In Virginia, a deed of trust with a stated maturity date has a statute of limitations of 10 years from the maturity. If there is no maturity date, the statute of limitations is 20 years from the recordation date of the deed of trust, except for credit line deeds of trust. With a credit line deed...View More
The trustee or substitute trustee who sells real estate in Virginia at a foreclosure auction at the direction of the noteholder must account for the proceeds of the sale to the county or city Commissioner of Accounts in the jurisdiction where the property is located. The provisions of the deed of...View More
My home, land, and retirement accounts do not have his name on them, but the marital home that he lives in may be at risk of a foreclosure as he is behind on payments. He was given a year to get the mortgage refinanced into just his name, but he has awful credit and won't be able to. It's... View More
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...View More
The same court where the foreclosure action was docketed and proceeded to auction and ratification of the sale. That would be the circuit court in the jurisdiction where the property is located. As this is a Virginia matter and you posted this question on a Maryland legal forum, you should consult...View More
We were all served paperwork stating that the property would be auctioned off to pay what's owed and we would receive the difference. A couple weeks after the auction date I contacted the law office in charge of the sale to see how much the property sold for. I was told it didnt go to auction... View More
Wow. You probably did a very stupid thing by not stepping in. In a foreclosure, the secured and foreclosing party will bid as much but not more than what is called the upset price. That is the amount they are owed after fees and expenses. In a very hot market, especially with all the many varieties...View More
A former owner of real estate that was sold at a foreclosure auction becomes a tenant at sufferance after delivery of a deed from the substitute trustee. A tenant at sufferance is one who enters into possession of real property lawfully, but remains in possession unlawfully. After title to the...View More
This is a Virginia reverse mortgage deed of trust that was accelerated when last owner died. Then subsequent owner who inherited died later as well. Due to acceleration, is the 5 or 6 year contract SOL valid, plus adding a year for each death of owner? Finally, does a Lis Pendens stop or affect... View More
§ 8.01-236. Limitation of entry on or action for land.
No person shall make an entry on, or bring an action to recover, any land unless within fifteen years next after the time at which the right to make such entry or bring such action shall have first...View More
In 35 years of practice, I've never seen this issue. Interesting. Plainly, you need to file some equivalent action to a Quiet Title action, and you'd probably name that a Complaint for Declaratory Judgment. But, I'd need to hit the library as to how to clear title to a residential...View More
The mortgage bank (Wells Fargo)will not allow any modified (smaller) payments, will not work out any forbearance plan until the total amount past due is paid first. The home just went into foreclosure. As homeowners can we still put the house for sale and pay off the bank loan before the house is... View More
You need to get it sold before the foreclosure sale, and a lawyer can often get the bank to wait for a sale. If the mortgage is greater than the sale price, it is called a short sale, and that is also possible. You need to move on it responsibly now, but you do not need bank consent unless they...View More
You are required to adhere to the requirements in the state the vehicle is in, even if you are driving through. So people from Florida get tickets all the time for window tint that is legal in Florida but not legal in Virginia even though they are just passing through.
Foreclosure took place in 2007. 2nd mtg. note was obtained by a collection company. They have just filed a law suit against me for a judgment. Its been 11 years! Hasn't the statute of limitations passed?
You should find counsel near you. Sometimes, a judgment can be renewed to 20 years, but they usually expire in ten. We might be able to help with a cease and desist letter, but we can’t defend you in court as far south as Virginia Beach.
I bought a foreclosed property from peoples bank, they did not even know the acres and the did not have it surveyed. I thought it was standard practice for banks to have the property they sell surveyed? I know am having issues with neighbors claiming my property is theirs, no one had lived here... View More
First, the bank is probably not required to do a survey. Second, with respect to neighbors claiming part of the property, there is a way they can come to own property they did not own if they used it long enough as if they owned it. It may be best to pay for a survey to get the issues resolved. If...View More
Most matters involving real estate will be filed in Circuit Court because the Circuit Court has equitable powers over the title to real estate, and there is generally no federal nexus for title/foreclosure cases.
The grounds for being in Federal court are far too complicated to explain in a...View More
The former owners are considered legal trespassers on the property from the moment of the closing of the foreclosure sale and a request that you vacate. Closing does not usually occur on the same day as the foreclosure sale. The new owner may proceed with a lawsuit for unlawful detainer...View More
If the equity lender has all of its paperwork in order, it may foreclose. Many times they will not in a down real estate market as the primary lender gets paid first from the foreclosure sale.
Lost notes are getting to be less common. There are ways for lenders to avoid the difficulties...View More
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