West Virginia Foreclosure Laws
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Typical West Virginia Foreclosure Time Frame – Typical West Virginia foreclosure processes are approximately 60 days. |
Judicial Foreclosure – Yes |
Non-Judicial Foreclosure – Yes |
Types of Security Instruments – Mortgage and Deed of Trust |
Right of Redemption Period – No |
West Virginia foreclosure laws provide lenders with both judicial and non-judicial foreclosure options to correct a defaulted mortgage. The judicial foreclosure method is used in the absence of a power of sale clause in the mortgage contract.
In the case of a judicial foreclosure, the lender must sue the borrower in court to obtain a court order permitting the foreclosure process under West Virginia foreclosure law.
In a non-judicial foreclosure process, the lender is required to follow the terms and conditions that are set forth in the power of sale clause in the mortgage contract. If no terms and conditions are set forth in the clause then West Virginia foreclosure law provides the guidelines that lenders must follow.
A notice of sale is required to be published at least once a week for a minimum of four consecutive weeks. The notice is required to be published as a Class III legal advertisement in the county in which the property is located, in the public newspaper.
In addition it is required under West Virginia foreclosure law that the notice also be posted on the door to the courthouse in which the property is under jurisdiction. Lenders are also required to post the notice in three other public places in the same county as well; one location is required to be the property. The notices must be posted a minimum of 29 days before the sale date.
The sale itself is required to be a public auction that must be held at the time, date and place described in the notice. The high bidder at the auction is required to pay a deposit of 1/3 of the sale price the day of the auction to the trustee.
Lenders are not allowed to seek deficiency judgments under West Virginia foreclosure laws. In addition, borrowers in West Virginia are not permitted rights of redemption.
For more information on West Virginia foreclosure laws click here.
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