oh boy r u in trouble, no they wont go right to foreclosure u have a minimum of 90 days from the last payment u made, and then the legals, sheriffs sale, etc. can take 2-6 months, etc. the problem is u r on the hook for any short fall between what u owe and what they sell it for. pmi protects the lender and not u, so if there is a short fall u will see it along with the foreclosure on ur credit report for years to come. be aware that the clock is always running on the principal and interest late payments, and legal fees which will far out weigh whatever the bank gets for the home. Va. has been hard hit by the housing slump and its not unusual to see homes in this siutation. If you owe more than 210000 on the house you are in serious financial difficulty. it could stop u from buying another property. several ways out of this bankruptcy to stall foreclosure, bankruptcy after foreclosure to erase any short fall, or contact the lender and discuss givng up the deed in lieu of foreclosure. YOU NEED LEGAL HELP TALK WITH A GOOD REAL ESTATE/BANKRUPTCY ATTORNEY NOW BEFORE FORECLOSURE STARTS
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