Written by: Virginia Senate Bill 1327, signed into law on March 12, 2021, introduces significant changes in Virginia foreclosure practice. Most significantly, effective October 1, 2021, a lender will be required to give 60 days’ notice to the property owner and any subordinate lienholders–rather than the 14 days provided by current law–if the property is the owner’s principal residence.
SB 1327 also prohibits the sale of a judgment debtor’s principal residence pursuant to a creditor’s bill to enforce a judgment, if the amount of the judgment is $25,000 or less.
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.