West Virginia Foreclosure is Non-Judicial.
West Virginia foreclosure law states that the trustee in any trust deed given as security shall sell the property conveyed by the deed, or so much thereof as may be necessary, at public auction, having first given notice of such sale.
Notice of West Virginia Foreclosure Sale
Unless property is to be sold under a deed of trust executed and delivered prior to the first day of July, 1980, which contains a provision waiving the requirement of published notice, the trustee shall publish a notice of a trustee’s sale as a Class II legal advertisement.
In all cases, a copy of such notice shall be served on the grantor in such trust deed, or his agent or personal representative, by certified mail, return receipt requested, directed to the address shown by the grantors on the deed of trust or such other address given to the beneficiary of said trust deed or said beneficiary’s agent or assignee in writing by the said grantor subsequent to the execution and delivery of the trust deed and notice shall be deemed complete when such notice is mailed to the aforesaid address, notwithstanding the fact that such mail may be returned as refused or undeliverable and shall be served by certified mail, at least twenty days prior to the sale, upon any subordinate lien holder who has previously notified the primary lien holder by certified mail of the existence of a subordinate lien. Every trust deed shall state the address to which such notice shall be mailed.
Every notice of sale by a trustee under a trust deed shall show the following particulars: (a) The time and place of sale; (b) the names of the parties to the deed under which it will be made; (c) the date of the deed; (d) the office and book in which it is recorded; (e) the quantity and description of the land or other property or both conveyed thereby; and (f) the terms of sale.
West Virginia Foreclosure Terms of Sale
Such sale shall be made upon such terms as are mentioned in such deed; and if no terms are therein mentioned, then upon the following terms, to-wit: If the property to be sold is real estate, one third of the purchase money cash in hand, one third thereof, with interest, in one year, and the residue thereof, with interest, in two years from the day of sale, taking from the purchaser his notes, with good security, for the deferred payments, and either retaining the legal title as further security or conveying the legal title and reserving in the deed of conveyance a lien for the deferred purchase money, or otherwise securing the same; if the property to be sold be personal estate, then for cash according to West Virginia foreclosure law.
Rights of Redemption
There are no rights of redemption in West Virginia.
Get more information on foreclosures by ordering our best-selling Foreclosure eBooks