West Virginia Foreclosure Laws

Real estate foreclosures in the State of West Virginia can be handled either judicially or outside the premises of the court. However, non-judicial foreclosures are most common.

Period of Pre foreclosure

The foreclosure process can begin once the borrower has committed a default of payment.

In a West Virginia non judicial foreclosure process, which is the most common foreclosure process in the state, the process is initiated after the lender mails a notice of foreclosure action to be taken on the borrower's property. The lender will have to inform the homeowner, in the notice, that the borrower has the option of halting the foreclosure process by paying the entire amount mentioned as default.

After the initial notice is issued, the lender has to wait for at least 10 days before the loan can be accelerated or take possession of the property. If the notice is served for more than three times consecutively, the borrower will lose his rights to stop the West Virginia foreclosures process.

Once the notice is served repeatedly, the borrower can halt the foreclosure proceedings by paying in full the balance of the entire loan amount due on that date and thus terminate the foreclosure process.

Notice of Sale / Auction

If the borrower fails to pay the amount owed within the period of pre-foreclosure, or if the borrower fails to clear the entire balance of the loan in the event of issuing repeated notices, the lender has the right to proceed with the foreclosure by scheduling an auction open to public.

For a non judicial foreclosure, the bare minimum requirement is that the foreclosure notice should be made available in print in any of the local newspaper for a minimum of once each week for a period of four successive weeks. However, if there is a specific clause in the trust deed that the publication be issued once a week for four consecutive weeks then that rule will have to be followed. The borrower will receive the notice for the foreclosure sale and it will also be mailed to any lien holders within a minimum period of 20 days before the scheduled auction.

Foreclosure sales in the State of West Virginia are normally conducted in the form of a public auction. The minimum bids can vary from 2/3rd to 3/4th of the estimated market value of the foreclosed property. The winning bidder in the auction shall be awarded the sale of the property. The ownership of the property is transferred to the prized bidder by recording a trustee deed within a period of 30.

According to the foreclosure laws of West Virginia, there is no provision for a redemption period for the borrower. However, lenders may voluntarily allow the borrower such a period.

The West Virginia law does not permit the pursuit of deficiency judgment.

If you need more information about West Virginia foreclosure laws, you should contact a foreclosure lawyer, or contact us so we can recommend one for you.

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