West Virginia Foreclosure Laws

The judicial and the non-judicial methods of foreclosure are both available in the state of West Virginia when it comes to ways that the lender can foreclose a property. The mortgage and the deed of trust are both used as acceptable security instruments here but there is absolutely no right of redemption for the borrower and no deficiency judgments are allowed for the lenders here. The typical foreclosure timeframe in this state is two months.

As is par for the course when looking at a judicial foreclosure, in the absence of a power of sale clause in the loan document authorizing the lender, in the event of default, the lender must sue the borrower in a court of competent jurisdiction and obtain and order to foreclose the property in order to sell the property to pay off the loan balance.

The lender may pursue a non-judicial foreclosure when the loan document does contain a power of sale clause. If the clause contains instructions as to the time, place, and terms of sale, that procedure must be followed. If not, then the notice of sale must be published weekly for four consecutive weeks as a class three legal advertisement in the county in which the property is located.

The notice also must be posted on the door of the courthouse and in three other public places; one of these must be on the subject property at least 29 days prior to the date of sale.

The sale will be held as a public auction at the time and place specified in the notice. The successful bidder must deposit 1/3 of the sale price with the trustee.

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