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Virginia Foreclosure Laws and How They Affect You
VA Foreclosure Laws have recently caused a tremendous amount of difficulty for some people. When facing the possibility of foreclosure, or even when considering the purchase of a home, it is good to have an overview and general idea of the law in this area.

First, Virginia is considered among the states that operate under what is known as the “title theory.” The title theory regarding real property refers to the principle that a borrower purchasing real property through a loan from a lender does not actually hold the title. The lender holds the title in the name of the borrower through execution of a Deed of Trust.The title passes to the borrower upon full payment of the obligation to the lender. In contrast, a state that follows the lien theory allows the borrower to hold title to the property with the lender placing a lien through a mortage instrument.

Generally, a state that follows the lien theory requires a lawsuit to be filed by the lender in order to foreclose on a property and a state that follows the title theory does not require court intervention. Virginia, being a title theory state, follows the general principle and is a non-judicial foreclosure state. A Lender in Virginia, can send a borrower a notice of foreclosure sale and foreclose on the property within fourteen (14) days of mailing said notice. A Homeowner therefore may have little time to assess their legal rights when facing foreclosure.

Once a foreclosure sale occurs in Virginia, the homeowner loses many legal rights and opportunities. There is no redemption period for a borrower to redeem the property and stay in the home. The whole foreclosure process can take approximately 60-90 days for a lender to complete. If you find yourself in this position it is imperative to act swiftly and contact an attorney with experience in this area.

When purchasing a home and entering into an agreement with a lender to finance the purchase, a homeowner should be sure to read carefully every document and ask questions. By making an effort to protect their rights before entering a relationship with a lender, a borrower can save much headache later.

Karen M. Kennedy & Associates, PLC is an expert in VA Foreclosure Laws.

Her law firm focuses specifically on the practice areas of Foreclosure Defense. Our firm is located in Warrenton, VA and has attorneys who practice in Federal Bankruptcy Court in the Eastern and Western District of Virginia and various State Courts across the Commonwealth of Virginia.

We are dedicated to providing the highest quality of legal service in the area of VA Foreclosure Laws to our clients and will work tirelessly on their behalf. Our firm has over 30 years of experience in the practice of VA forclosure law and is here to help with all of your legal needs. Contact our law office today to learn more about how we can help.

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Stopped Over 50 Foreclosures
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