How long does the foreclosure process take in Virginia?

by oliver on September 30, 2010

Question:

How long does the foreclosure process take in Virginia?

Answer:

In many states, the foreclosure process usually takes place for a period ranging from two months to years. The foreclosure process can be done in-court and out-of-court, the latter more commonly used in the state. The in-court process of foreclosure usually begins with the homeowner receiving a notice of foreclosure. The notice will contain details of the court hearing schedules. If the borrower was not able to make agreements with the lender in order to stop the foreclosure, a notice of sale will be issued. This notice will contain all the details with regards to the date of foreclosure or sheriff’s sale. During the sale, the property being foreclosed on is sold to the public through auction. The one who gives the highest bid will have the right to take over or repossess the property.

A more common process of foreclosure is when the deed of trust allows the lender to sell the property to the open market without going through the court. The lender will be the one who will initiate this type of foreclosure by setting a date for the foreclosure sale. But before doing so, the lender will still send a notice of default to the homeowner or borrower, giving him thirty (30) days to pay off his debt and avoid foreclosure.

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