Virginia foreclosure

The Virginia foreclosure process can be either judicial or non-judicial. Judicial refers to whether a lawsuit must be filed in court in order to foreclose on a property.

In the judicial foreclosure process, the lender will have to file a lawsuit at the courthouse of the county where the property is located. Usually, the judge will determine how much you will need to pay to cure the default and allow you a bit of time to come up with the money. If you don't, then the judge will decree that the property be sold at auction at a date the court will determine.

However, if the lender inserted a power of sale clause in the deed of trust or mortgage then the non-judicial foreclosure process is followed. The non-judicial foreclosure process in Virginia requires that the following conditions be met:

1. If the deed of trust mentions advertising of the notice of sale, then those are followed, but the advertising must occur once a day for 3 days. If no advertising is mentioned, then it can be advertised once a week for 4 consecutive weeks. If your property is near a city, an ad for 5 different days will suffice.


2. 14 days before the sale, you must be sent a copy of this notice.


3. You can stop the sale at any time before it is to occur by paying the amount owed plus costs incurred including attorney's fees.


4. The sale must occur no less than 8 days before the first ad was published, but no more than 30 days after the last ad was published.