Virginia Foreclosure - Finding Foreclosure Listings

Like many other states, Virginia has both non judicial and judicial foreclosure options. The process decision is generally made based on the deed of trust or mortgage terms. When there is a clause called the power of sale clause then a non-judicial foreclosure can proceed. This is a much quicker process than a judicial procedure. A judicial foreclosure goes through the court system and is also known as an in court foreclosure. This is a longer and more complicated process but is necessary in some circumstances.

Non judicial or out of core foreclosures involve having a notice of sale being posted on the property as well as various locations such as the courthouse in the local area. Anyone who has an interest in the mortgage on the property must also have the notice of sale presented to them, that includes all mortgage holders, trust deed holders and more.

The lender also needs to advertise the property for sale in a newspaper in the local county.

A public auction is then held where buyers may bid on the property and the highest bidder will buy the property. One third of the winning bid must then be paid in cash at the time of wining the auction. Although one third is generally alot of money, there are other states where the entire amount of the property price must be paid in full but this does not apply to Virginia.

There is no right of redemption period in Virginia. This is a time period where the former home owner can try to get their house back however there is no such option in Virginia. This gives buyers peace of mind that once they have won the property at auction it is theirs to keep. Judgements are not enforced in Virginia so lenders can not go after the former home owner for the extra cash owing between the difference in mortgage balance and what the property sold for at foreclosure auction.

To find foreclosure listings in Virginia, check out Foreclosure.com. This site provides one of the most updated resources in available for finding the newest listings, as well as pricing and other details.