In the Dec 23 Richmond Times Dispatch, there was an article entitled: Virginia Foreclosures Rising.
Here are a few quotes:
The number of foreclosures in Virginia is expected to rise to about 14,000 this year, up from 4,354 in 2006, and could hit 20,000 next year, according to Housing Opportunities Made Equal Inc., a housing advocacy group in Richmond.
Virginia has one of the fastest foreclosure processes in the country, said Connie Chamberlin, president and chief executive officer of HOME.
Once a lender notifies a borrower of the intent to foreclose, a person can lose their home in as quickly as two weeks, she said. “For many people, that means they don’t have time to deal with the issue.”
Because Virginia’s process is so fast, there is very little time to deal with it.
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