What are the foreclosure statutes in my state?

In the State of Virginia, foreclosure statutes are outlined in the Virginia Code, Title 55, Chapter 10 and Title 34, Chapter 4. According to these statutes, a lender may foreclose on a property when a homeowner fails to make loan payments. The foreclosure must be done through a court ordered process. Foreclosures in Virginia can occur in two ways - judicial foreclosure or non-judicial foreclosure. Judicial foreclosure occurs when a court must determine if the lender has the right to take the home and sell it in order to recoup the amount of the loan. The homeowner will receive a foreclosure notice from the court and will have a certain amount of time to respond. If the homeowner does not respond, then the court will grant the lender permission to foreclose. Non-judicial foreclosure occurs when the lender can foreclose on the property without having to go through the court system. This process is also called power of sale or deed of trust foreclosure. Here, the lender must provide a homeowner with a notice of default and right to cure showing the amount due and other details. The lender may then proceed with the sale of the property after a certain number of days have passed. In the end, the foreclosure process can be complicated and should not be taken lightly. It is important for homeowners to contact a lawyer if they are facing foreclosure so that they can learn more about the laws in their state and their rights as a homeowner.

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What are the foreclosure statutes in my state?

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