Foreclosure Attorney for Lenders
in West Virginia
Trump & Trump, L.C. Represents Lenders in Foreclosure Proceedings
Lenders in West Virginia may choose to foreclose on mortgages or deeds of trust in West Virginia using either a judicial or non-judicial process. Local lenders rely on an experienced real estate attorney at Trump & Trump, L.C. to represent them in residential commercial foreclosure actions. Call Trump & Trump, L.C. in Martinsburg at (304) 267-7270 or in Berkeley Springs at (304) 258-1414 or contact us online today for a consultation on foreclosure representation for lenders in West Virginia.
Judicial and Non-Judicial Foreclosure in West Virginia
In the judicial process of foreclosure, a lender must file a lawsuit to obtain a court order to foreclose. This process is used when no power of sale is present in the mortgage or deed of trust. After the court makes its foreclosure declaration, the property is sold at auction to the highest bidder.
When a power of sale clause exists in a mortgage or deed of trust the lender can use the non-judicial foreclosure process. A “power of sale” clause stipulates that the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of a loan default. In mortgages or deeds of trust that have a power of sale clause, the lender or their representative/trustee have the authority to sell the property.
Our Trump & Trump, L.C. attorney will review, advise, and represent lenders in the appropriate foreclosure process.
A Few Quick Facts on 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
Foreclosure Guidelines for Residential/Commercial Property in WV
The power of sale clause in the deed of trust or mortgage must be followed because it specifies the time, place, and terms of sale. If it is not part included, non-judicial power of sale foreclosure takes place:
Post the notice of sale on the front door of the courthouse located in the county in which the property to be sold, and three (3) other public places—one of which must be the property itself—at least twenty (20) days before sale. Serve the notice upon the borrower and subordinate lien holders at least twenty (20) days before the foreclosure sale occurs.
Publish the notice as a Class III legal advertisement in the county where the property is located once a week for four (4) weeks. The 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.
Hold the foreclosure sale at the time and place stated in the foreclosure notice and complete the public auction to the highest bidder. Unless the deed specifies the terms of sale, the buyer pays one-third (1/3) of the bid amount in cash at the sale.
West Virginia does not permit deficiency actions or rights of redemption.
Trump & Trump, L.C. Foreclosure Representation for Lenders in WV