If you are facing foreclosure in Virginia, it’s important to understand some of the basics, including:
- the most common type of foreclosure procedure (judicial v. nonjudicial) used in Virginia
- how much time you have to respond
- your rights and protections in the process, and
- what happens afterwards (for example, whether you’ll be liable for a deficiency judgment).
Below we have outlined some of the most important features of Virginia foreclosure law. Keep in mind that this is just a summary; we’ve included statute citations so you can get more details from the laws themselves. And be sure to check out Nolo’s extensive Foreclosure section, where you can find information about all aspects of foreclosure, definitions of foreclosure terms (like redemption and reinstatement), and options to avoid foreclosure.
|Common type of foreclosure process||Nonjudicial: under power of sale in deed of trust|
|Time to respond||Foreclosing party must serve notice of sale on homeowner by mail or publication. Homeowner has 14 days to respond if service is by mail. If foreclosing party uses publication, generally notice must be published in a local newspaper of general circulation once a week for four consecutive weeks unless deed of trust provides for a different interval. (Rules for publication, or “advertisement,” are complicated.) Sale can be held eight to 30 days after last publication.|
|Reinstatement of loan before sale||No|
|Redemption after sale||Not allowed in nonjudicial foreclosures|
|Special protections for foreclosures involving high-cost mortgages||None|
|Special state protections for service members||Va. Code Ann. § 8.01-15.2|
|Deficiency judgments||May be obtained in a separate lawsuit after the sale|
|Cash exempted in bankruptcy||$5,000 for one person, $10,000 for a married couple|
|Notice to leave after house is sold||New owner does not have to give former owner notice before filing eviction lawsuit|
|Foreclosure statutes||Va. Code Ann. §§ 55-59 to 55-66.6|