Foreclosure Timeline in VA

[queenbeen]

Hi there! I received my discharge in December and just missed my first mortgage payment this month. I didn't sign a reaffirmation and am wondering how long it would take Suntrust to foreclose on us. I've heard that Virginia can be anywhere from 2 months to 6 months. Does anyone have info on whether it could really be as little as 2 months right now? I'd like a few months to look into rental houses for us. Thanks so much for any help!

[feelingnutsy]

Hi---Queenbeen---mine took nine months---from the time that I missed
the first payment---to actual foreclosure---but I guess that it would depend
entirely on the mortgage company/bank---mine was WF---and I would say
that your timeframe could be anywhere from three to six months---and it
could be as little as two months---but I'm more inclined to think three minimum.

[free2breathe]

WF had their first auction date set 4 months after our missed payment. We had just caught up on payments with a tax refund, but still had no employment, so were unable to pay payments, obviously. We did put the house on the market and attempted to sell, but the number of foreclosures in our county was extremely high....many of them much newer houses than ours. There was no chance ours was going to sell quickly. We moved out 2 weeks before the auction date, but it ended up being postponed for 2 months. Final foreclosure was 6 months after the missed payment.

[Amy26]

We are in Northern VA, it took a little over a year after the first month I stopped paying. I was not behind at all when we filed as well. Its really hard to tell and YMMV, but I would have to say 2 months is probably minimum. Keep in mind, that if you move out and it takes a long time to for them to foreclose... you are still responsible for the property, the HOA dues and insurance on the place. Good luck!

[queenbeen]

Thanks for the responses! I've heard such varying experiences so I guess it would be best to plan on the shorter end of the timeline. I'd love to get a year or more out of it, but that doesn't seem too likely. I guess we'll just see what happens after I get my first notice.