Development to begin hashing out a way for lenders to adopt a uniform standard to determine whether seniors can afford to take on the loans. Used correctly, reverse mortgages can be a valuable tool for seniors to stay in their homes and gain access to money needed for retirement. Seniors who have built up equity in their homes can borrow against a percentage of that and take out a lump sum or a line of credit. The loan doesn’t have to be repaid until the homeowner moves out or dies, but borrowers still have to pay property taxes, maintenance and insurance. Reverse mortgage lenders and brokers note that the loans are highly regulated and require potential borrowers to speak to a certified housing counselor about the potential pitfalls before taking out the loans. Mr. Bell adds that his trade group strictly monitors the advertising of its roughly 400 members to ensure that it is accurate. Since the financial crisis, the reverse mortgage market has been in flux, dampened by a drop in property values, complaints about the loans and the recent departure of big lenders. Originations backed by the federal government peaked at about 115,000 in 2007 and totaled about 51,000 loans last year. MetLife was the latest major player to exit the market, in April. That followed the departure last year of the two biggest reverse mortgage lenders, Bank of America and Wells Fargo, which cited falling housing prices and difficulty assessing borrowers’ ability to repay the loans. Into the void left by the big banks have moved smaller mortgage brokers and lenders. Some of them steer seniors into expensive, risky loans with deceptive sales pitches and high-pressure tactics, according to regulators, housing counselors and elder-care advocates. Mark S. Diamond, a former subprime mortgage broker in Chicago, who has been sued for fraud by the Federal Trade Commission and the Illinois attorney general, faces a federal lawsuit filed in June by seniors who claim that he sold them reverse mortgages and either pocketed their loan amounts or promised to put the proceeds toward home repairs that never materialized. A lawyer for Mr. Diamond did not return calls for comment. Some solicitations reviewed by the Consumer Financial Protection Bureau present reverse mortgages as “free money” or mistakenly tell seniors that they could never lose their home. One Maryland reverse mortgage lender tells seniors that they can put the proceeds toward a vacation: “Just because you’re retired doesn’t mean you don’t need a vacation every now and then.” Last year, the Massachusetts Commissioner of Banks issued cease-and-desist orders to a handful of reverse mortgage firms for operating without a license. In its advertising, one of those mortgage brokers falsely promised seniors “you won’t lose your home.” Officials at the bureau, which issued a report on the industry in June, said they heard from a number of seniors who claimed that lenders encouraged them to make their older spouses the sole borrower on the loan. The brokers earn more money when they make larger loans with the older spouse as the only borrower. Some surviving spouses complained that brokers told them they could be added later, but they were not. The bureau says those seniors are at greater risk of losing their homes. The complaints, according to elder-care advocates and federal officials, have been rising during the past year, although there are no exact numbers. Linda McMahon, a 65-year-old widow, watched helplessly as the locks were changed on her home in St. Croix Falls, Wis., last month. She said that in 2005, when her husband was 82 and she was 58, a mortgage broker from Wells Fargo promised her that she could add her name to the mortgage once she turned 62. That never happened because that year, in 2009, she didn’t have time to deal with it as her husband’s health quickly deteriorated and he died from a heart condition, she said. Soon, she was unable to pay any of the property taxes and insurance. “I am devastated,” said Ms. McMahon, who is retired, living on Social Security income and now renting an apartment. A spokeswoman for the bank declined to comment. Reverse mortgages also have troublesome incentive structures that might encourage brokers to steer seniors toward lump-sum loans, which carry a fixed interest rate, rather than a line of credit with a variable interest rate, the bureau found. In a lump sum arrangement, the interest charges are added each month, and over time the total debt owed can far surpass the original loan. Brokers earn higher fees on these loans and even more money when they sell the loans into the secondary market, where they can get rates nearly double those for variable loans, according to rate sheets obtained by the consumer bureau. Some 70 percent of reverse mortgages are taken in lump sums, up from 3 percent in 2008, according to the bureau. When seniors use the money to pay off other debts, especially right before retirement or early into it, that can leave them with scarce resources to pay their property taxes and insurance.
Ms. Forde, who lives in fear of losing her San Bernardino home, said she could not afford to save her house by paying the full $293,000 debt. Now, she said, she spends much of her day standing guard by the window. Her home is already in foreclosure proceedings. With a wavering voice, she said: “I have nowhere to go.”

All Comments
3,563 comments
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PMC • 1 day 10 hours ago
These people who take advantage of the elderly are the #$%$ of the earth.

