Va Deed Virginia Foreclosure

State:
Virginia
Control #:
VA-46001
Format:
Word; 
Rich Text
Instant download

Description

This is a sample form for use in Virginia, a Deed of Gift. It is available in Word and Rich Text formats.

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How to fill out Virginia Deed Of Gift?

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FAQ

VA foreclosure works similarly to any mortgage foreclosure process. There are limited cases in which you could be foreclosed upon much more quickly (for example, triggering due-on sale provisions).

Deed in lieu of foreclosure: This plan lets you avoid the foreclosure process by signing over the deed to the home to your servicer. The home will then belong to the servicer. Note: This option could result in a loss or reduction in your future home loan benefit.

A: If foreclosure unavoidable, it may directly affect your VA loan entitlement. If the government suffers any loss as a result of your delinquency, the amount of entitlement that was used for the VA loan cannot be restored until the loss is paid back.

VA loan entitlement cannot be regained after foreclosure without repaying the VA in full. The good news is that many borrowers are able to purchase again using their second-tier entitlement.

Under Virginia law, foreclosures are done outside of court. Virginia is a non-judicial state therefore the Trustee simply sells your property, usually at a public auction to the highest bidder. Before doing this, the Trustee must follow the rules set forth in your Deed of Trust.

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Va Deed Virginia Foreclosure