While some of the state’s offer several requirement before a lender can foreclose, But Virginia has a very few similar laws. Virginia permits lenders in Henrico to foreclose on delinquent load without going to court if the trust deed includes “power of sale” clause which authorize the sale of home under certain situations. Still, the trustee must follow Virginia law and the requirements in the Deed of Trust. Virginia foreclosure laws require two particular steps irrespective of the language of the Deed of Trust: advertisement and notice.
Foreclosure in Virginia requires advertisement and the trustee must publish the advertisement in the newspaper in the country where property lies. The ad should be in the newspaper for three different days or once a week for two weeks. The Deed of Trust might also include the additional advertisement provisions and there is no language about advertisement in the Deed of Trust. . The sale cannot be held less than eight days subsequent to the first advertisement or more than thirty days following the last advertisement. If a trustee fails to follow the publication rules, the proper law court must render the sale voidable. According to foreclosure laws in Hanover Virginia, the advertisement must include:
- General description about the property
- The time, place and terms of sale
- The name of trustee
- Contact information for inquires conceding the sale
Courts have determined that a failure to obey with the content requirements for advertising will only reduce the sale void if the failure caused some sort of injustice to the homeowner. An example of injustice is a reduced sale price.
Foreclosure in Virginia also require a notice. The foreclosing trustee must send the notice of the sale to the owner through mail. The notice must contain the time, date, and place of the sale. It must also have other particular information from the Deed of Trust or a copy of the appointment of the additional trustee. The trustee must mail or individually deliver this notice 14 days earlier to the sale. Mailing the ad satisfies the requirement. Virginia law does not need that the owner of the goods essentially receive the notice, only that the notice be sent to the last known address of the owner. Furthermore, violation of these rules does not automatically render a foreclosure sale void. A trustee or lender cannot be held accountable for failure to obey with these requirements.
The foreclosure process in Hanover Virginia moves quickly and the homeowner might only get around two weeks’ notice before the home is sold at a foreclosure sale. If you are worried about, or imminently facing, foreclosure in Virginia, you should inform yourself about Virginia’s foreclosure laws and measures so you know exactly what will happen and how long the process will take. If you believe that a trustee is continuing to foreclosure without obeying with Virginia Law or the Deed of Trust, several courts in Virginia will hear cases to prevent the foreclosure.