Virginia Foreclosure Prevention Task Force

Governor Tim Kaine has just announced the formation of the Virginia Foreclosure Prevention Task Force. The task force has four major objectives:

1. Collect and analyze data to assess foreclosures in Virginia and determine level of homeownership preservation needs.
2. Identify and review financial and programmatic resources available to homeowners to minimize the number of foreclosures.
3. Recommend outreach, counseling and educational programs and activities that focus on foreclosure prevention and support to homeowners.
4. Review existing Virginia laws and regulations and recommend appropriate revisions, including legislative actions if needed

First of all, let me say that this is good news. While foreclosures in Virginia are nowhere near the rates we see in places like Florida or California, there's definitely a problem here and it's a growing one. And whether you're in danger of foreclosure yourself or not, this has the potential to impact your property values. So three cheers for Governor Kaine for stepping up on this one.

I haven't yet seen who the members of this task force will be. But I think it's clear that there needs to be representation from local officials, lenders, real estate professionals and those who provide financial counseling to families in trouble.

One of the specific things I'd like this task force to work on is persuading lenders to proactively renegotiate these adjusting mortgages BEFORE there's a problem. In spite of the urgings of the federal government, including the President, too many lenders are still refusing to talk with homeowners until their situation gets so dire they are late on house payments. Homeowners who are proactive should be met with an equally proactive stance from their lender.

I'll be watching for information on what the task force is working on, and what kind of a difference they're able to make in the situation. I'll share that all with you as I get the scoop.

RE: Virginia Foreclosure Prevention Task Force

Christian,

Are you talking to any of the organizations out there who can help? Check out this previous post for some organizations that may be able to help.

And, you may want to consult an attorney. There can be some sticky legal issues here. Only you can decide whether the expense involved with that is worth it. But it's good to have someone who's in your corner!

If you decide in the end, that there's no way to work this out and you want to consider selling, rather than going through foreclosure, I can help there. But it sounds to me like there should be a way for you to keep your home!

Feel free to call me if you'd like to discuss further: 800-851-1563. I'll be happy to help in any way I can!

Best of luck to you and your family!