Stop Foreclosure in West Virginia

 


How to Stop Foreclosure in West Virginia

There are different types of foreclosures and one of the most important ones you have to take note of would be mobile home foreclosure. This type of foreclosure is pretty easy to understand because the concept is pretty simple. The process happens the same way as other foreclosure types but this one happens more rapidly to give the lender the opportunity to own back his or her property.

The first thing you have to remember when it comes to mobile home foreclosure would be the timeline. You can miss the payment due to unavoidable circumstances without penalties. But if it so happens that you are unable to pay after 16 days, then a charge will be added to your previous due. During this time, you will be contacted by the bank so that you will be informed.

If you pay your dues late, say between 45 to 60 days, a letter from the lender will be sent to you. In the letter it will usually be stated that you can and should pay your dues within 30 days to avoid further troubles. If you exceed beyond these days without payment, the lender will usually send the notice of foreclosure to the foreclosure department first and a lawyer or attorney will take care of the situation.

The foreclosure proceeding will then take place. It usually happens after 150 days of no payment from the debtor. The foreclosure proceeding is done to see the reasons of the debtor for not being able to pay on time and would be the condition to find out the ability and credibility of the debtor as well.

In the end, to avoid all these troubles, it would be best to just pay your dues on time and see to it that you only purchase a home that you would be able to really pay for.

Synopsis of West Virginia Foreclosure Laws

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

In West Virginia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

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 in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure 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 three (3) other public places, one of which must be the property itself, at least twenty (20) days prior to sale. The notice must also be served upon the borrower and subordinate lien holders at least twenty (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 four (4) weeks.

    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 (1/3) of the bid amount in cash at the sale.Deficiency actions are generally not permitted in West Virginia and there are no rights of redemption.

Where to go to for Foreclosure Help

Charleston Field Office

405 Capitol Street,
Suite 708
Charleston, WV 25301-1795

Phone: (304) 347-7000
Fax: (304) 347-7050
TTY: (304) 347-5332

Jurisdiction: State of West Virginia

Peter C. Minter
Field Office Director

Office Hours: 8:00 AM to 4:30 PM
Monday through Friday

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