Legal Question in Real Estate Law in Virginia

Deficienty Judgement in VA after foreclosure? - Follow up question.

My townhome was was sold at the trustee sale on past Monday. I was told that the protective bid at the sale was $455k, which would represent the full loan amount

, interest, and cost. Could there be a deficiency judgment in this case (full bid at the sale)? If so, how is the deficiency amount determined and how long does lender have to file the deficiency judgment? My property is located at Alide, VA . Any assistance would be greately appreciated. If possible, please refer me to VA statue so that I could learn more about it.

Your answer:

No, if it was a ''no recourse'' loan and the facts are as you state, there should be no deficiency judgment resulting from the trustee sale of this property.

Follow up question,

What is ''no recourse'' loan and How can I find out that my loan is ''no recourse'' loan? What if my loan is not a ''no recourse'' loan?


Asked on 2/02/09, 1:33 pm

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

Re: Deficienty Judgement in VA after foreclosure? - Follow up question.

The mortgage or deed of trust should indicate whether it is a recourse or nonrecourse loan, meaning that the lender has or does not have a right to pursue the borrower for any deficiency which might result from the the auction of the property.

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Answered on 2/02/09, 11:41 pm


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