Your Distressed Property and Short Sale Expert in Maryland
Virginia Legislature revised state foreclosure laws last year making it possible for lenders to foreclose on homeowners with as little as two weeks notice, and sell the home on the court house steps.
Likely most homeowners are not in a redeemable situation, but some are(see previous blog). 28 states permit non-judicial foreclosure, which means a judge does not need to review the paperwork, and trustess appointed and paid by the banks, are supposed to look out for the interests of the homeowners, as well as the bank - a built in conflict of interest.
When one homeowner sued, arguing that his homeowners rights had been violated, the judge threw out the case, saying the legislature had mandated that the nonjudicial procedures are appropiate.
Homeowners in Maryland, including Frederick County, have a bit more protection, with some judicial review, but it sets a lower threshold for homeowners seeking a delay through the courts.
Unfortunately, Virginia is a land of many Security Clearences, and anyone that goes through a foreclosure, stands a great risk of losing their clearence.
Also, this reduces the chance of having a short sale, which may very well save security clearence, and the hoeowners credit.
Dennis
www.MarylandDistressedProperties.com
www.Frederick-MontgomeryCountyHomes.com
Happy Holidays!
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