Mena 3 hours ago
hahaha! The Libbys got mad!!! GOOD!
More Reply

Elizabeth G • 1 day 11 hours ago
Anybody ever wonder why Canada did not fare as badly as the US during the recent recession. It’s because they have very tight restrictions on banks and mortgage lenders. If a bank gives you a loan on your property they live with that loan until it is paid off, they cannot sell it to another bank or hedge fund. Until we get control of the banking industry this kind of abuse will continue,

First L 13 hours ago
Let’s not forget who it was that lowered restrictions on lending practices in this country, allowing banks to get out of control – Democrats!
More Reply

REALITY • 1 day 11 hours ago
Reverse mortgages are a scam. Don’t do it. It really bugs me when I see these hollywood types advertising for reverse mortgages to scam seniors out of their homes. Shameful…

JH 10 hours ago
The fools seem to think a home equity loan is a “scam”. The examples are ridiculous. “Forgot” to put her name on the loan, never put on the loan for who knows why, people not even paying their property taxes and thus having to pay the loan back, as they were told they would have to. For god’s sake, it is just people tapping their equity in their house.
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Jim • 1 day 11 hours ago
Some of the “kids” on this board have no idea how easy it is to screw elderly on a transaction. Obviously, they either don’t have elderly parents, or they do and they don’t help them. I know it’s easy to be a little snot nosed kid with not a care in the world. I was one too, then my mom got Alzheimers and my dad got Parkinsons. Some of you still have a lot to learn!

A Yahoo! User 13 hours ago
@Fearless,
That was a sad commentary by you on the “love” of God…”God loves you anyway”…..you think THAT is going to make the people you railed on feel loved and believe in God now?? Hardly.
@Fearless, atheists are not the boogy man nor are they haters of Christians nor are they haters of God….necessarily…some may be but most are just hurt people trying to make sense of a sensless world..
Some are HURT by life, family, “christians” in the church, and feel that God left them along time ago. Others are honestly questioning how there can be a God who lets the atrocities happen that have happened and still continue to happen to humanity. Those of us, Fearless, who call ourselves Christians often ALSO question why God does not STOP evil or why he allows such suffering in the human race
What atheists really need is what some of us also need and that is a revelation of God’s goodness, and a revelation of evil, why it exists and some basic knowledge of who God is and what He is doing…it’s all there in the Bible but an atheist will never pick one up (more than likely) because of the hypocricy he see’s in the “Christian” church and the judgementalism he has been subject to. I could go on…books could be written on this topic….but for now fearless, ask God along with me for his grace and mercy to be showered on us and on those who have turned away from God. They are still loved by God, you are right. But they need to believe that, and never will if we continue to put them down…and if they never actually experience Christians loving them…
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Robert • 1 day 12 hours ago
reverse mortgages are going to become the next bubble and its a good thing the major lenders have left that market leaving the scammers and loansharks to take it over. This is the biggest scam ever and older people are becoming the victims

Richard K 18 hours ago
uh..I believe that Lauren was making a joke!
More Reply

Gary • 1 day 11 hours ago
I am so blessed that I own my home outright. I have had reverse mortgage companies call me trying to tell me what a great deal they are. I will not borrow any money against my home, the biggest battle in life is to get your home paid for. Now when my wife and I die my daughter will get the house, without a reverse mortgage to wory about. And the word mortgage should scare you to death, mortgage is made of two words, mort, and gage. mort=death and gage=debt. a debt till death, not for me.

1 13 hours ago
Gary- But when you leave it to your daughter Obama will be ready to tax it and steal most of it from her!
More Reply

J • 1 day 15 hours ago
henry wenkler should be ashamed but like everyone else they will do anything for a buck. this no more than a SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAMA ROTTEN SCAM

Captain Crunch 13 hours ago
Put a stop to these loans? wow, you really are one of the stupid sheep Peter C.. These loans are STILL written EVERYDAY in this country. You are just another typical “Obama is the messaih and he’s not spending us into bankruptcy” #$%$
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Independent Thinker • 1 day 14 hours ago
Reverse Mortgages: think about it. If you borrow $100K against a home worth $300K, the bank will eventually end up owning the WHOLE THING, unless you miraculously pay back the $100K you borrowed. In the first few months, the interest you owe wouldn’t seem to be a big deal, but eventually, with compounding of interest on the interest you haven’t paid, your principal balance will run away from you at an accelerating pace.. Unless you know how long you are going to live (and no one does), then why would you do this?

RobertG • 1 day 11 hours ago
Brouht to you by the SAME crooks that created and profited from the housing bubble.

Peter C 14 hours ago
That’s a f—–g LIE. Your a real DIRTHBAG Vic. Where do you get your information from? Willard(the rat) The LIONKING.
More Reply

One Nation Underwater • 1 day 17 hours ago
These mortgage brokers are like drug dealers. Looking for an easy buck they prey on the elderly and the weak.

ANN A 13 hours ago
we should all work toward the day when “elderly” is no longer synonymous with “weak.” smarten up, friends. remember what PT Barnum said.
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W.D. • 1 day 15 hours ago
This is truly sad.
The worst part is, it probably isn’t over yet.

