| Which law provision governs foreclosure in West | | | | procedure are mentioned under "Guidelines for power |
| Virginia? | | | | of sale foreclosure". |
| You can refer about this in West Virginia Code, | | | | Guidelines for power of sale foreclosure |
| Chapter 38, Article 1 (Vendor and Trust Deed Liens) | | | | If the deed of trust/mortgage contains a power of |
| inclusive of §38-1 through §38-16-506. Deeds | | | | sale clause with specified time, place and terms of |
| of Trust are referenced in §38-1-1a. Public notice | | | | sale, then it should be followed. |
| provisions are set forth in other areas of the West | | | | Otherwise Non-judicial foreclosure is conducted as |
| Virginia Code, Chapter 59 (References Class II, legal | | | | follows: |
| advertisements). | | | | A notice of sale should be posted on the front house |
| What happens during Judicial Foreclosure in West | | | | of the door of the courthouse where property is |
| Virginia? | | | | located and also in three public places, one of which |
| It involves filing a law suite to obtain a court order. This | | | | should be property itself. This should be done 20 days |
| is done when no power of sale is present in mortgage | | | | before the sale. It should also be sent to the borrower |
| deed. The property is auctioned off to the highest | | | | 20 days before the sale. The notice should be |
| bidder. | | | | published as a class III legal advertisement in local |
| What happens during Non-Judicial Foreclosure in West | | | | newspaper of county, once a week for four weeks. |
| Virginia? | | | | The sale notice should have time/place of the |
| Non-judicial foreclosure is conducted only when power | | | | foreclosure, names of parties in the deed, date of the |
| of sale clause exists in deed of trust/mortgage. This | | | | deed, recording information, a property description, and |
| clause allows borrower pre-authorizes the sale of | | | | terms of the sale. Unless the deed specifies the terms |
| property to pay off the balance loan in the incidence | | | | of sale, the winning bidder must pay one-third (1/3) of |
| of their default. In such cases power is given to lender | | | | the bid amount in cash at the sale. |
| to sell the property by himself or his representative | | | | This is legal information; it should not be treated as legal |
| who generally referred as trustee. Guidelines for such | | | | advice. |