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There are no rights for redemption in Hawaii once the foreclosure is completed. In the case of a judicial foreclosure, the lender can file a lawsuit against the borrower for a deficiency unless a ruling was made by the court regarding deficiency when the foreclosure was finalized.
Technically speaking, a notice of default is not a foreclosure. Instead, it serves as notice that you are behind in your payments and that your property may be sold as a result of foreclosure if you don't act soon.
In a JUDICIAL FORECLOSURE, the Mortgagee files a lawsuit against you in order to obtain a court judgment that you owe the balance due under your loan and to obtain an order to sell the property. The initial legal document you will receive in the lawsuit is called the complaint.
In the context of mortgage foreclosure, a notice of default is a formal notice that a lender filed with courts to notify the borrower who has failed to make payments that the lender intends to conduct a sale foreclosure.
Many Virginia deeds of trust have a provision that requires the lender to send a notice, commonly called a "breach letter," informing you that the loan is in default before the lender can accelerate the loan. The breach letter gives you a chance to cure the default and avoid foreclosure.
In Virginia, a creditor may not foreclose unless you're more than 10 days late with a payment. If you make all missed payments and any late fees, within 10 days of the due date, a creditor may not foreclose. If you are more than 10 days late with all or part of a payment, a creditor may foreclose.
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. Judicial foreclosures vary in length depending on the court schedule and rulings.
A foreclosure is simply the closing of a Home Loan by paying off the entire amount borrowed in one lump sum amount. It is part of the regular Home Loan process and allows you to pay off the borrowed amount before the EMI schedule. You can opt for a foreclosure even after having made a few EMI payments.