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Virginia Judicial Foreclosure Available: Yes Non-judicial Foreclosure Available: Yes Either a judicial foreclosure in the form of a
bill of equity, or a sale by advertisement pursuant to a power of sale clause
in a deed of trust is permitted in Virginia. Judicial Foreclosure In Virginia, a mortgage may be forclosed by filing
a type of lawsuit known as a bill in equity When and if necessary, a deed of
trust could also be foreclosed through court action. In either case, a court
order can be issued which specifies the terms and conditions of the sale,
which are controlled by the mortgage contract Commissioners are appointed to
handle such sales. The court must confirm the sale. Non-judicial Foreclosure The trustee under the deed of trust may accelerate
the note, give the necessary preliminary notices, and arrange the foreclosure
sale. Preliminary Notices Contents The foreclosure sale ad must include anything
required by the deed of trust and may include a legal description of the
property, a street address and a tax map identification or general
information about the property's location. The notice must include the time,
place and terms of sale. It must give the name of the trustee and the address
and phone number of a person who will be able to respond to inquiries about
the foreclosure sale. Advertising Even if the deed of trust provides for
advertising, ads should be published no less than once a day for three days,
which may be consecutive days. If the deed of trust does not provide for
advertising, then the ad shall be run once a week for four successive weeks.
However, near a city, an ad on five different days, which may be consecutive,
will be sufficient. Mailing A copy of the advertisement or a notice with the
same information must be mailed to the borrower at least 14 days before the
foreclosure sale. Sale Procedures Time of Sale The sale must be made no earlier than eight days
after the first ad and no more than 30 days after the last advertisement. Special Procedures Written one-price bids may be made and received by
the trustee for entry by announcement at the foreclosure sale. Any bidder who
attends the foreclosure may inspect the written bids. Manner The sale is to be made at auction to the highest
bidder. Unless otherwise required by the deed of trust, the trustee may
require a bidder to make a 10 percent cash deposit. The trustee must apply
the proceeds of the sale first to expenses of the sale, including a 5 percent
trustee's commission, second to unpaid taxes, assessments and levies, third
to liens in order of their priority and the balance, if any, to the borrower.
The trustee will execute and deliver a deed to the buyer. Deficiency A lender may pursue a borrower for a deficiency
judgment in Virginia. No limits are imposed. Redemption In a court-ordered foreclosure sale the court may
give the borrower a redemption period. Otherwise, Virginia does not give
borrowers redemption rights |
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