Are you facing foreclosure? Are you wondering if you should take that we buy houses Hampton roads offer on a foreclosure property? If you fear facing foreclosure in Virginia, it’s essential to know everything there is to remember to safeguard your property and your interests.
In this blog, we have covered the basis of foreclosure in Virginia.
What is Virginia’s Most Common Type of Foreclosure Procedure?
In Virginia, foreclosures are typically settled outside of the court. A third party manages the entire process. Such cases are referred to as non-judicial foreclosure. On the other hand, those foreclosures that enter the court are called judicial foreclosure.
Notice of the Foreclosure
When it comes to non-judicial foreclosure, the bank is not required to do much. The Virginia law requires the bank to send a pre foreclosure notice and publish a note of the sale of the house in the newspaper.
The bank foreclosing the house or trustee must deliver the notice of sale to the homeowner at least 14 days before the date of sales.
Federal Law Usually Requires a 120-Day Pre foreclosure Period
According to federal law, the loan provider cannot start the process of foreclosure before 120 days of delinquency …