State Legislator Plans to Slow Down the VA Foreclosure Process

The VA foreclosure process is perhaps one of the fastest foreclosure processes around the country. In fact, the process is so fast that foreclosing a homeowner actually takes less time than evicting a tenant.

This is why state legislator Chap Petersen is planning to propose an extension of 30 days for foreclosure sales in the state. He plans to make this proposal in the next session of the General Assembly.

According to the current foreclosure law in the state, homeowners who are facing VA foreclosure should be notified 14 days before the foreclosure sale. According to the National Association of Consumer Advocates, this notification period is shorter than that of Wilson NC foreclosures and most foreclosures in the country.

This limited time puts Virginia homeowners at a great advantage. According to Sen. Petersen, “by the time a homeowner figures out what’s happening, their stuff is out on the curb.”

Virginia is not the only state that will see some changes in its foreclosure activity. Attorneys general are also involved in talks about improving the operation of Atlanta foreclosures and other foreclosure processes in each of the 50 states. This is because recent findings showed that a high number of mortgage companies are hastening the process in order to minimize the costs of the failure of borrowers to pay off their debts.

For instance, a mortgage company handling Wilson NC foreclosures will hasten to reclaim the houses from homeowners who defaulted on their monthly payments. This way, the company can immediately get back the money they lost.

Petersen is currently working on two more bills that will improve VA foreclosures. One bill will help avoid the use of false signatures and documents in the foreclosure process. The other bill will assist homeowner in tracking their loans. Only time will tell if these new laws will be implemented and if they will affect Atlanta foreclosures and other foreclosure processes in the other states.

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