Contact your lender immediately. Ask about forbearance (temporary pause on payments) or repayment plan (catch up over time). Most lenders prefer to work with you rather than start foreclosure. Document your hardship in writing.
Lender has likely filed a notice of default. You're in pre-foreclosure. Options: catch up in full, negotiate a loan modification, sell via short sale, or sell to a cash investor. Time pressure is real — act now.
Foreclosure timeline is advancing. In Virginia, the sale can happen as quickly as 60–90 days after the notice of sale. Cash investor sale is often the only option that moves fast enough to protect your equity and avoid foreclosure on your record.
Everything depends on whether you have equity. If you owe $200,000 on a property worth $320,000, a cash investor sale protects $80,000–$100,000 for you even after a discount. If you owe $300,000 on a property worth $280,000, you're underwater and need a short sale or modification. Know your numbers before making any decision.
Dan White is a licensed Virginia real estate agent at Pearson Smith Realty and founder of FreeDealCalc.com. He has been investing in real estate for 20+ years.