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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Nonjudicial: under power of sale in deed of trust |
| Time to respond | Foreclosing party must serve notice of sale on homeowner by mail or publication. Homeowner has 14 days to respond if service is by mail. If foreclosing party uses publication, generally notice must be published in a local newspaper of general circulation once a week for four consecutive weeks unless deed of trust provides for a different interval. (Rules for publication, or “advertisement,” are complicated.) Sale can be held eight to 30 days after last publication. |
| Reinstatement of loan before sale | No |
| Redemption after sale | Not allowed in nonjudicial foreclosures |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | Va. Code Ann. § 8.01-15.2 |
| Deficiency judgments | May be obtained in a separate lawsuit after the sale |
| Cash exempted in bankruptcy | $5,000 for one person, $10,000 for a married couple |
| Notice to leave after house is sold | New owner does not have to give former owner notice before filing eviction lawsuit |
| Foreclosure statutes | Va. Code Ann. §§ 55-59 to 55-66.6 |