Patricia defaulted on her home loan in Northern Virginia. The trustee named in her deed of trust has been instructed by the lender to proceed with foreclosure. Before conducting the sale, the trustee is required to advertise the foreclosure sale. Under Virginia law, what is the minimum advertising requirement for a non-judicial foreclosure sale?
Correct Answer
A) Once per week for two consecutive weeks in a newspaper of general circulation in the county or city where the property is located
Under Virginia Code § 55.1-321, a non-judicial foreclosure sale must be advertised at least once per week for two consecutive weeks in a newspaper of general circulation published in the county or city where the property is located. The sale date must be at least eight days after the first advertisement. This statutory notice requirement ensures the public has an opportunity to learn about the upcoming sale.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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