Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments. In West Virginia, the foreclosure process is governed by state law and can be a complicated and stressful experience for homeowners. In this article, we’ll provide a comprehensive guide to West Virginia foreclosure laws to help homeowners in Hurricane, WV understand their rights and responsibilities.

Foreclosure Process in West Virginia

In West Virginia, foreclosures are conducted through the judicial system. This means that the lender must file a lawsuit in court to start the foreclosure process. The lawsuit must include the amount of the debt and a description of the property being foreclosed.

The Homeowner Receives a Summons

Once the lawsuit is filed, the homeowner will receive a summons and complaint from the court. The homeowner then has 20 days to file an answer to the complaint. If the homeowner does not respond, the lender can request a default judgment from the court.

Case Can Proceed to a Hearing

If the homeowner does respond, the case will proceed to a hearing where the court will determine whether the homeowner is in default and if the foreclosure can proceed. If the court finds that the homeowner is in default, it will enter a judgment of foreclosure.

Right of Redemption in West Virginia

West Virginia law provides homeowners with a right of redemption. This means that homeowners have the right to pay the amount owed on the loan, plus costs and fees, up until the time of the foreclosure sale. This can be a useful option for homeowners who have fallen behind on their mortgage payments but have the funds to catch up.

Foreclosure Sale in West Virginia

Once a judgment of foreclosure is entered, the property will be sold at a public auction. The sale is conducted by the sheriff of the county where the property is located. The proceeds of the sale will be used to pay the lender the amount owed on the loan, plus costs and fees.

How Deficiency Judgments Work

If the sale proceeds are not sufficient to pay the amount owed, the lender may be able to seek a deficiency judgment against the homeowner. This means that the homeowner may be responsible for paying the remaining balance of the loan.

Protecting Your Hurricane Home from Foreclosure in West Virginia

There are several options available to homeowners facing foreclosure in West Virginia. Some of these options include:

• Loan modification: Homeowners may be able to modify the terms of their loan to make the payments more affordable.
• Refinance: Homeowners may be able to refinance their loan to lower their monthly payments.
• Short sale: Homeowners may be able to sell their property for less than the amount owed on the loan.
• Deed in lieu of foreclosure: Homeowners may be able to transfer ownership of their property to the lender in exchange for the release of their debt.

Foreclosure is a serious matter that can have significant consequences for homeowners. It’s important to understand West Virginia foreclosure laws and the options available to protect your home. If you’re facing foreclosure, it’s recommended that you seek the advice of a qualified attorney who can help you navigate the process and protect your rights.

Sell Your Hurricane, WV Home Fast Even in Foreclosure

Building Appalachia makes it as easy as possible for homeowners in Hurricane, WV to quickly sell their property for cash. Our direct homebuying process cuts out the middlemen, so when you come to us all you need to do is fill out an online form and we’ll make a top-dollar offer. We don’t require any repairs, inspections, or fees on your part, either. On top of that, because we use our own cash reserves to purchase your house, we can close on the sale much faster than traditional methods. If you need fast cash from your house sale in Hurricane, WV then Building Appalachia is your best choice.