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In West Virginia, the method will most likely be nonjudicial, although judicial foreclosures are also allowed. West Virginia law specifies how nonjudicial procedures work, and both federal and state laws give you rights and protections throughout the foreclosure.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
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.
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.
A "deed in lieu of foreclosure" is when a lender agrees to accept a deed to the property instead of foreclosing. With a deed in lieu of foreclosure, the deficiency amount is the difference between the borrower's total debt and the home's fair market value.
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.
Under Virginia law, foreclosures are done outside of court. Virginia is a non-judicial state therefore the Trustee simply sells your property, usually at a public auction to the highest bidder.