Foreclosure in Virginia

[pt721]

Can someone tell me how the foreclosure process works in VA? Once the bank turns the file over to their attorney what can I expect as far as time line and method of sending paperwork or whatever to me? Thanks

[IamOld]

VA is a non judicial state...once you receive your notice of default, you have X days to cure the default...now I know today things may be slower, but in theory, it could be w/in 90 days...

[chicagoed195]

I guess it depends on the bank and the property. In our case, it was less than 60 days between the notification of intent to foreclose and the setting of an auction date. My next door neighbor lived in their house for 18 months while negotiating a short sale.

[IamOld]

Yeah, like Chicagoed says, in VA isn't like NY or IL...I wouldn't count on more than 90 days... :-(

[feelingnutsy]

Virginia seems to be one of the fastest-moving states for foreclosure---
probably because it doesn't have the high levels that other states do---
and I would say that it takes roughly two weeks between the time that
the bank notifies its attorney in your area---and then you get the notifi-
cation directly from said attorney---and another 45 days until the auction.

[IamOld]

va is a state that truly hates it's own citizens

[daxtell]

depending on which bank or entity took the house back from the previous owner it could be up to 6 months or more. i work for a broker/realtor who manages thousands of properties in virginia that have been foreclosed on. it just depends on the situation and what that particular bank offers to the occupant. i have seen one bank grant a lease to a former owner and others not allow it. they offer cash for keys and work in conjunction with the attorney the bank has also assigned to make sure the owners have left before a lockout or eviction takes place within the time frames. requires open communication on both sides. it is truly important that once someone gives an owner an occupant status notice. do definately call and start the process. if you ignore it, they will assume it is vacant and proceed with the eviction right away accordingly.