Virginia's non-judicial foreclosure process under a deed of trust differs significantly from judicial foreclosure in mortgage states. Which of the following statements about Virginia's deed of trust foreclosure process is EXCEPT — that is, which statement does NOT accurately describe the Virginia non-judicial foreclosure process?
Correct Answer
A) A court order or judicial proceeding is required before the trustee may conduct the foreclosure sale
Option A is the EXCEPT answer because Virginia's deed of trust foreclosure is non-judicial — the trustee can sell under the power of sale without any court order or judicial proceeding.
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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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