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University of Richmond Law Review

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This article deals with foreclosure of a deed of trust in Virginia. The Introduction discusses the deed of trust or mortgage as a social and political institution and the foreclosure crisis that seems to be ending. Part I is a brief history of mortgage law. It provides a short history of the modern mortgage system in the United States. Part II follows with a description of the approach that Virginia takes to mortgages. It localizes the mortgage institution to Virginia and introduces Virginia's vocabulary and technical details, the deed of trust, and the parties' rights and obligations. Part III provides the procedures required to foreclose in Virginia and sell the property used to secure the debt in the event of mortgage default. It develops the debtor's default, the creditor's foreclosure, and the sale. Part IV outlines the potential responses and defenses that a borrower may use when facing foreclosure after default. It includes the borrower's defenses, redemption, techniques to assert a defense, the "show-me-the-note" response, the Servicemembers Civil Relief Act, federal bankruptcy, and self help and civil disobedience. The ideas for change in Part V offer suggestions for reforming the Virginia mortgage system to better protect borrowers, while maintaining the efficiency of the foreclosure process.



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