Virginia Foreclosure Laws
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Typical Virginia Foreclosure Time Frame – The typical Virginia foreclosure period is approximately 60 days. |
Judicial Foreclosure – Yes |
Non-Judicial Foreclosure – Yes |
Types of Security Instruments – Mortgage and Deed of Trust |
Right of Redemption Period – Varies |
Virginia foreclosure laws allow lenders to seek either judicial or non-judicial foreclosure in the event of a default on a mortgage.
In a judicial foreclosure, the lender is required to sue the borrower in court to obtain an order to foreclose. Once an order to foreclose is awarded, the court will order the property to be sold.
Under Virginia foreclosure law, in a non-judicial foreclosure the lender is required to publish a notice of sale for a minimum of three days. This is regardless of any advertising provisions that are included in the deed of trust. If there is no advertisement, provision in the deed of trust the notice must be published at least once a week for a minimum of four consecutive weeks. With the courts permission property that is in or near a city may have a publication published once a day for five days straight. The notice must be published a minimum of 14 days before the sale date.
In accordance with Virginia foreclosure law, the sale may not be held any earlier than 8 days after the first publication and no later than 30 days upon the last publication. Written bids are allowed to be accepted by the trustee and they must be announced at the sale. All written bids must be available for all attending the auction to inspect if desired. The successful bidder at the sale must make a deposit of 10% to the trustee.
If the sale must be postponed for any reason, the postponement must follow the same advertising procedure as the actual sale.
Virginia foreclosure laws do permit lenders to seek deficiency judgments against borrowers without any limitations.
For more information on Vermont foreclosure laws click here.
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