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Discussion
Topic:
Foreclosures in Virginia
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Condo.owner
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03-31-2010 @ 9:00 AM |
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Joined: Jun 2007
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I'm trying to learn about how foreclosures work in the state of Virginia. I know it is not a no-recourse state. So if you foreclose on a home, what happens after the bank reposesses (and presumably sells for a loss) - do they then sue you for the loss? What can the bank do - take your savings, investments, retirement account, other homes/property? Thanks in advance for any details or references anyone could provide. My own searching around is not pulling up good info!
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jitendrasnv
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05-25-2010 @ 5:54 AM |
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Joined: May 2010
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Every foreclosure has its own terms and condition and it varies according to the companies so,its better to consult with the Realtor of that area.
Thanks
http://www.connecticutwebuyhouses.com
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jtfoxx
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11-07-2012 @ 1:19 AM |
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Joined: Nov 2012
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Not like that, there are some different rules applicable for different areas, like in case of west Virginia, if your home is foreclosed then the legal authorization gives you some time as an example 2-4 weeks before the public auction, if you are able to pay all your loan during these days then you can get back to your home.
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jtfoxx
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11-14-2012 @ 7:09 AM |
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Joined: Nov 2012
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I agree with you, in fact it depends on the rules of country.
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campbellsimon
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11-16-2012 @ 11:18 AM |
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Joined: Sep 2012
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A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures. This means that the borrower still owes thelender for the difference between what the property sold for at auction and the amount of the original loan.
A deficiency judgment is a court order for repayment, giving the lender the ability to liquidate any assets of the borrower to include checking and savings accounts post foreclosure, giving them the right to recover the loss suffered after repossessing the property.
The type of foreclosure a bank files plays a prominent role in whether or not they will come after a borrower for a deficiency judgment. It is much more common for a bank to pursue a borrower for a deficiency judgment after a judicial foreclosure; much less common in a non-judicial foreclosure.
The bank is only interested in collecting on wayward debt, and if they know a borrower doesn't have any resources to pay it (based on a review of his credit report) they will probably not seek a deficiency judgment after foreclosure. However, if the bank sees a chance of recovering even some of the losses from high-paid executives or individuals with investment properties or other high income producing venues, the odds go way up.
But guess what? Virginia is a NON-RECOURSE STATE meaning that the bank is not allowed to come after a consumer for money post foreclosure.
So, once the property is sold off a foreclosure, the bank cannot seize your assets - but - you will have the foreclosure on your credit record for a long time.
Simon Campbell - http://bankforeclosuressale.com
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buddsimons
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03-25-2013 @ 2:48 AM |
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Joined: Mar 2013
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Every property foreclosure has its own conditions and situation and it differs according to the organizations so,its better to seek advice from with the Agent of that place.
Call us at our Toll Free No. 877-325-8280 or Visit : http://www.countyline.illinoisproperty.com
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