Behind on Mortgage Payments in Richmond, VA? Here’s What You Can Do

If you're behind on mortgage payments in Richmond, VA, you're not alone. Life happens, and sometimes finances slip behind. The pressure can build quickly, especially when the lender starts calling and the letters start piling up. But here's the good news. You have real options.
You’re not the first homeowner in Richmond to face this, and you won’t be the last. The sooner you act, the more control you’ll have over your outcome.

Whether you're one month late or already in pre-foreclosure, you don’t have to lose your house. With Harvey Buys Houses, we work directly with homeowners in Richmond who are navigating difficult financial situations and looking for a faster, simpler way out. Many sellers are surprised to learn they can walk away with cash in hand and avoid damage to their credit.

This guide explains your next steps and how to protect your property, your equity, and your peace of mind.

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What Happens When You Miss a Mortgage Payment

Missing one mortgage payment might not seem like a big deal, but your lender notices immediately. Here's how it usually unfolds:

  • 15 days late – Late fee added to your balance
  • 30 days late – Payment marked delinquent, impacting your credit
  • 60+ days late – You receive calls and written warnings
  • 90+ days late – Foreclosure proceedings can begin

In Virginia, lenders can initiate foreclosure without going through court. This means they can move fast, often giving you as little as 30 days before auction.

Option 1: Speak to Your Lender About Loan Relief

Before anything else, talk to your lender. Ask for their loss mitigation department. Many offer temporary solutions, including:

  • Forbearance – A short-term pause in payments
  • Loan modification – Adjusting the rate or term
  • Repayment plan – Spread missed payments over time

This only works if you reach out early. Once a foreclosure date is set, most lenders stop negotiating.

Option 2: Sell the House Before Foreclosure

If catching up isn't realistic, the best move may be to sell the home fast and walk away with cash before foreclosure hits your credit. The key is to sell before the auction date.

We buy houses in Richmond fast, as-is, and with no agent fees or commissions. If you're facing foreclosure and time is tight, Harvey Buys Houses can give you a fair cash offer and close before your lender takes the property.

We helped a homeowner just last month who was 4 months behind. She had tried to list it with an agent, but it sat for weeks. She contacted us, got her offer in 24 hours, and we closed before her auction date. She walked away with cash in hand and no foreclosure on her record.

Learn more here: Selling a House in Richmond? Here’s the Real Cost of Waiting

Real Testimonials From Our Satisfied Home Sellers

We're proud to have worked with homeowners throughout Virginia who wanted a fast, easy home sale. Here's what they had to say:

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"Easy to work with."

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They were easy to work with and completed the sale in a timely fashion. They worked with me for my specific circumstances. I would recommend their services to anyone.

Sherice Young

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"Smooth, professional, a pleasure."

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Harvey Buys Houses was a pleasure to work with. The process was smooth, professional, and a pleasure from start to finish. Would definitely work together again!

Courtney Fisher

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"Had a smooth transaction during a trying time."

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Harvey was a pleasure to work with he helped me in a very trying time where I needed money and to sell my house FAST. This was a smooth transaction and he was able to close me out in just 10 quick days . Highly recommend!

Dom C.

See More Reviews

Option 3: Explore Renting if the Numbers Work

In some cases, renting the house to tenants can cover your mortgage. But that only works if:

  • The house is in good condition
  • Rental income covers all expenses
  • You’re comfortable being a landlord

If your home has been sitting empty or needs major repairs, this may not be viable. For more on this, check out: Vacant House in Richmond? Here’s How to Sell It Fast and Move On

Option 4: Short Sale as a Last Resort

A short sale allows you to sell the home for less than what you owe if your lender agrees. This can stop foreclosure but does hurt your credit. You’ll also need approval from your mortgage servicer and any second-lien holders.

It’s slower than selling for cash and involves more paperwork, but it’s still better than foreclosure. If you’re already in talks with the lender, bring this option up.

What If the House Has Been on the Market Too Long?

If your home has already been listed with an agent and isn’t selling, the timeline is even tighter. A stale listing tells buyers something is wrong. Every extra day increases the chance your lender moves forward.

We buy houses that didn’t sell on the MLS. No repairs, no open houses, no waiting.

Read more about this situation here: How to Sell a House in Richmond That’s Been on the Market Too Long

How Much Time Do You Have Before Foreclosure in Virginia?

Virginia follows a non-judicial foreclosure process, which means the lender doesn’t need court approval. Once you're 90 days behind, they can issue a Notice of Default. After that, the foreclosure sale can be scheduled in as little as 30 days.

That means you could lose the house within 120 days of missing your first payment.

But if you act early, you can sell and stop the process.

The Emotional Side of Missed Payments

Falling behind is more than a financial issue. It creates fear, stress, and uncertainty. You may stop opening mail. You may avoid phone calls. You may even feel stuck in the home, not knowing what to do next.

We understand that. Our goal is not to pressure you. It’s to provide a clear, fair path forward so you can move on and rebuild.

How Harvey Buys Houses Supports Homeowners Facing Foreclosure

When you work with Harvey Buys Houses, you get a direct sale with none of the usual delays.

  • You get a fair cash offer within 24 hours
  • You avoid showings, inspections, and agent fees
  • You choose the closing date
  • We pay all closing costs
  • You avoid foreclosure and protect your credit

Whether your house is outdated, inherited, vacant, or tied up in probate, we can make you an offer that puts money in your pocket.

Frequently Asked Questions

What if my house needs a lot of work?
We buy houses as-is. No repairs, no cleaning, no inspections required.

Can I sell if the bank has already filed for foreclosure?
Yes, if the auction hasn’t happened yet. The sooner you contact us, the better your outcome.

What if I owe more than the house is worth?
We’ll evaluate your situation and make an offer. If needed, we’ll work with your lender on a short sale.

What if I live out of state?
No problem. Many of our sellers manage everything remotely. We handle the paperwork and closing logistics for you.

Get Your Free Cash Offer Now!

Fill out this form to get your no-obligation all cash offer started!

Get Your Free Offer TODAY!

Fill In This Form To Get Your No-Obligation All Cash Offer Started!

  • This field is for validation purposes and should be left unchanged.

Don’t Wait Until the Bank Makes the Decision for You

Every day you wait means more fees, more stress, and fewer options. By taking action now, you can avoid foreclosure, protect your credit, and move forward with confidence.

You don’t need to clean the house. You don’t need to repair the roof. You just need to make a decision.

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Ready to Take the Next Step?

We’ve worked with hundreds of homeowners across Richmond and sold fast, close on their timeline, and stop foreclosure in its tracks. If you're behind on mortgage payments, there’s still time to act.

Contact us today by filling out the short form and get your cash offer.