Account

In all foreclosure sales, trustees must file an account of the sale within six months after the sale date.

Please review and follow the Foreclosure Cover Sheet (checklist) available in the forms section of this website.

Interim

When a foreclosure trustee files an account that shows the proceeds of the foreclosure have not yet been fully disbursed, the account cannot be approved as a final account of the foreclosure sale. The commissioner will accept such accounts as an interim report of the transactions of the trustee, subject to the following exception: The trustee’s commission shown on the interim account will not be approved when the interim account is filed.

If the trustee is unable to determine who is to receive the surplus proceeds, interpleader of the funds into Court is the appropriate resolution.  If the trustee is unable to distribute the funds to the proper person, either payment to the Clerk of Court or payment to the Treasurer of Virginia as unclaimed property is appropriate.

When an interim account is filed, the foreclosure trustee will be required to file a final accounting within one year after the date of the foreclosure sale. An additional fee for such final account is due upon its filing, in the same amount as for the interim report, with the exception that any charges for clerk’s fees or filing a Lost Note Affidavit shall be paid only once.

Failure to file a final account within such time will result in forfeiture of any trustee’s commission allowable in connection with such sale, unless the trustee petitions the Court for approval of their commission.  Approval of the trustee’s commission when the final account is filed after one year from the date of the foreclosure sale is outside the authority of the commissioner’s office.

Upon the filing of a final account, the commissioner will determine whether and in what amount such commission may be allowed. The trustee shall be required to pay any commission that is forfeit to the debtor or to subordinate lienholders as their priorities may appear, unless such commission is otherwise allowed by the court.

Please include a check payable to “Commissioner of Accounts” for the account filing fee.  A current filing fee schedule is provided on this website.  It is important to note that filing fees are based on an account that requires one audit by the staff.  Additional fees will be charged outside of these parameters.

Final

The final account of a trustee must account for all proceeds of the foreclosure sale.  The account must show a zero balance on hand. Any distributions to the lender, subordinate creditors, or the former owner must conform to the requirements of the Virginia Code.

Please include a check payable to “Commissioner of Accounts” for the account filing fee.  A current filing fee schedule is provided on this website.  It is important to note that filing fees are based on an account that requires one audit by the staff.  Additional fees will be charged outside of these parameters.