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Virginia Foreclosure Law

Virginia Foreclosure Law need to be comprehended if you want to stop the process of foreclosure. Both judicial as well as non-judicial foreclosures are present in the state. So with and out of court's settlement are possible. Right of redemption varies from case to case and the time line for the foreclosure process is generally 60 days. The presence or absence of Power of Sale makes the process non-judicial or judicial respectively.

Power of Sale

In Non-judicial foreclosure process sometimes the procedure for the VA foreclosure auction has been mentioned but in some cases it is the Power of Sale Guidelines that are followed. The sale of the property is executed either by the lender or the representative of the lender, who is called trustee. The Power of Sale Guidelines are as follow:
  • Advertisement of foreclosure sale is published for three days (can be consecutive) in the newspaper, if mentioned in the deed of trust
  • If the way of advertising is not mentioned then it should appear once in every week for four consecutive weeks
  • If the property is close to the city then there is the requirement of add to come on the newspaper for five different days
  • 14 days before the date of sale the copy of advertisement or notice must be mailed to the borrower
  • According to the VA foreclosure law the auction or sale of the property cannot take place before 8 days of first day and 30 days after the publication of the last ad.
  • Except for trustee anyone can make the bid and property is given to the highest bidder
  • At the sale the highest bidder needs to give 10 percent of the total amount

Virginia Foreclosure Lawyer

With the expanding number of VA Foreclosure homes, there are many law firms and foreclosure attorneys. You can consult these for representing your case in the court, which is a way of protecting your home and equities. They can also explain the foreclosure law in Virginia. But before anything, talk to your lender so that possible solution can be found.

Realestatezing.com has also provided you with the list of websites showing info on Virginia foreclosure law. Along with this you can also check the website for preventing foreclosure in VA.
 
We Stop Virginia Foreclosure.com
The expert team of real estate professionals runs the We Stop Virginia Foreclosure. You can get complete information on the foreclosure laws in Virginia. Along with this for free consultation you can contact these on their toll free number. At the same time online query regarding to your foreclosure problem can also be sent that is answered by an expert.
Website: http://www.westopvirginiaforeclosure.com/foreclosure_law.htm
 
Virginia Foreclosure Prevention Task Force
Virginia Foreclosure Prevention Task Force is an official organization that help you in stopping the foreclosure process by guiding you and assisting you. For foreclosure help you can register yourself and get free face to face counseling and for this Free Mortgage Clinic has been established.
Website: http://www.virginiaforeclosureprevention.com/tips.asp
 
Foreclosure Select.com
Foreclosure Select.com gives Virginia foreclosure law summary.
Website: http://www.foreclosureselect.com/Virginia_Foreclosure_Law.htm


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