Virginia
Virginia Code § 55.1-320. Non-Judicial foreclosure state.
Judicial Type
Non-Judicial
Redemption
No statutory right of redemption after non-judicial foreclos
Deficiency
Lender may pursue deficiency. Deficiency limited to debt − f
Mediation
No mandatory statewide program. Virginia Housing provides fo
Statute Citation
Va. Code Ann. §§ 55.1-320 to 55.1-343
Redemption Period
No statutory right of redemption after non-judicial foreclosure. The foreclosure sale is final. The borrower's equitable right of redemption ends when the trustee's deed is recorded.
Deficiency Judgment Rule
Lender may pursue deficiency. Deficiency limited to debt − fair market value (Va. Code § 55.1-332). The borrower must assert the fair value defense. Deficiency action must be brought within 6 months of sale.
Notice Requirements
Notice of sale published and mailed to borrower. Notice must be sent at least 14 days before the sale. Virginia requires strict compliance with the terms of the deed of trust.
Mediation Program
No mandatory statewide program. Virginia Housing provides foreclosure prevention resources and counseling.
Key Provisions
- Non-judicial foreclosure under power of sale
- Strict compliance with deed of trust terms required
- No post-sale redemption
- Fair value defense to deficiency
Homeowner Protections
- Fair value limitation on deficiency (must assert as defense)
- Notice requirements provide some advance warning
- Strict compliance with deed of trust terms — deviations void the sale
- Virginia Housing counseling and prevention resources
Frequently Asked Questions
How does Virginia's fair value defense work?+
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