[INFOGRAPHIC] Avoiding the VA Foreclosure Process

 

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Timeline for the Foreclosure Process in Virginia

Month 1: You’ve missed a mortgage payment and have started to receive calls from the bank. You’ll also receive a notice of default and a mediation request.

Month 2: Lender sends a notice of intent to foreclose and sale information.

Month 3: Your home has been advertised as “For Sale” between 3 days-4 weeks and has now sold. The difference in time depends on if there was a deed of trust that contains a power of sale. If there was a power of sale then the sale instructions in that document must be followed.

Month 4: A commissioner reviews the sale and expenses. There is no redemption period in Virginia. The deed is then transferred to the new owner.

Month 5: If you have still not left the property then the sheriff can get involved to remove you from the property. There is no redemption period after a sale is made in VA, but there is deficiency judgement after the sale.

These timelines are not meant to be legal advice, rather a starting point for foreclosure assistance .  The timelines also differ depending on what actions you choose to take to avoid foreclosure. Always consult with a foreclosure lawyer or your lender.  

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