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West Virginia Foreclosure Laws

Summary:

Judicial Foreclosure	Yes
Non-Judicial Foreclosure	Yes
Security Instruments	Deed of Trust, Mortgage
Right of Redemption	No
Deficiency Judgments	No
Time Frame	Usually 60 days

Judicial foreclosure: In the absence of a power of sale clause in the loan document authorizing the lender, in the event of default, to sell the property to pay off the loan balance, the lender must sue the borrower in court and obtain an order to foreclose.

Non-judicial foreclosure may be pursued 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, the process is as follows:

1. The notice of sale must be published weekly for four consecutive weeks as a class III legal advertisement in the county in which the property is located.
   
   
2. The notice also must be posted on the door of the courthouse and in three other public places, one of which must be on the subject property at least 29 days prior to the date of sale.
   
   
3. The sale will be 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.
   
   
4. Deficiency judgments are not permitted, and the defaulted owner has no right of redemption.

Attorney General's Office
State Capitol
Room 26, East wing
Charleston, WV 25305-0220
Ph: (304) 558-2021
Fax: (304) 558-0140

This information is to give a general idea of the foreclosure laws in each state. The information is not guaranteed to be correct. State laws can change or some errors may have been made. Please use this only as a guide.