 |
Washington Foreclosure Law
Washington foreclosures are conducted both in court and out
of court, although out-of-court foreclosures are more common.
The out-of-court foreclosure process typically takes about five
months.
Pre-foreclosure Period
For in-court foreclosure proceedings, once a lender files
suit against a borrower, the minimum time to a court ruling is
30 days. This time is extended to 60 days for out-of-state
borrowers, in order to provide ample time to respond. If the
court rules in favor of the lender, the property is sold to
recover the amount owed to the lender. A sheriff's sale occurs
usually 6-8 weeks following court's ruling Before starting a
foreclosure out of court, the lender mails a notice of default
to the borrower and either posts the notice at the property or
delivers the notice to the borrower in person. The borrower has
30 days to respond before the property is scheduled for public
sale. Up until 11 days before the sale, the borrower can stop
the foreclosure by paying the past due payments, plus applicable
expenses.
Notice of Sale / Auction
If the borrower does not stop the foreclosure within 30 days
after receiving the notice of default, the lender records a
notice of sale with the county recorder. The notice of sale is
recorded at least 90 days before the sale date and is mailed to
the borrower and any other affected parties. The notice of sale
is also published twice in a local newspaper. The lender
publishes the notice of sale once between the 32nd and 28th days
before to the sale, and once between the 11th and 7th days
before the sale. Foreclosure sales are by public auction with
the property going to the highest bidder, who must pay in cash.
For out-of-court foreclosures, the trustee transfers ownership
to the winning bidder, who can take possession of the property
20 days after the foreclosure sale. The borrower has no right to
redeem the property after an out-of-court foreclosure sale. For
court foreclosures, the borrower has redemption rights for one
year from the date of sale. To redeem the property, the borrower
has to pay the full amount due and applicable costs. During the
redemption period, the borrower can remain in possession of the
property if it is used as their primary residence.
CALL TODAY FOR A FREE AND CONFIDENTIAL CONSULTATION
(850)474-8884
|
|
