How does foreclosure work in Virginia?
Virginia uses a nonjudicial foreclosure process. The owner can sell the home (or refinance/pay off) and keep the equity at any time up until the trustee's foreclosure sale is actually held — even during the 60-day notice and advertising period. After the sale, title passes to the auction buyer; any surplus above the debt and costs is paid through the trustee's accounting.
Can you catch up and keep your home?
Virginia has NO statutory right to cure or reinstate a defaulted mortgage. Any reinstatement right comes only from the loan contract — most standard deeds of trust (Fannie/Freddie uniform instruments) allow reinstatement up to shortly before sale. Check your deed of trust and ask the servicer for a reinstatement quote.
Until when can you sell and keep your equity?
The owner can sell the home (or refinance/pay off) and keep the equity at any time up until the trustee's foreclosure sale is actually held — even during the 60-day notice and advertising period. After the sale, title passes to the auction buyer; any surplus above the debt and costs is paid through the trustee's accounting. See your exact dates with the free Virginia Foreclosure Deadline Calculator.
The honest math on a Virginia foreclosure
Every day you carry the loan, arrears, fees, and interest grow. A traditional listing takes weeks to market and 30–45 more days for a financed buyer to close — time you may not have before the sale date.
A cash sale that closes before the sale date lets you walk away with your equity instead of losing it at auction. Talk to a free HUD counselor too — you may have options beyond selling.