In Virginia the transactions on mortgage lending practices are governed by State Statutory. mortgage violations related VIRGINIA STATUTES (6.1-2.9:5, 55-66.3, 6.1-330.70 - 72)

• The Bureau of Financial Institutions is a regulatory division of the Virginia State Corporation Commission (SCC.) and is involved in consumer protection through administration of state laws regarding mortgage brokers and lenders and others.
  
  
• For a mortgage broker's license, a surety bond in the amount of $25,000 must be filed. If the application is for a mortgage lender's license or both mortgage broker's license and mortgage lender's license, then the surety bond in the amount of $50,000 is required.
  
  
• Foreign corporations, limited liability companies, and limited partnerships must register with the Clerk of the State Corporation Commission before filing the application for mortgage broker license.
  
  
• The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust.
  
  
• Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.
  
  
• The borrower has two hundred forty (240) days from the date of the sale to redeem the property by paying the amount for which the property was sold, plus six (6) percent interest.
  
  
• The foreclosure sale ad must include anything required by the deed of trust and may include a legal description of the property. The notice must include the time, place and terms of sale. It must give the name of the trustee and the address and phone number of a person who will be able to respond to inquiries about the foreclosure sale.
  
  
• Lenders may obtain deficiency judgments, without limits, in Virginia.
  
  
• A Chapter 13 bankruptcy is the only choice if you are behind on your mortgage or business payments and you want to keep your property, either in Virginia or another state, at the end of the bankruptcy process.