Timeline:
60 Days
Redemption:
No
Deficiency
Judgments: No
Judicial
Foreclosure: Yes
Non-Judicial
Foreclosure: Yes
Security
Instruments: Deed of Trust, Mortgage
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West
Virginia foreclosure law allows lenders to pursue either a Judicial
or Non-Judicial Foreclosure process. If there is no “power of
sale” clause in the original loan documents, the lender will
have to use the Judicial Foreclosure procedures and sue the
borrower in court to obtain an order to foreclose.
The
Non-Judicial Foreclosure process may be used when the original
loan documents contain a “power of sale” clause authorizing
the lender to sell the property if the borrower defaults on
the loan payments. If the clause specifies the time, place,
and terms of the sale, then those details must be used to sell
the property. |
notice of sale must be posted in four public locations, including
one on the door of the county courthouse and another on the
subject property. The notice must be posted no fewer than twenty-nine
(29) days before the scheduled sale date. Publication of the
notice of sale must be made in a local newspaper circulated
in the county in which the property is located. The publication
must run for four (4) consecutive weeks and be classified as
a Class III legal advertisement.
The
sale of the property is conducted as a public auction at the
time and place listed in the notice of sale. The high bidder
must make a deposit of one-third of the sale price with the
trustee conducting the sale.
The
borrower in West Virginia is not entitled to a redemption period,
and the lender may not sue the borrower for a deficiency judgment
if the sale price does not cover the loan balance due plus costs.
West Virginia Foreclosure Law