6/2/2023 0 Comments Virginia foreclosed properties![]() After missing a mortgage payment, a homeowner receives a notice of sale. The Process of Nonjudicial Foreclosure in Virginia Most foreclosures in the state of Virginia are nonjudicial, and here is how the process works. While judicial foreclosure may take anywhere from a few months to several years to complete. Nonjudicial foreclosure does not take long - usually a few months. This type of foreclosure occurs outside the court system, meaning that a lender does not have to file a lawsuit in order to start the foreclosure process. If the court agrees that foreclosure is proper, the bank can start the foreclosure process and apply the proceeds toward the homeowner’s debt. In order to get the judicial foreclosure started, a lender must file a lawsuit. This type of foreclosure takes place through the court system. Here is an explanation and description of each of them: There are two types of foreclosure in the state of Virginia - judicial and nonjudicial. What Are the Types of Foreclosure in Virginia? A lender must evaluate the loss mitigation application that they receive from a borrower, inform them about the outcome, and wait until the appeal period expires before starting the foreclosure process. Virginia law also requires lenders to work with homeowners who are late with mortgage payments in a loss mitigation process. A lender must wait 120 days before starting the foreclosure process. The good news is that in most cases, federal law does not allow lenders to sell properties shortly after a missed mortgage payment. This notice is known as a notice of sale. Virginia Foreclosure LawĪccording to Virginia law, those homeowners who are behind on the monthly mortgage payments receive only one official notice before losing their property to foreclosure. If you own a home in the state of Virginia, here is what you need to know about Virginia Foreclosure Law. The foreclosure process varies from state to state and depends on the type of loan. Foreclosure is the legal process where a lender seizes a property due to a failure to pay monthly mortgage payments.
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