What is judicial foreclosure?

Judicial foreclosure is a type of foreclosure in Virginia where a court order is needed to begin the foreclosure process. In this type of foreclosure, the lender must file a lawsuit against the borrower and provide proof that the borrower is delinquent on their loan payments. The court will then issue a judgment for the amount owed, allowing the lender to begin the foreclosure process. The lender will then publish a notice in the newspaper, which officially begins the foreclosure process. The borrower will have a certain amount of time to pay off the debt, with the exact time determined by the Virginia Code. If the payments are not made, the lender will proceed with a foreclosure sale, which is the process of auctioning off the home in order to pay back the delinquent loan. The proceeds from the auction will go towards paying off the debt. If there is still money left over after the foreclosure sale, or if the home is sold for more than the amount owed, the difference will be given to the homeowner.

Related FAQs

Can I transfer ownership of my home to avoid foreclosure?
How can I find out if I am a victim of wrongful foreclosure?
Can I stop a foreclosure sale without filing for bankruptcy?
What happens to my home if I file for bankruptcy during a foreclosure?
Can I file an objection to a foreclosure sale?
Can I pay off a foreclosure in full?
What is the difference between foreclosure and bankruptcy?
Can a lender foreclose on a property with a mortgage lien?
What is a foreclosure defense attorney?
What protection do homeowners have in a foreclosure process?

What is judicial foreclosure?

Related FAQs

Related Blog Posts