Alexandria VA Foreclosure Facts

Alexandria Virginia Foreclosure Fact Sheet

Although Virginia's foreclosure rate is relatively low compared to other states, the Administration is taking a proactive stance in light of national foreclosure trends related to sub-prime and adjustable rate mortgages.  Governor Timothy M. Kaine recently announced the creation of the Virginia Foreclosure Task Force to bring mortgage industry representatives, housing consumer advocates, policy experts, and researchers together to make recommendations to minimize the impact that foreclosures will have on Virginians.  The task force will make recommendations that may include help for Virginians before they are faced with foreclosure.

For individuals facing the threat of foreclosure:

• The most important thing to do is to communicate with your lender early and often.  Many times, a repayment or forbearance plan can be worked out to help you stay in your home.  However, the longer you wait, the more difficult it will be to work out a solution to your problem.
• If you are experiencing a hardship and are worried about making your house payments, these resources are designed to help:
  • Homeowner's HOPE (tm), a counseling service provided by the Homeownership Preservation Foundation, can work with homeowners to find a solution.  If you feel like you may be in danger of facing foreclosure and need immediate help, call 1-888-995-HOPE or visit 9995Hope.org.
  • VHDA's website at www.VHDA.comprovides links to numerous resources to help prevent foreclosure.  These include the National Association of Realtors' brochure titled "Learn How To Avoid Foreclosure and Keep Your Home."  Other resources include Freddie Mac's "Avoiding Foreclosure" and HUD's "Tips for Avoiding Foreclosure".
  • The National Association of Realtors provides an additional website (www.realtor.org/home_buyers_and_sellers/protect_your_home.html) offering numerous resources on saving your home from foreclosure.  These include HUD's "Help for Homeowners Facing The Loss Of Their Home" and a list of counseling agencies by state.
• Housing counselors throughout Virginia can provide assistance regarding your mortgage loan.  One resource you may wish to use is the Virginia Association of Housing Counselors website at www.VirginiaHousingCounselors.org. By selecting the 'Membership' link, you can find the location and telephone number of housing agencies near your home.  Housing counselors can:
  • See you one-on-one in their office
  • Assist in developing a spending plan
  • Develop a plan that may prevent foreclosure
  • Negotiate with the mortgage holder

*Note: when you call the non-profit organization in your area, be sure to ask if there is a charge and whether your housing counselor is certified.  The U.S. Department of Housing and Urban Development (HUD) does not allow fees to be charged for foreclosure prevention counseling on FHA loans.