Required Documentation

Documentation Required in Support of Disbursements Under the Account

The trustee is obligated to provide to the Commissioner of Accounts vouchers, bills, receipts or copies of both sides of cancelled checks supporting actual receipt of each disbursement by the creditor or any obligation required to be paid by statute even if not charged against the bid.

 

PLEASE BE AWARE THAT A COPY OF A HUD-1 SETTLEMENT STATEMENT IS NOT EVIDENCE OF RECEIPT OF A PAYMENT CHARGED ON AN ACCOUNT OF SALE. DO NOT SUBMIT A HUD-1 INTENDING IT TO BE A RECEIPT FOR PAYMENT OF PRORATA TAXES, WATER AND SEWER LIENS, GRANTOR'S TAX OR ANY OTHER CHARGE REPORTED AGAINST THE BID PRICE. 


If the successful bidder was the noteholder, the account of sale will show a credit to the noteholder against the remaining balance owed on the note, and the credit shall be noted on the original note, or lost note affidavit, by the trustee.

 

If the successful bidder is a third party, a voucher in the form of a copy of the front and back of a cancelled check or notarized receipt by the noteholder substantiating the receipt of payment of the net proceeds from the sale by the noteholder is required.


The same requirements would apply to inferior lien holders who received proceeds from the foreclosure sale.

 

Please note that the Commissioner’s office does not accept credit accounts which show the bid price only and the same amount credited against the note.  The statute requires the Commissioner’s office to verify the payment of expenses of the sale and the account will not be approved where the account fails to list those expenses or where those expenses are shown as being paid outside of closing (P.O.C.).  Such accounts will be returned to the trustee or disapproved with the requirement of a filing of a supplemental account.

Additional Items to be Provided to the Commissioner of Accounts

  1. The trustee shall provide the account to the Commissioner of Accounts in triplicate.

  2. A return self-addressed postage prepaid envelope shall be submitted with the account to allow for the return of the documentation to the trustee.

  3. The Commissioner’s fees shall be submitted with the account along with the Clerk of Court’s fees for the filing of the report once approved or disapproved.  The uniform fee schedule approved by the Henrico County Circuit Court should be consulted by the trustee as such fee schedule may from time to time be amended as approved by the Circuit Court (Fee Schedule on Foreclosures).

    Effective October 1, 2016, the fee schedule for fees payable to the Commissioner of Accounts are as follows:

    Sale Price                                      Fee            Clerk’s Fee

    0 -            100,000                    $275.00            $16.00
    100,001 - 300,000                      330.00              16.00
    300,001 - 450,000                      495.00              16.00
    450,001 - 600,000                      660.00              16.00
    600,001 - 750,000                      825.00              16.00
    750,001 - 900,000                      990.00              16.00
    Above     900,000                    1,100.00              16.00

  4. Payment is due to the Commissioner of Accounts of an additional fee of $165.00 associated with a lost note affidavit.  Please note that an additional $165.00 fee shall be payable to the Commissioner of Accounts if any payment has been made on an inferior deed of trust note and that original note is not available.

  5. Further note that if a supplemental account is required by the Commissioner as a result of the disapproval of the original account, an additional Commissioner's fee and $16.00 Clerk's fee are required for approval and recordation of the supplemental account. The Commissioner's fee that is due is a minimum of $75.00 commencing January 1, 2016, but if different from the minimum will be stated in the letter of disapproval returned with your account.