Finance
A Virginia borrower is 90 days behind on their deed of trust. The lender initiates a non-judicial foreclosure. What is the first formal step?
AFiling a lawsuit in circuit court
BRecording a notice of default and advertising the sale✓ Correct
CObtaining a deficiency judgment
DFiling with the VREB
Explanation
In Virginia non-judicial (trustee's sale) foreclosure, the trustee records a notice of default and advertises the foreclosure sale in a local newspaper for the required statutory period.
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