Another story displaying how Virginia’s foreclosure process provides no way for a family playing by the rules to keep their homes:
We need to fix Virginia’s foreclosure process to protect Virginia’s families who can pay to stay in their homes. It’s not just the right thing to do, but it will help protect our fragile economic recovery. Because of Virginia’s one-sided foreclosure process, the Hunt’s small business has been dealt a serious blow preventing them from creating jobs:
“This has cost us dearly not only in the headaches and stress in dealing with this, but it has hurt our company,” said Terry Hunt, owner of a construction firm. “As small-business owners, we personally guarantee payroll and equipment. But this has destroyed our credit and we can’t make those guarantees.”
We need to create a step in Virginia’s foreclosure process to allow paying families to stay in their homes. Right now, these families are at the mercy of Banks, mortgage lenders and servicers:
“We have never seen a situation exactly like this, but we see errors in the servicing of loans, misapplied payments and foreclosures not based on proper documentation,” said Connie Chamberlin, president and CEO of Housing Opportunities Made Equal of Virginia Inc., a housing advocacy group.
“A substitute trustee is appointed to take care of a foreclosure, but in many cases, the trustee doesn’t exercise the level of due diligence there ought to be when dealing with something as important as taking someone’s house.”
Virginia requires no third-party review, nor does information need to be checked for accuracy, she said.