Virginia Foreclosure Timeline and Laws

Virginia Foreclosure Process and Procedure

If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.

Foreclosures in Virginia are conducted by non-judicial foreclosure. Judicial foreclosures are also allowed.

Notice Requirements for Foreclosure in Virginia

The notice of foreclosure must be advertised at least once per day for 3 days or once per week for 2 weeks in a newspaper of general circulation in the county where the property is located.  If the deed of trust does not contain an advertisement procedure, then the ad must run for once a week for four 4 consecutive weeks. If the property is adjacent to a city, then advertising for five consecutive days is sufficient.

Notice of foreclosure or a copy of the ad must be served on the borrower at least 14 days before the sale and must provide the property description, time, place and terms of the sale.

Virginia Deficiency and Anti-Deficiency Laws

The lender may obtain a deficiency judgment if the property is sold at a public sale for less than the loan amount.

 Virginia Redemption Rights

Virginia does not have a post-sale statutory right of redemption.  Certain judicial foreclosures allow a deficiency judgment.

Virginia Assistance, Special Programs, Government Help, and Law Updates

Foreclosure Programs:

• Virginia Foreclosure Avoidance Counseling -HUD
• The Home Affordable Mortgage Modification Program
• The Home Affordable Refinance Program
• The Home Affordable Foreclosure Alternatives Program
• FHA Secure
• Hope for Homeowners

Foreclosure Lawyer

Virginia foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.