Legal Question in Real Estate Law in Virginia

What are the chances that I will be pursued with a deficiency judgement on the house I am about to have foreclosed in Virginia? How long do they have after it is foreclosed to go after me? I am trying to decide to do a debt managment plan or to declare bankruptsy and this is a huge deciding factor....


Asked on 10/29/09, 5:39 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Determine first whether your deed of trust/mortgage indicates whether the loan is a recourse or non-recourse loan. If the latter, the noteholder should be precluded from pursuing you for a deficiency judgment on the foreclosed property.

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Answered on 11/03/09, 9:34 am


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