What are the duties of the lender in a foreclosure?

The lender in a foreclosure has several important duties. In Virginia, the lender must give the homeowner a Notice of Intent to Foreclose followed by a Foreclosure Advertisement. The Notice of Intent must be sent to the homeowner at least 28 days prior to the foreclosure. The Foreclosure Advertisement must be posted at least 21 days before the foreclosure sale. The lender must also file a Complaint to Foreclose with the court and serve the Complaint to the homeowner. The Complaint must include a statement of the amount owed, a list of the parties involved, and the property in foreclosure. The lender must also disclose to the court any defects that would hinder the sale of the property. Finally, the lender must post the Notice of Sale at least 20 days before the sale of the property. The Notice must include the address of the property, the date of the sale, and the starting bid for the property. The lender must comply with all these steps in order to properly foreclose on a property in Virginia. If the lender fails to abide by all the required steps or provide proper notification, the foreclosure can be delayed or canceled altogether.

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