What is the foreclosure process for mortgages with private lenders?

In West Virginia, the foreclosure process for mortgages with private lenders varies depending on the type of loan and state law. Generally, the lender must first give the borrower a notice of intent to foreclose and an opportunity to cure the default on the loan. The lender must then file a foreclosure lawsuit with the circuit court in the county where the property is located. The borrower is then served with the complaint. The borrower has a certain period of time to respond to the complaint. If the borrower does not respond, the foreclosure process can proceed without a trial. The borrower can respond by filing an answer, a motion, or both. If the borrower files an answer, the court will typically set a hearing to discuss the borrower’s defenses. If the borrower files a motion, the court may consider the motion and decide the matter without a hearing. If the borrower fails to respond, the court will enter a default judgment in favor of the lender. The borrower can still contest the foreclosure, if they file a motion to vacate the default judgment within a certain period of time. After the court enters a judgment of foreclosure, the court will issue an order of sale. The sheriff will then auction off the property and the proceeds from the sale will go to the lender to satisfy the loan balance. The foreclosure process can vary from lender to lender, so it is important to know the specific details of your mortgage and the foreclosure process.

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What is the foreclosure process for mortgages with private lenders?

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