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