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How Can I Stop a Foreclosure in West Virginia? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale, or filing for bankruptcy. Of course, if you're able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.
In West Virginia, a homeowner will receive two notices before losing the home to foreclosure. First, the bank must issue a notice of default. Then, a notice of sale must go out. The trustee will also publish the notice of sale in a newspaper.
A deed in lieu of foreclosure is a contract between a lender and a borrower where the borrower transfers property to the lender. In turn, the lender waives the borrower's mortgage debt and does not pursue foreclosure.
Drawbacks Of A Deed In Lieu No guarantee of acceptance: Your lender isn't obligated to accept your deed in lieu of foreclosure. Your credit will still take a hit: While a deed in lieu arrangement won't harm your credit as drastically as a foreclosure, you can still expect your score to drop.
Once you miss a number of payments, your mortgage lender may decide to foreclose on your home. The amount of time that this takes -? though it is typically in the 90-day range ?- is technically up to the lender.