West Virginia passed a bill permitting the recovery of additional charges in the event of a consumer loan default. Under the bill, a lender or servicer may now additionally recover the following charges (among others) in the event of default: all costs incidental to a title examination (including professional fees, expenses incident to travel and copies of real estate and tax records); expenses incidental to notifying lienholders and other parties and entities having an interest in the property; and all fees incurred by the trustee incidental to the foreclosure sale. However, a charge may only be assessed in the event: the amount of the charge is reasonable; the charge is incurred by or on behalf of the holder of the loan; the charge is incurred after the last day allowed for cure of the borrower’s default and before the borrower reinstates the consumer loan or otherwise cures the default; the holder of the loan and the borrower have agreed to cancel any pending foreclosure sale or other foreclosure; and with respect to the charging of an appraisal fee, no appraisal fee has been charged to the borrower within the preceding 6 months. The bill becomes effective June 10, 2016.
See West Virginia Legislature website for the full text of the Statutes:
http://www.legis.state.wv.us/Bill_Text_HTML/2016_SESSIONS/RS/bills/SB614%20SUB1%20ENR.pdf
