Best Foreclosure Lawyers in Virginia

About Foreclosure Law in Virginia, United States

Foreclosure is the legal process by which a lender can take possession of a property when the homeowner fails to make mortgage payments. In Virginia, foreclosure generally proceeds through a non-judicial process, which means it does not typically require court action. This process moves quickly and can result in the loss of your home in as little as two months after default. Virginia law requires lenders to follow specific steps, but borrowers have limited time to respond and explore alternatives.

Why You May Need a Lawyer

Navigating foreclosure can be complex and emotionally challenging. You may need a lawyer if:

• You have received a notice of default or foreclosure sale and want to explore possible defenses.
• You believe your lender did not follow proper procedures or has made an error in servicing your account.
• You are considering bankruptcy to prevent foreclosure and need help understanding your options.
• You wish to negotiate a loan modification, short sale, or deed in lieu of foreclosure.
• There are questions about the validity of your mortgage or who owns your loan.
• You are a tenant in a property subject to foreclosure and want to learn about your rights.

Local Laws Overview

Foreclosure in Virginia mainly follows a non-judicial process, which is governed by the deed of trust recorded when you bought your home. Here are key aspects of Virginia’s foreclosure laws:

• The lender must send you a notice of default and intent to foreclose at least 14 days before the scheduled sale date.
• The notice must state the time, date, and place of the auction, which will be a public trustee’s sale.
• The sale is typically conducted by a trustee named in the deed of trust and must be advertised in a local newspaper for two consecutive weeks before the auction.
• You have the right to reinstate the loan (catch up on missed payments and costs) up until the foreclosure sale.
• Virginia does not grant a statutory right of redemption after the sale, meaning you cannot reclaim your home once it has been sold at auction.
• Lenders can seek a deficiency judgment if the home sells for less than what is owed, holding you liable for the difference.

Frequently Asked Questions

What is the difference between judicial and non-judicial foreclosure?

Judicial foreclosure goes through the court system, while non-judicial foreclosure happens outside of court, typically by following procedures outlined in the deed of trust. In Virginia, most foreclosures are non-judicial.

How much notice am I entitled to before my home is sold at foreclosure?

Virginia law requires at least 14 days written notice before the foreclosure sale, plus prior advertising in a local newspaper.

Can I stop a foreclosure sale in Virginia?

You may stop a foreclosure by reinstating the loan (paying the missed payments plus fees) before the sale, negotiating with your lender, or filing for bankruptcy, which can temporarily halt the process.

Will I get any money if my home is sold in foreclosure?

If the sale price exceeds your mortgage balance and foreclosure costs, you are entitled to the surplus funds. Otherwise, you may still owe money if the sale does not cover your debt.

Can the lender come after me for money if my home sells for less than I owe?

Yes, in Virginia, the lender can seek a deficiency judgment for the remaining balance not covered by the foreclosure sale.

What alternatives do I have to foreclosure?

Alternatives include loan modification, repayment plan, forbearance agreement, short sale, deed in lieu of foreclosure, or selling the property before the auction.

What happens to tenants living in a foreclosed property?

Federal and state laws provide some protections for tenants, such as the right to receive advance notice before eviction, but rights vary depending on the situation.

Does the lender have to go to court to foreclose in Virginia?

Most foreclosures in Virginia are non-judicial and do not involve court proceedings, unless there is a dispute or bankruptcy is filed.

How quickly can a foreclosure happen in Virginia?

The process can happen quite fast, often in as little as two to three months from the first missed payment to the auction.

Should I consult a lawyer if I am facing foreclosure?

Yes, consulting a lawyer is strongly recommended to understand your options, protect your rights, and potentially find a way to stay in your home or minimize financial loss.

Additional Resources

Several organizations and agencies can help Virginians facing foreclosure:

• Virginia Legal Aid Society
• Legal Services Corporation of Virginia
• Virginia Housing Development Authority (VHDA)
• Consumer Financial Protection Bureau (CFPB)
• United States Department of Housing and Urban Development (HUD) - approved housing counselors
• Attorney General of Virginia - Consumer Protection Section

Next Steps

If you are at risk of foreclosure in Virginia, do not delay in seeking help. Collect all relevant documents such as mortgage statements, notices from your lender, and records of communication. Reach out to a qualified housing counselor or legal aid organization for initial guidance. Consider consulting with an attorney experienced in foreclosure law to discuss your specific situation, available defenses, and possible alternatives. Acting early maximizes your options and can make a significant difference in the outcome.