When looking for information about foreclosures, keep in mind that every state has its own set of laws that must be complied with. What is true in one state may be different in another. If you don’t plan to hire a lawyer, or simply want to find out first-hand what the law is in your state, the best place to look is in your state’s statutes.
Below is a guide to finding Virginia’s foreclosure statutes online, followed by a summary of Virginia’s foreclosure law.
Finding Virginia’s Foreclosure Laws
The citation to Virginia’s foreclosure law is Virginia Code Annotated Sections 55-59 to 55-66.6.
Take the following steps to find these statutes online:
- Start at the website of the Legislature of the State of Virginia: http://legis.state.va.us.
- Place your cursor over “Law” in the menu on the left-hand side of your screen. A drop-down menu should appear.
- Click the “Code of Virginia” link from the drop-down menu.
- Click the “Table of Contents” link.
- Scroll down to and click “Title 55 Property and Conveyances."
- Click “Chapter 4 Form and Effect of Deeds and Covenants; Liens.”
You should see a list of the sections in Chapter 4, including Sections 55-59 to 55-66.6, with headings summarizing what is covered in each section.
Summary of Virginia’s Foreclosure Law
Read on for a summary of Virginia’s laws governing nonjudicial foreclosures.
Nonjudicial Foreclosure
In Virginia, the most common type of foreclosure is nonjudicial foreclosure, in which lenders exercise the power of sale contained in the deed of trust given as security for the debt owed. Va. Code Ann. § 55-59.
Notice Requirements
Before a foreclosure sale of property can take place, the lender must give the defaulting borrower two notices of the foreclosure sale. One notice of sale must be personally delivered or mailed to the borrower, and to subordinate lienholders, no less than 14 days before the sale.
The other notice of sale must be published in a newspaper in the city or county where the property is located. Unless otherwise provided in the deed of trust, this advertisement must run once a week for four consecutive weeks. If the property is located in a city, or in a county immediately next to a city, publication in the newspaper for five days is sufficient.
The parties may agree to different publication requirements in the deed of trust. If the deed of trust contains different terms for the newspaper advertisement, it must require a weekly advertisement to be run not less than once a week for two weeks, or a daily advertisement not less than once a day for three days.
The foreclosure sale must be held at least eight days after the first advertisement is published, and no more than 30 days after the last advertisement is published. Va. Code Ann. §§ 55-59.1 and 55-59.2.
Right to Cure
The deed of trust may provide a borrower with a right to cure his or her default by paying the amount owed to the lender. Such a right to cure is not provided automatically by statute, however, and must be present in the language of the deed of trust. Va. Code Ann. § 55-60(5A).
Deficiency Judgments
Unless otherwise provided in a state’s statutes, a borrower is liable to its lender for any deficiency after a foreclosure sale. Nothing in Virginia's statutes prohibit a lender from going after a borrower for the deficiency, therefore deficiency judgments are allowed.
