Virginia allows both judicial and non-judicial foreclosure processes. In a judicial foreclosure, the lender must file a lawsuit and obtain a court order to foreclose, then the property is auctioned. The borrower has 240 days after the sale to redeem the property. In a non-judicial foreclosure, if a power of sale clause exists, the lender can sell the property following notice and advertising requirements. The borrower can stop the sale before it occurs by paying all amounts owed. At auction, the property is sold to the highest bidder. Deficiency judgments are allowed in Virginia without limits on the lender.
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Virginia Foreclosure Law Summary: Judicial or Non-Judicial Process Explained
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Virginia Foreclosure Law Summary
WHAT IS A SHORT SALE
Quick Facts
WHY USE SHORT SALE US
- Judicial Foreclosure Available: Yes
SUCCESS STORIES
- Non-Judicial Foreclosure Available: Yes
WHO QUALIFIES FOR A SHORT SALE
- Primary Security Instruments: Deed of Trust, Mortgage
FAQs
- Timeline: Typically 60 days
SHORT SALE NEWS
- Right of Redemption: Varies
VALUE YOUR HOME
- Deficiency Judgments Allowed: Yes
STATE FORCLOSURE LAWS
In Virginia, lenders may foreclose on deeds of trusts or mortgages in default
CONTACT US using either a judicial or non-judicial foreclosure process.
HIRE US Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a
court order to foreclose, is used when no power of sale is present in the
mortgage or deed of trust. Generally, after the court declares a foreclosure,
the property will be auctioned off to the highest bidder.
The borrower has two hundred forty (240) days from the date of the sale to
redeem the property by paying the amount for which the property was sold,
plus six (6) percent interest.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause
exists in a mortgage or deed of trust. A "power of sale" clause is the clause in
a deed of trust or mortgage, in which the borrower pre-authorizes the sale of
property to pay off the balance on a loan in the event of the their default. In
deeds of trust or mortgages where a power of sale exists, the power given to
the lender to sell the property may be executed by the lender or their
representative, typically referred to as the trustee. Regulations for this type of
foreclosure process are outlined below in the "Power of Sale Foreclosure
Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies
the time, place and terms of sale, then the specified procedure must be
followed. However, additional requirements must be met, as outlined below in
section one (1).
Even when the deed of trust makes allowances for advertising the foreclosure
sale, Virginia Statutes require ads to be published no less than once a day for