Virginia Foreclosure
Virginia Foreclosure allows both judicial and non judicial procedures. Time line is typically 60 days and security instruments are mortgage and deed of trust. Both right of redemption (varies) and deficiency judgment is allowed. Judicial foreclosure requires a law suit to order a foreclosure before it is sold off in an auction. Borrower has 240 days from sale to redeem by paying sale price and 6 % interest. Non judicial foreclosure is under power of sale clause and/or power of sale foreclosure guidelines. In addition to what the deed of trust says notice must be published for three consecutive days and at least once a day. Advertising may also be run for four weeks consecutively, once a week. Fourteen days ahead of sale, the copy of the notice is mailed to borrower.
Apart from what is specified in the deed notice must specify description of the property, address, location advice, tax map identification, time, place & terms of sale, trustees name address and phone number of some one to respond to inquiries. Borrower can choose to remedy the default by paying full including cost, interest, attorney’s fees and liens. Sale must between 8 and 30 days of first ad appearing. Trustee is not permitted to bid and highest bidder wins the auction for cash. EMD of 10% must be deposited if unspecified in deed of trust. Trustee can postpone the sale and notification must be in the same manner as original. Sale proceed will be distributed toward expenses of trust, taxes, levies, with interest, any other obligations, liens recorded inferior to deed. Surplus, if any will go to the borrower. Deficiency judgment is without limits.
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