HSS • 1 day 12 hours ago
Wonder how much the timing was responsible – took out reverse mtg in 2005 but hubby died in 2009 during the worst of the housing bubble/price decline. House worth less in 09 but interest on the reverse mtg made this house under water.

Wolfen • 1 day 11 hours ago
People who call themselves “bankers” now must be very proud of the reputation their profession has. NOT!!! Scam artists, liars, theives. That’s what they are!!!

Old Geezer • 1 day 9 hours ago
When the ads on TV promise you the sky…. you know they are lying.

Asdf • 1 day 15 hours ago
Another problem with even honestly done reverse mortgages is the risk of future higher inflation. You do not participate in the increased value of your house and your monthly payments buy less and less each year.

Ravengotu C • 1 day 11 hours ago
It is called ripping off America and taking advantage of people. Yet celebs (real loser for sure) make adverts( getting paid). We have so many problems in this country and no one does anything. As long as you create a job, have some sort of tax id you are great…

Mark • 1 day 16 hours ago
We can thank Robert Wagner and Fred Thompsons for hawking this scam. Don’t believe them either. Get a lawyer before signing up for anything like this. You do this on your own and you get what you deserve.

Dasbof • 1 day 22 hours ago
Save early, save often.

J • 1 day 16 hours ago
These bankers and mortgage brokers should be hung from the nearest lamp post. Vigilante justice style.

A Yahoo! User • 1 day 1 hour ago
I am currently trying to talk my father in law out of doing this. They don’t need the income. It is a bad deal for them because the fees are prohibitive.

The odds of a plaintiff’s lawyer winning in civil court are two to one against. Think about that for a second. Your odds of surviving a game of Russian roulette are better than winning a case at trial. 12 times better. So why does anyone do it? They don’t. They settle. Out of the 780,000, only 12,000 or 11/2 percent ever reach a verdict. The whole idea of lawsuits is to settle, to compel the other side to settle. And you do that by spending more money than you should, which forces them to spend more money than they should, and whoever comes to their senses first loses. Trials are a corruption of the entire process and only fools who have something to prove end up ensnared in them. Now when I say prove, I don’t mean about the case, I mean about themselves.

—  Jan Schlichtmann

http://legalbroadcastnetwork.com/

http://www.karenmkennedyassociates.com/va-foreclosure-laws/index.html

Virginia Foreclosure Laws and How They Affect You
VA Foreclosure Laws have recently caused a tremendous amount of difficulty for some people. When facing the possibility of foreclosure, or even when considering the purchase of a home, it is good to have an overview and general idea of the law in this area.

First, Virginia is considered among the states that operate under what is known as the “title theory.” The title theory regarding real property refers to the principle that a borrower purchasing real property through a loan from a lender does not actually hold the title. The lender holds the title in the name of the borrower through execution of a Deed of Trust.The title passes to the borrower upon full payment of the obligation to the lender. In contrast, a state that follows the lien theory allows the borrower to hold title to the property with the lender placing a lien through a mortage instrument.

Generally, a state that follows the lien theory requires a lawsuit to be filed by the lender in order to foreclose on a property and a state that follows the title theory does not require court intervention. Virginia, being a title theory state, follows the general principle and is a non-judicial foreclosure state. A Lender in Virginia, can send a borrower a notice of foreclosure sale and foreclose on the property within fourteen (14) days of mailing said notice. A Homeowner therefore may have little time to assess their legal rights when facing foreclosure.

Once a foreclosure sale occurs in Virginia, the homeowner loses many legal rights and opportunities. There is no redemption period for a borrower to redeem the property and stay in the home. The whole foreclosure process can take approximately 60-90 days for a lender to complete. If you find yourself in this position it is imperative to act swiftly and contact an attorney with experience in this area.

When purchasing a home and entering into an agreement with a lender to finance the purchase, a homeowner should be sure to read carefully every document and ask questions. By making an effort to protect their rights before entering a relationship with a lender, a borrower can save much headache later.

Karen M. Kennedy & Associates, PLC is an expert in VA Foreclosure Laws.

Her law firm focuses specifically on the practice areas of Foreclosure Defense. Our firm is located in Warrenton, VA and has attorneys who practice in Federal Bankruptcy Court in the Eastern and Western District of Virginia and various State Courts across the Commonwealth of Virginia.

We are dedicated to providing the highest quality of legal service in the area of VA Foreclosure Laws to our clients and will work tirelessly on their behalf. Our firm has over 30 years of experience in the practice of VA forclosure law and is here to help with all of your legal needs. Contact our law office today to learn more about how we can help.

Why Choose Us?
CASE RESULTS DEPEND ON A VARIETY OF FACTORS UNIQUE TO EACH CASE. CASE RESULTS DO NOT GUARANTEE OR PREDICT A SIMILAR RESULT IN ANY FUTURE CASE UNDERTAKEN BY THE FIRM.
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