Virginia Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage

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US-0592BG
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This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
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FAQ

If the money from the sale doesn't cover your debt, you may owe the difference (a deficiency). Your creditor may file a lawsuit to get a deficiency judgment. You may have a defense if your creditor illegally repossessed, didn't give proper notice, or didn't sell in a reasonable way.

Generally, once a home has been foreclosed on, it goes back to the VA. Then the VA lists the property for auction. If the property isn't sold at auction, it goes into an inventory of properties the VA markets for sale.

STRATEGIES FOR KEEPING YOUR PROPERTY AND STOPPING FORECLOSURE REINSTATE YOUR MORTGAGE ? ... REFINANCE ? ... REPAYMENT PLAN ? ... FORBEARANCE ? ... LOAN MODIFICATION ? ... BANKRUPTCY (Chapter 13) ? ... SELL THE PROPERTY ? ... SHORT SALE ?

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.

In a judicial foreclosure, the lender can get a deficiency judgment to collect any money they're owed after the sale. In a judicial foreclosure, after the judge orders the sale of a home, it's usually auctioned off to the highest bidder.

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.

Conventional loan (3?7 years) ? After a foreclosure, it can take you as long as seven years to get a conventional loan (one that mortgage market-makers like Fannie Mae or Freddie Mac will buy).

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Virginia Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage