Virginia Code 63.2-1935: Satisfaction of lien after foreclosure proceedings instituted; redemption.
Current as of: 2024 | Check for updates
|
Other versions
Any person owning real property, or any interest in real property, against which a support lien has been filed and foreclosure instituted, shall have the right to pay the amount due, together with expenses of the proceedings and reasonable attorney fee to the Commissioner and upon such payment the Commissioner shall restore said property to him and all further proceedings in such foreclosure action shall cease. Such person shall also have the right within 240 days after sale of property foreclosed under § 63.2-1934 to redeem said property by making payment to the purchaser in the amount paid by the purchaser plus interest thereon at the rate of six per centum per annum.
Terms Used In Virginia Code 63.2-1935
- Commissioner: means the Commissioner of the Department, his designee or authorized representative. See Virginia Code 63.2-100
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1974, c. 413, § 63.1-263; 1976, c. 357; 2002, c. 747.