Virginia

For homeowners facing foreclosure in Virginia, the following is a summary of the state’s foreclosure laws:

Judicial Foreclosure

Foreclosures in Virginia can be judicial, meaning the bank must file a lawsuit in court in order to foreclose.

Nonjudicial Foreclosure

Foreclosures in Virginia can also be nonjudicial but a court must confirm the sale.

Foreclosure Notification

Virginia law requires one foreclosure notice:

  • In Virginia, before a foreclosure sale can take place, the bank must personally deliver or send a notice of sale to the homeowner at least 14 days before the foreclosure sale. The bank must also publish the notice of sale in a local newspaper.

Virginia Foreclosure Protections

Virginia law provides protections in accordance with the federal Service Members Civil Relief Act.

Virginia law also provides protections to national guard members called to state active duty by the governor for 30 or more consecutive days.

Reinstatement and Redemption

In Virginia, the law does not allow the homeowner to reinstate the mortgage loan, but the mortgage contract may allow the reinstatement of the mortgage loan.

In Virginia, the homeowner is not allowed to redeem the home following a foreclosure.

Deficiency Law

The bank can request a deficiency judgment against a homeowner in a judicial foreclosure. If the bank buys the home at the foreclosure sale, the deficiency amount is limited to the difference between the fair market value of the home and the total amount of the debt, as well as expenses.

The bank can request a deficiency judgment, which is limited by the fair market value of the property by filing a separate lawsuit.

Eviction Notice

In Virginia, the bank can file a separate lawsuit after the foreclosure sale to get a deficiency judgment against the homeowner. For information regarding how to avoid foreclosure in Virginia, visit HUD.gov.

Virginia

For homeowners facing foreclosure in Virginia, the following is a summary of the state’s foreclosure laws:

Judicial Foreclosure

Foreclosures in Virginia can be judicial, meaning the bank must file a lawsuit in court in order to foreclose.

Nonjudicial Foreclosure

Foreclosures in Virginia can also be nonjudicial but a court must confirm the sale.

Foreclosure Notification

Virginia law requires one foreclosure notice:

  • In Virginia, before a foreclosure sale can take place, the bank must personally deliver or send a notice of sale to the homeowner at least 14 days before the foreclosure sale. The bank must also publish the notice of sale in a local newspaper.

Virginia Foreclosure Protections

Virginia law provides protections in accordance with the federal Service Members Civil Relief Act.

Virginia law also provides protections to national guard members called to state active duty by the governor for 30 or more consecutive days.

Reinstatement and Redemption

In Virginia, the law does not allow the homeowner to reinstate the mortgage loan, but the mortgage contract may allow the reinstatement of the mortgage loan.

In Virginia, the homeowner is not allowed to redeem the home following a foreclosure.

Deficiency Law

The bank can request a deficiency judgment against a homeowner in a judicial foreclosure. If the bank buys the home at the foreclosure sale, the deficiency amount is limited to the difference between the fair market value of the home and the total amount of the debt, as well as expenses.

The bank can request a deficiency judgment, which is limited by the fair market value of the property by filing a separate lawsuit.

Eviction Notice

In Virginia, the bank can file a separate lawsuit after the foreclosure sale to get a deficiency judgment against the homeowner. For information regarding how to avoid foreclosure in Virginia, visit HUD.gov.

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