Virginia Foreclosure Laws

Both methods of foreclosure are commonly used in Virginia and the period to conclude the process is typically sixty days from the initial filing.

The judicial foreclosure is very standard and simply requires the lender, in the absence of a power of sale clause in the loan document, to sue the borrower in court and obtain an order of foreclosure.

In a non-judicial foreclosure a notice of sale must be published for three days, regardless of provisions for advertisement of the sale contained in the deed of trust. If no provisions for advertisement exist, then the notice must be published weekly for four consecutive weeks. If the property in default is in or near a city, five consecutive daily publications may be deemed sufficient in lieu. In any event, notice must be given at least 14 days before the date of sale.

The sale shall be held no sooner than eight days after the first publication of the notice of sale and no later than 30 days after the last publication. Written bids may be accepted by the lender’s trustee and must be announced at the sale. Any bidder in attendance may inspect such bids. The successful bidder shall deposit 10% of the sale price with the lender’s trustee.

The borrower's redemption period varies by case. Redemption period is usually during foreclosure process up to the sale. The lender mediation redemption period 300-345 days, Tax sale no redemption period, State Auditor's up to 18 months, IRS Tax seizure 180 days. In some cases where the redemption period is allowed, there is a percentage on top of what's owed in order to redeem the property.

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