What are the steps in a foreclosure process?

In Virginia, the foreclosure process starts when the lender serves the homeowners with a Notice of Intent to Foreclose. The Notice of Intent states the reasons for the foreclosure, the amount of money owed, and the time frame in which the homeowner must respond. If the homeowner does not respond or the issue is not resolved, then the next step is to file a Complaint in a Virginia court. The lender must provide the homeowner with information regarding the Complaint, as well as the opportunity to respond to the Complaint. Then, the homeowner must answer the Complaint within 20 days of service. If the homeowner does not answer within the 20-day period, the lender will request a Default Judgment. Once the Default Judgment is entered, the next step is for the lender to request a foreclosure sale. At the foreclosure sale, the highest bidder for the property will receive a Certificate of Sale, which will state the details of the sale and the new purchaser of the property. The lender is then responsible for filing a new deed for the property, transferring ownership to the new purchaser. Lastly, the lender is also responsible for providing an eviction notice to the former owner, notifying them that they must vacate the property and release the keys.

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What are the steps in a foreclosure process?

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