What are the foreclosure laws in my state?

In the state of Virginia, the law governing foreclosure is the Virginia Nonjudicial Foreclosure Act. The purpose of this Act is to provide a process for a secured creditor (lender) to repossess a property that was used to secure a loan and to manage the sale of the property to satisfy the loan that is in default. The foreclosure process in Virginia is a nonjudicial one, meaning that it does not involve the court system. Instead, it is a private process that is conducted by the lender and managed by a trustee. The lender is responsible for providing the borrower with a written notice of default and intent to sell the property at least twenty-one days before the date of sale. At the time of sale, the trustee must post a notice of sale for at least twenty-one days and provide the borrower with a copy. The sale is held at the location posted on the notice of sale, and the successful bidder must pay the purchase price in cash or certified funds to the trustee. After the sale, the trustee must provide a deed in lieu of foreclosure to the buyer and send a sale report to the lender. The Virginia Nonjudicial Foreclosure Act also provides certain protections for borrowers in foreclosure. For example, the Act gives the borrower the right to reinstate the loan at any time before the sale by paying all past due payments, fees, and costs at least five days before the sale. Additionally, the Act provides that any surplus proceeds from the sale must be returned to the borrower after all amounts due have been paid.

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What are the foreclosure laws in my state?

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