1.1 Introduction
Library | Enforcement of Liens and Judgments in Virginia (Virginia CLE) (2019 Ed.) |
1.1 INTRODUCTION
1.101 In General. In Virginia, there are three ways that a deed of trust lien may be foreclosed: (i) through sale by a trustee under a deed of trust; (ii) by a voluntary surrender of the property and a full conveyance thereof by the grantors under the deed of trust and the trustee to the beneficiary in consideration for the cancellation of the whole or any part of the secured debt ("deed in lieu of foreclosure"); and (iii) by decree of court ("judicial foreclosure").
1.102 Limitations Periods. The Virginia General Assembly amended section 8.01-241 of the Virginia Code limiting the enforcement of a deed of trust or mortgage to 10 years from the maturity date of the obligation, excluding one year from the date of death of any party in interest. This 10-year limitation may be extended by recording a certificate in the clerk's office of the circuit court where the lien is recorded. 1 Unless the deed executed pursuant to the foreclosure of any mortgage or to the execution of or sale under any deed of trust is recorded in the county or city where the land is situated within one year after the time the right to enforce the mortgage or deed of trust has expired, the deed shall be void as to all purchasers for valuable consideration without notice and lien creditors who make any purchase of or acquire any lien on the land conveyed by the deed before the time the deed is recorded.
1.103 Foreclosure by a Trustee.
A. Trustee's Sale. The most common procedure for foreclosure is the sale of the property by a trustee. A trustee can act only in a...
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- 1.1 Introduction
- 1.2 The Trustee
- 1.3 Initial Procedures
- 1.4 The Sale
- 1.5 Settlement and Accounting
- Appendix 1-1 Additional Form for Certificate to Extend Enforceability of the Deed of Trust or Mortgage
- Appendix 1-2 Substitution of Trustee
- Appendix 1-3 Letter to Debtor
- Appendix 1-4 Notice of Acceleration
- Appendix 1-5 Trustee's Sale of Real Estate Newspaper Ad
- Appendix 1-6 Letter to Newspaper
- Appendix 1-7 Additional Terms of Sale
- Appendix 1-8 Purchaser's Contract with Trustee
- Appendix 1-9 Two-party Trustee's Deed
- Appendix 1-10 Three-party Trustee's Deed
- Appendix 1-11 Account of Foreclosure Sale Under Deed of Trust
- Appendix 1-12 Notice
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