What is the timeline and laws for Foreclosure in Virginia?

In Virginia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.  Typically, the foreclosure timeline in VA can be anywhere from 45 to 60 days, depending on a number of factors.

The judicial process of a VA foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.

The non-judicial process of a VA foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.

In 2008, the President signed into law legislation that will allow HUD’s Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners.  You may explore this option by visiting the United States Department of Housing and Urban Development website below.

Moving forward, please consult a Real Estate attorney to determine the proper course of action.