West Virginia Foreclosures and Foreclosed Homes for Sale

Real estate in West Virginia can be foreclosed on using either a judicial or non-judicial process, although the majority of mortgages contain clauses allowing lenders to proceed out of court. Usually, the lender will need to send a letter of warning to the borrower, notifying them of the impending foreclosure. The borrower will then be given a specified amount of time to pay the default amount in full to avoid foreclosure.

West Virginia does have stringent laws about foreclosures, however. Lenders are not allowed to demand the entire loan balance immediately, nor are they allowed to officially begin the foreclosure process until the borrower has had at least 10 days to pay off the default amount. In addition, under West Virginia law, the borrower maintains the right throughout the foreclosure process to halt the proceedings by paying off the entire loan in addition to any miscellaneous fees, as determined by the lender.

If the borrower fails to pay the default amount when the lender demands it, however, the lender will continue with the foreclosure. A public sale will be scheduled, and a notice of sale will be filed. This notice must appear once a week for a two consecutive weeks, although some mortgages may require additional publications.

Most property auctions in West Virginia have a minimum bid of around three-fourths of the estimated value of the property. The auction is open to the general public, which means anyone may bid on the property, including the lender and any junior lien holders. The trustee will transfer ownership to the winning bidder within 30 days of the auction date, as long as the full purchase price has been paid.

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