Debtor is obligated to pay the secured party attorneys fees. In consideration of the indebtedness, debtor conveys and warrants to trustee certain property described in the land deed of trust.
Secure Debt Shall Foreclose In Virginia
State:
Multi-State
Control #:
US-00181
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
How Long Does the Typical Foreclosure Process Take in Virginia? A property can be foreclosed in Virginia in as little as 60 days if it foreclosed through the non judicial foreclosure process and the borrower does not contest or stall the proceedings.
Foreclosure is when a lender uses a legal process to force the sale of a property (like a home) to cover a debt. This can happen when someone takes out a mortgage to buy a home and then stops making payments (defaults on the mortgage).
Once you are 120 days past due on your mortgage payments, then the lender can begin a foreclosure. The lender may choose to go through a Judicial or a Nonjudicial foreclosure. Judicial means they sue you in court.
The Consumer Financial Protection Bureau (CFPB), which is a federal agency, has set forth rules that say there can't be a foreclosure on some mortgages until the borrower is at least 120 days behind in payments.
Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. Virginia, however, doesn't have a law providing a post-sale redemption period. So, you won't be able to redeem the home following a foreclosure.
Steps to buy a foreclosed home in Virginia Get pre-approved for financing. Find a top Virginia real estate agent with foreclosure expertise. Find foreclosed homes in Virginia. Tour foreclosures in person. Submit offers. Conduct due diligence on the property. Get the foreclosed home appraised (if you're financing it)
Under Virginia law, foreclosures are done outside of court. Virginia is a non-judicial state therefore the Trustee simply sells your property, usually at a public auction to the highest bidder. Before doing this, the Trustee must follow the rules set forth in your Deed of Trust.
Virginia law, however, doesn't provide a post-sale redemption period after a nonjudicial foreclosure.
Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. Virginia, however, doesn't have a law providing a post-sale redemption period. So, you won't be able to redeem the home following a foreclosure.
More info
Learn how the Virginia foreclosure process works, including preforeclosure steps, foreclosure procedures, and homeowner rights. The method will likely be nonjudicial, although judicial foreclosures are also allowed.Virginia law specifies how nonjudicial procedures work. The great majority of Virginia foreclosures are nonjudicial. Non-judicial foreclosures are often referred to as "power-of-sale" foreclosures. Virginia's five-year statute of limitations for a breach of contract claim based on a deed of trust begins to run when the loan is accelerated. In Virginia, the mortgage lender does not have to file a legal action to foreclose. So, a lender might try to hold the borrower liable for a deficiency following a deed in lieu. A borrower must move out of the property 30 days after confirmation of the sale. The Trustee must hold the foreclosure sale in a manner to get a fair sales price.