What is the statute of limitations on foreclosure?

In Virginia, the statute of limitations on foreclosure is five years. This means that lenders have five years to file a foreclosure lawsuit against a borrower who has defaulted on their loan. After five years, lenders are no longer able to take legal action against the borrower for the unpaid debt. Foreclosure proceedings in Virginia must be initiated by filing a lawsuit in circuit court. Once the lawsuit is filed, the borrower must then be served with notice of the foreclosure. The borrower then has the option to contest the lawsuit in court. The speed of the foreclosure process in Virginia varies depending on whether the borrower contests the lawsuit. In a contested foreclosure, court proceedings can take up to several months before the judge rules on the case. Alternatively, if the borrower does not contest the lawsuit, the foreclosure may be completed within a matter of weeks. Regardless of the timeline, lenders must act quickly if they wish to foreclose on a property since they are limited to five years after the initial default. This is an important deadline to keep in mind when dealing with foreclosure in Virginia.

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What is the statute of limitations on foreclosure?

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