Foreclosure Laws in Henrico Virginia

Under the foreclosure laws in Henrico Virginia, the foreclosure process moves rapidly and an owner of a house many only get around a 14 days’ notice prior to the sale of the house at a foreclosure sale. In case you are worried about or imminently going through a foreclosure in Henrico Virginia, it is important to consult with a foreclosure lawyer and get yourself educated about the foreclosure laws in Henrico Virginia. This will help you to know exactly what will happen and how long the process will take. Under the foreclosure laws in Henrico Virginia, an owner of a house who is behind on a mortgage payment usually gets only one official notice before losing the house to a foreclosure. This is a 14 days’ notice of sale.

The good news is that, under most of the circumstances, foreclosure laws in Henrico Virginia restrict the banks from selling your house in a short time period if you miss your mortgage payment. Instead, the foreclosure laws in Henrico Virginia require that the bank should wait for a time period of 4 month before initiating a foreclosure sale of the house. These 4 months serves as a grace period for the home owner to manage to pay the overdue amount against the mortgage payments or apply for a loss mitigation, such as a loan modification. A loss mitigation is an alternative to a foreclosure sale of a house. As soon as the bank receives your loss mitigation application, which also serves as a foreclosure avoidance, the bank must assess it, inform the house owner about its decision and wait for any applicable appeal period to expire before commencing the process of foreclosure as per the foreclosure laws in Henrico Virginia.

There are two categories of a foreclosure, namely judicial foreclosure and non-judicial foreclosure. A judicial foreclosure requires the court system and will commence as soon as bank files a lawsuit against the home owner, setting forth why it is authorized to sell the house through an auction. The court will consider the evidence and if agreed, will pass a judgment allowing bank to initiate the foreclosure sale and apply the proceeds towards the mortgage debt. In a non-judicial foreclosure process, the lender is not required to sue you in court before proceeding foreclosure sale of your house. Instead, it will follow the steps outlined in foreclosure laws in Henrico Virginia. Once complete, the bank can sell the home at a foreclosure sale. Most of the foreclosure sales in Henrico Virginia are based on a non-judicial foreclosure process. A bank is not required to do a lot when pursuing a non-judicial foreclosure sale of your house. The minimal steps in a non-judicial foreclosure process require the bank to do two things, first is to send one foreclosure notice at least 14 days before the foreclosure sale and secondly publish a notice of the sale in the newspaper.