Are there any laws or regulations that limit the amount of money a lender can sue me for?

In West Virginia, there are laws limiting the amount of money a lender can sue a homeowner for in a foreclosure lawsuit. The West Virginia Code Annotated, Section 38-1-1 and Section 38-2-4 provide specific rules that limit the amount of damages a lender may request when a homeowner defaults on a loan. Specifically, a lender may not seek more than the amount of the mortgage, any unpaid taxes or assessments, and interest on the amount of the mortgage at the contractual rate. The statutory maximum is twenty-five percent of the amount of the mortgage, plus any unpaid taxes or assessments. The court also has the discretion to award attorneys fees for the winning party. Further, a lender may not file a foreclosure lawsuit if the total amount due on the loan is less than $5,000. In addition, a lender must provide the homeowner with written notice of the foreclosure proceedings, including a detailed list of amounts due, at least 30 days before filing the suit. In sum, there are certain laws and regulations that limit the amount of money a lender can sue a homeowner for in a foreclosure lawsuit in West Virginia. It is important for homeowners to know their rights and be aware of the relevant laws to protect themselves against unfair practices.

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Are there any laws or regulations that limit the amount of money a lender can sue me for?

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