West Virginia Judgment Foreclosing Mortgage and Ordering Sale

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US-02647BG
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Description

A judicial foreclosure is one which results from a court action rather than from the power of sale given to a trustee. Judicial foreclosures occur when a trust deed or mortgage deed does not have a power of sale clause, thus compelling the lender to take the borrower to court. This is in contrast to a non-judicial foreclosure, in which a foreclosure can be completed outside the court system.
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FAQ

A West Virginia foreclosure can take place in about 60 days if it occurs through the non judicial foreclosure process and is uncontested. If the borrower contests the foreclosure or if the lender seeks a judicial foreclosure then the process is likely to take more than 60 days.

You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.

Judicial foreclosure refers to foreclosure proceedings that take place through the court system. This type of foreclosure process often occurs when a mortgage note lacks a power of sale clause, which would legally authorize the mortgage lender to sell the property if a default occurred.

Stopping Mortgage Foreclosure & Keeping your Home: Repayment Plan. ... Forbearance Plan. ... Getting a Loan Modification. ... Hamp Modification. ... Pennsylvania Housing Finance Agency. ... Refinancing. ... Filing a Chapter 7 Bankruptcy Petition. ... Filing a Chapter 13 Bankruptcy Petition.

Your Rights under North Carolina Law If you rent a house or an apartment in a complex that has fewer than 15 units, state law allows you to end your lease anytime between 10 and 90 days after the foreclosure sale without paying early termination fees if you give your landlord written notice.

A Deed in Lieu of Foreclosure is a contractual agreement between a borrower and a lender. In this arrangement, the borrower willingly transfers the property to the lender, who, in turn, forgives the borrower's mortgage debt, thereby avoiding a lengthy foreclosure process.

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.

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West Virginia Judgment Foreclosing Mortgage and Ordering Sale