 West Virginia Mortgage Loan Modification Guidelines
When you develop a definite plan of action with well-timed, well-informed
steps, you can stop the foreclosure process and save your home. We have
outlined the foreclosure process for the state of West Virginia.
Judicial Foreclosure Available: Yes
Non-judicial Foreclosure Available: Yes
Although judicial foreclosure is available for vendor's lien foreclosures.
West Virginia uses the deed of trust almost exclusively. Mortgages have
largely disappeared. If there is a default under the deed of trust, then
the trustee must send out preliminary notices and then sell the property
when the lender so requests.
Preliminary Notices
Contents
A notice of sale 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.
Advertising
In pre-1980 deeds of trust the buyer may have waived the right to published
notice. Later deeds of trust must publish a Class III legal advertisement
countywide before the sale at least once a week for four weeks.
Posting
The notice of sale must be posted at least 20 days prior to sale on the
front door of the courthouse for the county in which the property to be
sold is located, and in three other public places, one of which must be
the property to be foreclosed on.
Service
Unless expressly waived in the deed of trust, the borrower must be served
with a copy of the notice of foreclosure at least 20 days before the foreclosure
sale.
Mailing
Notice of the foreclosure sale should be mailed to the borrower and subordinate
lien holders 20 days prior to sale.
Sale Procedures
Time and Place
The time and place of sale are specified in the foreclosure notice.
Manner
The sale is completed by public auction to the highest bidder.
Terms
The deed may specify the terms of sale. Otherwise, a buyer may pay one-third
in cash at the sale, one-third a year later, and one-third two years from
the day of sale.
Report
A report of the sale must be filed with the clerk of the county and recorded.
Deficiency
A lender can maintain a deficiency action only by filing a separate lawsuit.
However, if the lawsuit is filed to collect, the deed of trust foreclosure
must then be delayed during the lawsuit.
Redemption
There is no right to redeem after a deed of trust sale.
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