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Virginia Foreclosure Laws

Judicial Yes
Non-Judicial Yes
Process Period 45 Days
Sale Publication 14-28 Days
Redemption Period None
Sale / NTS Trustee

Judicial Foreclosure: In the state of Virginia in-court foreclosures rarely occur, but in the case that it does occur the process begins with the lender filing court documents, the court determines the specifications of the sale, and the property is sold through public auction.

Non-Judicial Foreclosure: The out-of-court proceeding is the more common process due to the fact that most mortgages have a power-of sale-clause, which allows the lender to sell the property if the borrower defaults. The lender must send notice of default to the borrower, which will give them 30 days to pay off the amount owed.

Sale: A notice of sale should be sent to all parties involved and should also be published in the local newspaper. The notice should include a description of the property, the terms of the sale, as well as the location, date and time of the sale. The borrower must receive 14 days notice before the sale. The sale is typically conducted by the trustee, the property is awarded to the highest bidder, and the trustee transfers ownership to the bidder. The borrower is permitted to redeem the property following the sale.

Additional Information on Virginia Foreclosure