Foreclosure can be an overwhelming and intimidating word for any homeowner. In Virginia, understanding the foreclosure process can help you make better decisions, especially if you’re trying to avoid losing your home. Whether you’re behind on payments, facing a job loss, or dealing with unexpected medical bills, knowing the steps lenders take to repossess a home is critical.
This guide explains the Virginia foreclosure process in clear, simple terms and outlines how Home Buyers of Virginia can provide fast, reliable solutions if you’re facing foreclosure.
Virginia Is a Non-Judicial Foreclosure State
Virginia is one of the 30+ states in the U.S. that follows a non-judicial foreclosure process, meaning lenders do not have to go through the court system to foreclose on a home. Instead, the process is governed by the deed of trust, which includes a power of sale clause. This clause gives the lender authority to sell the home if the borrower defaults.
Key takeaway: Foreclosure in Virginia moves faster than in judicial foreclosure states, often leaving homeowners with less time to find alternatives.
Step-by-Step Foreclosure Process in Virginia
1. Missed Payments
The process begins when you miss one or more mortgage payments. Most lenders allow a short grace period, typically 15 days. After that, they may charge late fees and begin contacting you about the missed payment.
2. Notice of Default (NOT required in VA)
Unlike many other states, Virginia law does not require a lender to send a Notice of Default (NOD) before moving forward with foreclosure. However, most lenders still send this notice out of good faith and to comply with federal mortgage servicing laws.
3. Pre-Foreclosure Contact
Federal regulations require mortgage servicers to try to contact borrowers (usually after 36 days of delinquency) to discuss loss mitigation options. These could include:
- Loan modification
- Forbearance
- Repayment plan
- Short sale
4. Notice of Sale
If the issue isn’t resolved, the lender will proceed with issuing a Notice of Trustee’s Sale. Virginia law requires:
- At least 14 days’ notice before the sale
- The notice must be sent via certified mail to the borrower
- The sale must be advertised in a local newspaper for three consecutive weeks
5. Trustee’s Sale (Foreclosure Auction)
The foreclosure sale typically takes place at the local courthouse. The property is sold to the highest bidder, which could be the bank or a third-party investor.
6. Post-Sale Eviction
If the property is still occupied, the new owner must initiate an eviction (also called unlawful detainer) process. You will receive a 5-day notice to vacate before formal eviction proceedings can begin.
Timeline: How Long Does Foreclosure Take in Virginia?
Virginia’s non-judicial process can move quickly. Here is a general timeline:
- Day 1: Missed payment
- Day 36-60: Loss mitigation contact
- Day 90: Most lenders consider the loan officially in default
- Day 91+: Notice of Sale issued (minimum 14 days before sale)
- Day 105-120: Foreclosure sale occurs
In total, the process could take as little as 90 to 120 days from the first missed payment.
Can You Stop a Foreclosure in Virginia?
Yes. Here are four ways to stop or delay foreclosure:
1. Reinstatement
You can bring your loan current by paying all missed payments, late fees, and legal costs before the sale date.
2. Loan Modification or Forbearance
You can work with your lender to change the terms of your loan or temporarily pause payments.
3. Bankruptcy Filing
Filing for Chapter 13 or Chapter 7 bankruptcy creates an automatic stay, which temporarily stops the foreclosure.
4. Sell Your Home for Cash
Selling to a cash home buyer like Home Buyers of Virginia can stop the foreclosure and put cash in your pocket before the sale occurs.
Why Virginia Homeowners Are Turning to Cash Buyers
Selling to an investor is often the fastest way to avoid foreclosure. Here’s why:
- No Repairs Needed: We buy houses as-is, so you don’t have to spend money you don’t have.
- Fast Closings: Most deals close in 7 to 14 days.
- No Agent Fees or Commissions: More money in your pocket.
- No Waiting: Avoid long listing times and showings.
Important Rights for Homeowners Facing Foreclosure in Virginia
- Right to Cure: You can reinstate your loan up until the foreclosure sale.
- Right to Challenge: If you suspect improper foreclosure procedures, you may be able to challenge the sale in court.
- Right to Surplus Funds: If the home sells for more than you owe, you’re entitled to the surplus (after fees are deducted).
Does Foreclosure Affect Your Credit?
Yes. A foreclosure can drop your credit score by 100 to 160 points and stay on your report for up to 7 years. The earlier you act, the better your chances of avoiding long-term financial damage.
Home Buyers of Virginia: A Trusted Solution for Avoiding Foreclosure
We understand that life can throw curveballs. At Home Buyers of Virginia, we work with homeowners in tough situations. Our goal is to make selling your home simple, stress-free, and fast.
- We’ll visit your property quickly
- Make a fair, no-obligation cash offer
- Close on your timeline—as fast as 7 days
With nearly a decade of experience and over 550 homes purchased, we know how to help Virginia homeowners avoid foreclosure and move forward with dignity.
If you’re facing foreclosure in Virginia, you still have options. Home Buyers of Virginia is your local, trusted real estate investment team that buys houses fast for cash. No commissions, no hidden fees, no repairs needed. Call us today at 804-391-0884 for a fair, no-obligation cash offer and let us help you avoid foreclosure and move forward with peace of mind.