Foreclosure & Alternatives Law
Once you miss a number of payments, your mortgage lender may decide to foreclose on your home. The amount of time that this takes -— though it is typically in the 90-day range —- is technically up to the lender. They are probably not going to do it because of one missed payment, as they want to work things out in a way that means you keep paying off the loan, but they may choose to file a foreclosure lawsuit when it becomes clear that no alternative is possible.
If this happens, it pays to know what the laws in West Virginia say about foreclosure. There are many set steps that have to be followed, and you need to know exactly what rights you have.
Many states say that you must have a set amount of time —- such as 20 days or a month – —to respond to a foreclosure notice. It is very important to note that West Virginia law does not set any limits on this. The mortgage lender does have to publish a notice of sale, and they also have to send it to you through registered mail. They are also instructed to give you sufficient time between that notice and the sale, but no strict limit is provided.
You will have some time to reinstate the loan if you so desire -— and if you have the money to do so. After you default, the lending company has to send you a notice of right to cure. This can be done after five days. Once you get the notice, they then have to wait ten more days. It is during this time that you can work with them to reinstate the loan.
Once the sale happens, the law says nothing about redeeming the home. This is important to note if you have been through this in other states in the past, as they sometimes offer up to a year for the redemption process, but West Virginia does not.
Many states also offer protections for those in the military, such as National Guard members, and they often sync these up with the federal protections that are already on the books due to the Servicemembers Civil Relief Act. These protections may include ensuring that the foreclosure must wait until an active duty service member returns. Interestingly, though, West Virginia law does not say anything about this.
If the sale is completed and you no longer own the home, you can then be asked to leave the house. West Virginia law makes no provisions about how this has to be done, other than indicating that the lending company can ask the court for an eviction notice. No stipulations are made for how much notice you must be given or how long you have to vacate the house.
As you can see, the state laws in West Virginia are not very specific when it comes to the foreclosure process, without all of the regulations about waiting times and notices that are found in other states. As such, it is crucial that you know what rights you have and what legal steps to take.