Here is a summary of foreclosure laws and rules for the State of Virgnia:
- Lenders use either a mortgage or deed of trust.
- Lenders prefer to use a deed of trust and foreclose by trustee sale.
- If the sale results in a deficiency the court must confirm upon proof that the fair market value of the property is credited to the mortgage.
- The borrower has 30 days notice to reinstate.
- There is no right of redemption with a non-judicial foreclosure.
- The lender can pursue a deficiency.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in Virginia those laws are available online.
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.
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