West Virginia Foreclosure - Avoid West Virginia Foreclosure - Save Your Home

Stop West Virginia Foreclosure

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Foreclosure is a very serious matter, your now receiving all sorts of letters in the mail from different companies all telling you that they can help you. They could be all very confusing. If you've noticed, they all want you to do one of the following, so let's go over each of them one at a time.

Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.

Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will too, for a price of coarse.

In order for them to do that you must " quick Deed" (sign over your home to them in their name). In turn they will gladly lease your home back to you with 15-20% higher payments for maybe 1-2 or 3 years until they have made their investment back. Then they will agree sign your home back to you. Sounds good so far right? But here's the trick.

In the contract that you sign, always somewhere in the fine print. It will say if the leasee (you) are 24 hours late with your monthly payment within the duration of your contract, that the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing there homes. These investors all know that you've had payment problems in the past, that's why they prey on homeowners in your situation. Next thing you know your family is out on the street, with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000 so PLEASE BEWARE, don't do it.

New Loan:
you to take out another loan (it sounds good on the surface but you'll pay much, much more in the long run). You have to start of a new loan from the beginning, you eventually lose all of your equity. All of your past payments are just wasted. You gain nothing. Don't fall for it.

Bankruptcy:
Don't do it! It will only save your home temporarily. Big rouble awaits you around the corner. Everyone says "file for bankruptcy it's easy don't worry we can get you squared away". Yea right. Do yourself a huge favor Don't do it!!

If you truly would like to save your home and have your case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionier by clicking here or call now, 1-888-209-1424.

West Virginia Foreclosure Process

When you develop a definite plan of action with well-timed, well-informed steps, you can stop the foreclosure process and save your home. We have outline the foreclose process for the state of West Virginia.

Judicial foreclosure available: Yes
Non-Judicial foreclosure available: Yes

Although judicial foreclosure is available for vendor's lien foreclosures. West Virginia uses the deed of trust almost exclusively. Mortgages have largely disappeared. If there is a default under the deed of trust, then the trustee must send out preliminary notices and then sell the property when the lender so requests.

Preliminary Notices

Contents

A notice of sale must contain the time and place of the foreclosure sale, the names of the parties to the deed, the date of the deed, recording information, a property description and the terms of the sale.

Advertising

In pre-1980 deeds of trust the buyer may have waived the right to published notice. Later deeds of trust must publish a Class III legal advertisement countywide before the sale at least once a week for four weeks.

Posting

The notice of sale must be posted at least 20 days prior to sale on the front door of the courthouse for the county in which the property to be sold is located, and in three other public places, one of which must be the property to be foreclosed on.

Service

Unless expressly waived in the deed of trust, the borrower must be served with a copy of the notice of foreclosure at least 20 days before the foreclosure sale.

Mailing

Notice of the foreclosure sale should be mailed to the borrower and subordinate lien holders 20 days prior to sale.

Sale Procedures

Time and Place

The time and place of sale are specified in the foreclosure notice.

Manner

The sale is completed by public auction to the highest bidder.

Terms

The deed may specify the terms of sale. Otherwise, a buyer may pay one-third in cash at the sale, one-third a year later, and one-third two years from the day of sale.

Report

A report of the sale must be filed with the clerk of the county and recorded.

Deficiency

A lender can maintain a deficiency action only by filing a separate lawsuit. However, if the lawsuit is filed to collect, the deed of trust foreclosure must then be delayed during the lawsuit.

Redemption

There is no right to redeem after a deed of trust sale.

This information is a general overview of the foreclosure laws in any particular state. We don't guarantee it's accuracy as house foreclosure laws can change. Please contact us directly at 1-888-209-1424 we would be happy to assist with any stopping foreclosure questions you may have.
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