What is the difference between mortgage foreclosure and lien foreclosure?

Mortgage foreclosure and lien foreclosure are two forms of real estate litigation in Virginia. In a mortgage foreclosure, a lender can take over property as repayment for a loan that is not being paid according to the terms of the loan agreement. The mortgage foreclosure process typically begins when a homeowner has missed a number of payments and the lender gives notice of the default. The lender can then proceed with the foreclosure after following certain steps that are required by law. In a lien foreclosure, the lender can take over property as repayment for an unpaid debt that is secured by a lien on the property in question. A lien is a legal right to possess or take ownership of the property if a debt is not paid in a timely manner. The lien foreclosure process typically begins when a homeowner misses payments on a debt and a lien holder gives notice of the default. The lien holder can then proceed with the foreclosure after following certain steps that are required by law. The main difference between mortgage foreclosure and lien foreclosure is that mortgage foreclosure involves a loan while lien foreclosure involves an unpaid debt secured by a lien. Additionally, the process and steps required by law are different for each form of foreclosure. It is important to note that the foreclosure process in Virginia can be complex and it is important to work with a professional that is knowledgeable in the area of real estate litigation law.

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What is the difference between mortgage foreclosure and lien foreclosure?

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