Foreclosure Prevention

Foreclosure Prevention-Nothing Is Worse Than Doing Nothing

Unfortunately, more than half of homeowners facing foreclosure do not call for help when they begin to fall behind in their payments. However, the early stages of delinquency are the most crucial. Homeowners who are one or two payments behind are more likely to keep their homes than those who have fallen further behind on their payment schedule. How to proceed:

To be effective at avoiding foreclosure, a homeowner needs to take these steps:

1. Assess your situation: Can you afford to stay in the home and do you want to keep it?

1. Fill out a monthly Spending Plan, provided by the Virginia Housing and Development Authority (VHDA). Be sure to put in all your expenses. Is it affordable to stay in the property?
2. Determine what type of mortgage you have in order to know where to start. If it is an FHA loan or VHDA loan, or a Veteran’s Administration loan, go directly to that agency:
  - Homeowners holding a VHDA mortgage may call 1-800-227-8432 or visit the VHDA's website at www.vhda.com.
  - Homeowners holding an FHA loan, can call the FHA National Servicing Center at 1-800-CALL- FHA /1-800-225-5342 or e-mail at: hsg-lossmit@hud.gov.
  - Homeowners holding a Veterans’ Administration (VA) mortgage may call 1-877-827-3702 or contact the VA at www.homeloans.va.gov.

If your mortgage is none of the above, contact the loan servicer through their hotline. A list of loan servicers is provided by the Virginia Foreclosure Prevention Taskforce at: www.virginiaforeclosureprevention.com/loan.asp.

2. Contact a National Foreclosure Mitigation Counselor.

Homeowners may obtain these services for free of charge. There is no need to pay for foreclosure counseling. For a list of local agencies, please click here.

3. Assess where you are on the Foreclosure Timeline.

The Foreclosure Timeline is provided by the Virginia Foreclosure Prevention Taskforce. Please note, if the mortgage is more than 72 days late, a homeowner will need legal assistence. Contact Legal Services of Northern Virginia for their Foreclosure Legal Assistance Program at 703-368-5711.

4. Foreclosure scams

Homeowners who have been or suspect they may have been a victim of a foreclosure scam should contact the Fairfax County Consumer Affairs Branch at 703-222-8435, TTY 711.Information on foreclosure scams is also available at the following web sites:

Virginia Foreclosure Prevention Task Force

Federal Trade Commission

5. Renters in properties facing foreclosure?

Renters have rights under the “Protecting Tenants at Foreclosure Act of 2009”.You can contact the Fairfax County Office of Consumer Affairs at 703-222-8435, TTY 711, for more information.

Resource Links:

Are You Facing Foreclosure? (Information on Federal Programs Providing Foreclosure Assistance to Homeowners)

Fairfax County Agencies Addressing Foreclosure Issues

Foreclosure Mitigation Counseling Agencies

Free Foreclosure Clinics Scheduled

HOPE NOW (hotline: 1-888-995-HOPE/1-888-995-4673)

Lenders participating in Making Home Affordable and Hope for Homeowners, please visit www.makinghomeaffordable.gov or www.fha.gov.

Renters Facing Foreclosure Have Rights

Virginia Foreclosure Prevention Task Force, includes information on:
                                                                                                      Definitions
                                                                                                      Foreclosure Timeline
                                                                                                      Housing Counselor Search
                                                                                                      Household Spending Plan
                                                                                                      Loan Servicers List
                                                                                                      Renter's Rights
                                                                                                      Rescue Scams
                                                                                                      Tips for Preventing Foreclosure