Foreclosure Law In Virginia
December 29th, 2006
Foreclosure Law In Virginia
Question: What are the Virginia laws in regards to foreclosures? Can the lender come after your other assets?
I have an investment property that I can no longer make payments on and wanted to see if the lender can come after my salary, 401k, etc. in Virginia if I walk away from the house.
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Answer: If the lender forecloses and sells the property for less than you owe (including all the foreclosure fees, interest, per diems, selling costs, etc.), it can sue you for the balance. If the lender then gets a judgment against you, your pay is subject to garnishment, your real estate can be liened and your bank accounts can be seized. Your 401k is probably exempt.
Also, be aware that judgments are valid for a very long time - 20 years in some states. They also accrue interest until paid - at much better than market rates.
Stop Foreclosure Virginia Beach County VA, Stop Foreclosure
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