West Virginia Foreclosure Process

The West Virginia foreclosure process works by the bank selling the home at a public auction in an attempt to recover the funds loaned to the borrower to originally purchase the home.

The first thing that occurs with the West Virginia foreclosure process is the borrower misses their payments. They may miss one, two, or three payments before the process is initiated by the bank. Depending on the bank and your communication with them will be the factor on how quickly they begin the process. The bank will do everything they can to work with you to keep your home if you remain in contact with them and you are honest about your financial situation.

The foreclosure process begins with the first filing of the notice of default. You will usually have 60 to 90 days to work with the bank on saving your home or other options. After 60 to 90 days, the bank will schedule a date that the public auction will take place to sell the home so they can recover the funds of the loan. This date may be from another 60 to 90 to 180 days. This date should be considered the final date of the West Virginia foreclosure process. Some owners remain in the home until the sheriff’s office removes them, which can be up to 3 days after the sale of the home at the public auction.

If you have been through the West Virginia foreclosure process then you know it can haunt you for years on your credit report. It is common for people to say that a foreclosure will last on your credit report for only 7 years but items can remain for even longer. However, if you file bankruptcy then a foreclosure can be forgiven as quickly as the very next day of the bankruptcy. If you want to buy another home again in the near future then a bankruptcy may be your best option.

Click here to begin your search in West Virginia

Latest Foreclosed Homes in West Virginia