Hello and thank you for allowing me the opportunity to assist you.
I wish I could give you good news, but the truth is that once you’ve defaulted on the loan, the creditor is not required to allow you to cure the default in Virginia. Therefore, he may refuse any payment that is less than payment in full. Here are the applicable Virginia laws:
§ 8.9A-609. Secured party's right to take possession after default.
(a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party:
(1) may take possession of the collateral; and
(2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under § 8.9A-610.
(b) Judicial and nonjudicial process. A secured party may proceed under subsection (a):
(1) pursuant to judicial process; or
(2) without judicial process, if it proceeds without breach of the peace.
(c) Assembly of collateral. If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
§ 8.9A-623. Right to redeem collateral.
(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) Requirements for redemption. To redeem collateral, a person shall tender:
(1) fulfillment of all obligations secured by the collateral; and
(2) the reasonable expenses and attorney's fees described in § 8.9A-615 (a) (1).
(c) When redemption may occur. A redemption may occur at any time before a secured party:
(1) has collected collateral under § 8.9A-607;
(2) has disposed of collateral or entered into a contract for its disposition under § 8.9A-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under § 8.9A-622.
I truly wish I had better news.
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