Foreclosure is the process by which a lender ends a borrower’s interest in real property, either to acquire title or cause a sale, to satisfy an unpaid debt secured by the realty. In Virginia, lenders may pursue either judicial or non-judicial means of foreclosure. Judicial foreclosures operate through the court system, while non-judicial foreclosures occur outside of the court system under the terms of a contract. As a practical matter, the great majority of Virginia foreclosures are non-judicial.
Read MoreWhen a creditor is faced with a customer in default who is actively concealing or attempting to remove assets from the state, prospects of collection can often appear dim. In this situation where time is of the essence, prompt and prudent action can make all the difference. Virginia, like many states, provides a narrowly-tailored remedy to creditors in this pressing circumstance: pre-trial attachment.
Read MoreA lis pendens, also called a notice of lis pendens or notice of pendency, is a legal tool in Virginia and many other states that can be a powerful device in the right circumstances. Essentially, a lis pendens is a public notice that a suit concerning title to property is pending. This article serves as a summary of lis pendens as it is used in Virginia.
Read MoreSince the recession and credit crisis of 2008, a growing portion of my practice involves helping creditors recover their collateral. Virginia, like most states, allows automobile lenders and other secured creditors to use self-help to repossess cars and other collateral, but it seems that since the downturn, many borrowers are either hiding their property or storing it in such a way that the repo man can not get to it.
Read More