Virginia Foreclosure Laws
Virginia Foreclosure Laws
What are the laws of Virginia, in regard to foreclosures? Can the creditor come after your other assets?
I have an investment property that I can not make payments on and wanted to see if the lender can come after my salary, 401k, etc in Virginia if I leave the house.
If the lender forecloses and sells the property for less than you owe (including all foreclosure fees, interest expenses, selling costs etc), I can sue for the balance. If the lender obtains a ruling against him, his wage is subject to attachment, your real estate and can be garnished bank accounts can be seized. Your 401k is probably exempt. Also note that the judgments are valid for a very long time – 20 years in some states. Also earns interest until paid – much better than market rates.
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