Mitigation in Virginia

What it means in Virginia:
Mitigation in Virginia refers to efforts to avoid foreclosure by working with lenders or servicers before or during the foreclosure process.

Key points:

• Mitigation typically occurs before a foreclosure sale
• Often overlaps with non-judicial foreclosure timelines

Common mitigation options in Virginia:

• Loan modifications
• Forbearance agreements
• Repayment plans
• Short sales
• Deeds in lieu of foreclosure

Virginia-specific considerations:

• No Automatic Foreclosure Pause
  • Pursuing mitigation does not automatically stop a foreclosure sale
• Timing Is Critical
• Early engagement improves the likelihood of approval
• Lenders are not required to offer or approve mitigation options
• Some homeowners pursue mitigation while simultaneously seeking court relief
• Servicer Discretion
• Coordination with Litigation

Whom it applies to:

• Virginia homeowners experiencing financial hardship
• Borrowers seeking foreclosure alternatives