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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.
Some states also provide foreclosed borrowers with a redemption period after the foreclosure sale, during which they can buy back the home. Virginia law, however, doesn't provide a post-sale redemption period after a nonjudicial foreclosure.
Under West Virginia law, the lender has to personally deliver or mail a notice of default, which may be sent after you (the borrower) have been in default for five days, to your last known address. This notice gives you ten days to cure the default. But you'll lose the right to cure after three defaults.
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.
If you default on your mortgage payments in West Virginia, the lender may foreclose using a judicial or nonjudicial method.
Ways to Stop Foreclosure in West Virginia Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.
Once the sale happens, the law says nothing about redeeming the home. This is important to note if you have been through this in other states in the past, as they sometimes offer up to a year for the redemption process, but West Virginia does not.