When looking for information about foreclosures, keep in mind that every state has its own set of laws that must be complied with. What is true in one state may be different in another. If you don’t plan to hire a lawyer, or simply want to find out first-hand what the law is in your state, the best place to look is in your state’s statutes.
Below is a guide to finding West Virginia’s foreclosure statutes online, followed by a summary of West Virginia’s foreclosure law.
Finding West Virginia’s Foreclosure Laws
The citation to West Virginia’s foreclosure law is West Virginia Code Sections 38-1-3 to 38-1-15, 46A-1-102(13), 46A-1-102(15), and 46A-2-106.
Take the following steps to find these statutes online:
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Start at the website of the West Virginia Legislature: www.legis.state.wv.us.
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Place your cursor over “WV Code” on the top of your screen. A drop-down menu should appear.
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Click the “WV Code” link from the drop-down menu.
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Under “West Virginia Code,” you should see a drop-down menu that reads “Chapter 1. The State and Its Subdivisions.”
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Click the down arrow to access the drop-down menu, and click to select “Chapter 38. Liens.”
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Click “Go,” located to the right of the drop down menu.
You should see the text of Chapter 38, Article 1, which contains Sections 38-1-3 to 38-1-15. The headings summarize what is covered in each section.
To find Sections 46A-1-102(13) and 46A-1-102(15) of the West Virginia Code, follow steps 1 through 4 above, click the down arrow to access the drop-down menu, click to select “Chapter 46A. West Virginia Consumer Credit,” and click “Go.” You should see the text of Chapter 46A, Article 1, which contains Sections 46A-1-102(13) and 46A-1-102(15).
To find Section 46A-2-106, follow the steps above to reach Chapter 46A, then click “2-Consumer Credit Protection” in the menu on the left of your screen.
Summary of West Virginia’s Foreclosure Law
Read on for a summary of West Virginia’s laws governing foreclosures.
Nonjudicial Foreclosure
In West Virginia, the most common type of foreclosure is nonjudicial foreclosure. Without going to court, a lender may recover an outstanding debt by selling the property securing the debt at public auction. W. Va. Code § 38-1-3.
Notice Requirements
A foreclosing lender must give two foreclosure notices to a defaulting borrower: a notice of default and a notice of sale. A lender may send a notice of default after the borrower has been in default for five days. This notice must give the borrower notice of his or her right to cure the default (see “Right to Cure,” below). This notice may be personally delivered to the borrower or mailed to the borrower at his or her last known address. W. Va. Code § 46A-2-106.
Also, ten days before a foreclosure sale of property can take place, the trustee of the trust deed must give the defaulting borrower a notice of foreclosure sale. W. Va. Code § 38-1-4. The notice of sale must be:
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published in a newspaper once a week for two consecutive weeks in the county where the property is located, and
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served by certified mail to the borrower at the address listed on the trust deed. W. Va. Code § 38-1-4 .
Right to Cure
A borrower has the right to cure a default within ten days after receiving a notice of default from his or her lender. The borrower may cure the default by paying the amount due to the lender, along with unpaid delinquency and deferral charges. This payment restores the borrower to the same position he or she would have been in if no default had occurred. The borrower loses the right to cure after three defaults on the same obligation. W. Va. Code § 46A-2-106.
Deficiency Judgments
Unless otherwise provided in a state’s statutes, a borrower is liable to its lender for any deficiency after a foreclosure sale. The West Virginia Code does not discuss deficiency judgments, so this default rule for deficiency judgments applies.
