What is the foreclosure timeline?

The foreclosure timeline in Virginia is relatively straightforward. The timeline begins when a homeowner falls more than 45 days behind on their mortgage payments. This activates the foreclosure process, and the homeowner may receive a Notice of Default from their lender. This notice gives the homeowner 30 days to catch up on their payments. If the homeowner does not pay or contact the lender, the lender may seek to foreclose on the mortgage. The lender can then file a complaint with the court, and the homeowner will be served a summons and a copy of the complaint. The homeowner will have 21 days to file an answer to the complaint. If the homeowner does not file an answer, the lender can request foreclosure from the court. Then, the court will schedule a hearing to consider the foreclosure application. After the hearing, the court may enter a foreclosure order that requires the homeowner to vacate the property. Once the order is final, the lender can take possession of the home within a few days. Overall, the foreclosure timeline in Virginia is relatively short compared to other states. Homeowners facing foreclosure should quickly contact an attorney to learn their rights and options. The attorney can help the homeowner navigate the foreclosure process and explore strategies to keep their home.

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What is the foreclosure timeline?

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