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Washington Foreclosure Process

Washington Foreclosure Process can be judicial or non judicial, depending upon the language used in the mortgage or deed of trust. If the mortgage deed of trust contains explicitly a 'power of sale' clause, then the lender will be happy to go for judicial foreclosure process, also known as out of court foreclosure proceedings. Otherwise, they have to seek the cooperation of a court of law in obtaining its permission for doing the same. This is an expensive and time-consuming process and lenders usually avoid this situation by ensuring that a 'power of sal' clause is included in the mortgage deed, right during the loan approval process.

Judicial Foreclosure Process Washington State

As there is no explicit clause in the mortgage documents that enables a lender to start the foreclosure proceedings right away, the court of law comes in picture. A lawsuit must be filed against the home owner who finds it difficult to fulfill his/her mortgage obligation. The bank or the lender has to appoint an attorney to do the same and wait for months to actually go ahead with the foreclosure proceedings. The time required for the entire process to start and the cost involved are obviously making judicial foreclosure process in Washington State less popular.

After obtaining the court's permission, the lender can move ahead with the auction of home inviting bidders through advertisements and public postings. The money generated through the sale of foreclosed houses is used to pay the outstanding dues of the lender. If the money owed by the home owner is more than what actually is generated by the sale, the bank can continue pursuing the borrower for the payment of balance amount. This is one advantage of in-court foreclosure in Washington, which is not the case with the out of court foreclosure proceedings.

Non Judicial Foreclosure Process Washington State

Non Judicial Foreclosure Process is clearly the most used method in Washington, as it saves time and money of the lender involved. The power of sale clause enables a lender to foreclose on a defaulted loan without seeking the assistance of a court system.

First of all, a notice of sale letter is sent by the lender, thirty days before the date of sale, to the home owner using the ordinary post system as well as the registered mail system.

The notice of sale contains time and date of the auction, the date of the deed and the names written there, property description, recording info and the terms of the sale. It is mandatory for the Sheriff to publish or advertise the notice in the newspaper also, at least once in a week for four weeks till the date of auction. It is also required that a copy of this notice is posted on the court house door and a few other public places.

In Washington, home owners retain the right to stop foreclosure by paying the amount they owe to the bank and also the expenses of the lenders till date. The auction or sale of the foreclosed property is usually done on a Friday in Washington. If the date falls on a holiday, then the auction can be organized on the following day. The State of Washington acknowledges the homeowner's right of redemption and you can get your home back even after it is sold to a bidder within eight months after the sale. Of course, you have to clear all outstanding dues of the lenders.
American Foreclosure Specialists
American Foreclosure Specialists explains the process of foreclosure. Along with this ways to stop foreclosure, avoiding it and info on bankruptcy has also been given.
Leen & O'Sullivan, PLLC
Leen & O'Sullivan, PLLC is a law firm that works with you and assist you in saving your home. In free initial consultation you can talk to the expert or email them your problem.
Stop Foreclosure
Stop Foreclosure is Lewis Foreclosure Mediation Service communicate with your mortgage lender to find out the possible solution. Free phone consultation for 20-minutes is given where your problem and situation is handled.

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