What deeds of trust can a lender use in a foreclosure process?

In Virginia, a lender can use several different types of deeds of trust as part of the foreclosure process. The most basic type of deed of trust is the deed of trust with power of sale, which authorizes the lender to take possession of the property if the borrower defaults on the loan. Another type of deed of trust is the deed of trust with judicial sale, which requires the lender to seek a court order in order to take possession of the property. A deed of trust with acceleration is another type of deed that can be used in the foreclosure process. This deed of trust allows the lender to accelerate the loan balance if the borrower misses payments. This means that the entire balance of the loan is due in one lump sum. The lender can then take possession of the property and sell it in order to recover the loan balance. Finally, a deed of trust with a strict foreclosure can be used by a lender. This deed of trust allows the lender to take possession of the property without going through the court process. The borrower will no longer own the property, and the lender will be responsible for the outstanding loan balance. Overall, a lender in Virginia can use various deeds of trust in the foreclosure process. Depending on the circumstances, certain deeds of trust may be more beneficial than others. It is important to understand all of your options and choose the best one for your situation.

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