deficiency judgments in Virginia

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Posted by stanley on May 08, 2008 at 11:00:02:

I'm in Virginia facing foreclosure (non-judicial), first trust is only trust, Suntrust, interest-only loan. My interest is in knowing Suntrust's current mood/policy re: deficiency judgements.

Given this particular area of the state, excess supply, etc. reasonable holding period for Suntrust will be 1+ years. We're trying to impress upon them the insanity of a foreclosure. Again given this region the chance is 99% that Suntrust will end up taking back the house at auction.

I would imagine a 5-figure deficiency could result. Also given the non-judicial foreclosure they will have to go back to court for a judgment. Alarmingly, they have 5 years to pursue this option. That's quite a cloud to have hanging over your head. Word on the street is that no ones seen a DJ pursued to date.

Hope Now has recommended us for a re-structure. We are right now awaiting a call from Suntrust re: their response.

Back-up plan: offer deed in lieu. however we're days away from foreclosure. time is running out.

I wouldn't call us walkaways as we've aggressively sought out suntrust from conversations, provided an extensive loss mit financial package, hashed out a recommendation from Hope Now, etc. Yes, I do have the financial wherewithal to tap savings for awhile longer. But our income is depleted at the moment.

I'm open to any ideas. Even better, the word on the street as to Suntrust's current disposition i.e. are they aggressive ***'s or do they feel you've suffered enough with loss of home, credit hit, etc.?

thx
Sammy

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