West Virginia Foreclosure Law: How The Foreclosure Process Affects You
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This section will review foreclosure laws in West Virginia.
Because foreclosure laws vary from state to state,
it is important to understand how the West Virginia.foreclosure process works. Remember,
when you consider buying a foreclosure,
the state in which the property is located determines the laws regarding the property,
not the state where the buyer may reside.
In many cases buyers of foreclosed homes located in West Virginia also live in West Virginia. Be aware of how state foreclosure laws may impact your personal situation.
You can learn a lot about the system for foreclosure in West Virginia in this section,
but our information is not a substitute for professional legal advice.
And because every state’s laws are subject to change without notice,
we recommend you consult a real estate lawyer to gain a professional opinion of our information,
and your interpretation of the information,
as it applies to your specific real estate investment or home purchase situation.
Visit the West Virginia law details below to learn about how West Virginia foreclosure handles aspects of judicial or non-judicial availability,
primary security instruments, foreclosure timelines and foreclosure filing milestones, guidelines for Power of Sale in West Virginia,
and application of deficiency judgments.
We’ll help you understand these foreclosure law terms and how West Virginia applies them to the process.
You may or may not need to navigate through West Virginia’s laws in great detail during your purchase process,
but smart foreclosure buyers find that learning a lot might help save a lot on a discount home purchase.
Judicial Foreclosure Available:
Yes
Non-Judicial Foreclosure Available:
Yes
Primary Security Instruments:
Deed of Trust, Mortgage
Timeline:
Typically 60 days
Right of Redemption:
No
Deficiency Judgments Allowed:
No
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below.
Power of Sale Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
| 1. | The notice of sale must be posted on the front door of the courthouse for the county in which the property to be sold is located, and 3 other public places, one of which must be the property itself, at least 20 days prior to sale. |
| a. | The notice must also be served upon the borrower and subordinate lien holders at least 20 days prior to the foreclosure sale. Additionally, the notice must be published as a Class III legal advertisement in the county where the property is located once a week for 4 weeks. |
| b. |
Said notice must contain the time and place of the foreclosure sale, the names of the parties to the deed, the date of the deed, recording information, a property description and the terms of the sale. |
| 2. |
The sale must be held at the time and place stated in the foreclosure notice and completed by public auction to the highest bidder. Unless the deed specifies the terms of sale, the buyer must pay one-third of the bid amount in cash at the sale. |
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