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West Virginia foreclosure law allows lenders to pursue either a Judicial or Non-Judicial Foreclosure process. If there is no “power of sale” clause in the original loan documents, the lender will have to use the Judicial Foreclosure procedures and sue the borrower in court to obtain an order to foreclose.
The Non-Judicial Foreclosure process may be used when the original loan documents contain a “power of sale” clause authorizing the lender to sell the property if the borrower defaults on the loan payments. If the clause specifies the time, place, and terms of the sale, then those details must be used to sell the property.
Notice of sale must be posted in four public locations, including one on the door of the county courthouse and another on the subject property. The notice must be posted no fewer than twenty-nine (29) days before the scheduled sale date. Publication of the notice of sale must be made in a local newspaper circulated in the county in which the property is located. The publication must run for four (4) consecutive weeks and be classified as a Class III legal advertisement.
The sale of the property is conducted as a public auction at the time and place listed in the notice of sale. The high bidder must make a deposit of one-third of the sale price with the trustee conducting the sale.
The borrower in West Virginia is not entitled to a redemption period, and the lender may not sue the borrower for a deficiency judgment if the sale price does not cover the loan balance due plus costs. |
