Parker, Pollard, Wilton, and Peaden - Attorneys at Law

Pending legislation would significantly alter foreclosure requirements

Trevor B. Reid Written by:

Senate Bill 1327, which passed the Virginia Senate unanimously on February 2, 2021, would introduce significant changes in Virginia foreclosures if passed by the House of Delegates and signed by the Governor.  Most significantly, under SB 1327, a lender would be required to give 60 days’ notice to the property owner and any subordinate lienholders, rather than the 14 days provided by current law.  This bill is among a number of changes in Virginia creditors’ rights laws that have been proposed in the wake of the COVID-19 pandemic.