What are the options to stop foreclosure in West Virginia?

There are several options to stop foreclosure in West Virginia that may be worth considering, depending on the specifics of your financial situation.  One interesting fact about foreclosure laws in West Virginia is that lenders are not allowed to sue their former clients for deficiency judgments after they foreclose. In other states, a deficiency judgment can be filed against a debtor if the property is either sold for less than the value of the mortgage, or if the appraised value of the property on the day of the foreclosure sale was less than the value of the mortgage. When a lender sues the debtor borrower for the difference, that is what is known as a deficiency judgment.

Since deficiency judgments are not allowed in West Virginia, it can make lenders more amenable to negotiate foreclosure alternatives with their struggling clients. These alternatives include:

• Curing the default by paying what is outstanding on the mortgage, including any penalties and late fees. It is the rare borrower who can actually do this, because most people if they had the money would not have allowed their mortgages to go unpaid.
• Hire an attorney to fight for you. This may be necessary if you have tried communicating and negotiating with your lender, to no avail or if you have a reason to believe the foreclosure is a mistake.
• Obtain a loan modification from your lender.
• Sell your house.
• Sell your house as a short sale, requiring lender approval because you have to sell it for an amount that is "short" of what you owe on the property.
• Negotiate a deed in lieu of foreclosure. This is often a last effort after all of the above have been tried. With this alternative, the lender agrees to allow you to sign over the deed to the house in exchange for not foreclosing on you.

It can be complex and time consuming to stop a foreclosure, but if you want to keep your house and you can afford to keep your house you should hire an attorney to assist you. Many people feel inadequate and overwhelmed when it comes to negotiating options to stop foreclosure, so make plans to call in an experienced attorney to represent your interests and negotiate on your behalf.