Q: Which Virginia court handles foreclosure excess proceeds disbursements?
Fiduciaries in Virginia must file accountings and reports with the Commissioner of Accounts for the city or county involved. If a foreclosure auction results in a surplus of proceeds, most substitute trustees would file an interpleader action in the Circuit Court and name all interested parties as defendants, to limit the substitute trustee's potential liability for disbursement. The auction notice indicates the place of the auction, which is typically the city or county courthouse. Presumably, this would be the same court where an interpleader would be filed.
Anyone interested in a foreclosure sale in Virginia should consult with an experienced Virginia creditor-debtor law lawyer.
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