What is the foreclosure process in my state?

The foreclosure process in Virginia is a series of steps that are taken by lenders to reclaim a property from a borrower who has failed to make loan payments. The process begins when the lender sends a “notice of default” to the borrower that states the amount of debt owed and that they must act to cure the default within a certain period of time. If the borrower fails to do this, the lender may issue a “notice of sale,” which informs the borrower that the lender is planning to sell the property to pay off the debt. The next step is to publish the notice of sale in a local newspaper for four consecutive weeks. This gives the borrower and other interested parties an opportunity to object to the sale if they believe the lender is not following the proper procedures. If no objections are made, a public auction is held in which the property is sold to the highest bidder. The lender may bid on the property or choose to accept a smaller payment from the borrower to settle the debt. The buyer of the property must then pay the total sale price to the lender within 10 days of the auction. Once all of these steps are complete, the lender is given clear title of the property. Any remaining debts owed to the lender must still be paid, however, and the borrower still has the right to redeem the property at any time before the sale is finalized.

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What is the foreclosure process in my state?

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