Virginia Mortgage Foreclosure Law

• Code of Virginia, Title 55.1, Chapter 3 (Mortgages and Deeds of Trust):
  • Key Provisions
    • Notice Requirements (Va. Code Ann. § 55.1-321)
      • Lenders must provide at least 14 days’ notice before a foreclosure sale, including information about the default and the opportunity to cure it.
    • Right to Reinstate (Va. Code Ann. § 55.1-322)
      • Borrowers have the right to reinstate the loan by paying the default amount and fees before the foreclosure sale.
  • Application in Court
    • Virginia courts evaluate whether lenders have fulfilled these notice requirements and may set aside foreclosure sales if proper procedures were not followed.

Virginia Consumer Protection Act

• Va. Code Ann. § 59.1-196 et seq.:
  • Key Provisions
    • Prohibits deceptive practices in mortgage servicing and requires lenders to provide truthful information regarding loss mitigation.
  • Application in Court
    • Borrowers can file claims for damages under this Act if lenders engage in deceptive practices during the loss mitigation or foreclosure process.