How does foreclosure work in the state of Virginia?

In Virginia, the lenders can also go to court in what is known as a judicial foreclosure proceeding, where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale by the sheriff.

Can a foreclosure sale be postponed in Virginia?

The foreclosure sale may be postponed at the request of the trustee and advertisement of the postponement must take place in the same manner as the original sale. In Virginia, the lenders can also go to court in what is known as a judicial foreclosure proceeding, where the court must issue a final judgment of foreclosure.

Can a veteran buy a house in a foreclosure?

Anyone can buy VA foreclosure, and qualified buyers are also entitled to a VA loan. VA loans enable a qualified buyer to buy a home without any down payment. Veterans with VA status are also eligible to purchase such homes. Many federal agencies sell foreclosed properties, and the Department of Veteran Affairs is one of them.

When does a house show as being in foreclosure but states that?

A foreclosure is a process that starts with the the lender initiating the process. Once the process has been completed it will then be considered foreclosed upon. Even then, a lender may not put the property on sale for quite a while. Once a foreclosed property is put on the market as active it is known as an REO or Real Estate Owned by the lender.

In Virginia, the lenders can also go to court in what is known as a judicial foreclosure proceeding, where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale by the sheriff.

The foreclosure sale may be postponed at the request of the trustee and advertisement of the postponement must take place in the same manner as the original sale. In Virginia, the lenders can also go to court in what is known as a judicial foreclosure proceeding, where the court must issue a final judgment of foreclosure.

How does a foreclosure at the courthouse work?

Foreclosures involving the courthouse are known as judicial foreclosures. In some states, lenders must go through the courts to foreclose on a property when the mortgage has not been paid.

When do you have to leave your home during foreclosure?

This process can take a few months or, in some cases, as much as a year—or even longer in states where foreclosures take a long time, like Florida and New York. (Learn about states with long foreclosure timelines.) Read on to find out more about when you have to leave your home as a result of foreclosure.