Washington State foreclosure over view

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.

Posted by Nova Shank on 03/27/2008 01:44 AM

Comments (6)

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This post has been included in Washington Information
Post is included in group: Seattle Foreclosure Specialist

6 Comments on Washington State foreclosure over view

what if i never received a notice from the bank or notice of sale. i have have received no mail, and no notice on my door and the auction date is set, i had to find it out on my own. is that right? i live in the state of wa.

03/27/2008 10:38 PM

Dear Home owner...

I must pref is with I am not a lawyer. But my understanding is that the bank but notify several times for your default and form what i understand your monthly bill counts as notification of default because it shows you haven't paid your monthly payments. Ad after 3 non payment in Washington the bank can foreclose with out court approval. If you are problems and you need a remedy for your situation please feel free to contact me. To be honest you will need to sell you house if it not to late. And you will suffer at least a 20-25% loss in its value upon selling. But it will not appear on your credit report as if you went into foreclosure.

03/28/2008 11:39 AM

by Nova Shank (Keller Williams North Seattle)

how long do i have to vacate the house after a bank foreclosure?

05/20/2008 08:31 PM

by srock

If your home is bought at auction, I believe you will recieve an eviction notice within 30 days. It could be a lot sooner. Basiclly you want to talk to the lender as much as possible. I know it is scary and a head ache, but it could by you time. Also if you want to try to sell you house you shoudl try to arrange that with some one with foreclosure professional expirence. We can find ways to delay to process, and save your credit score as much as possible. Feel free to call me with further questions.

05/20/2008 10:44 PM

by Nova Shank (Keller Williams North Seattle)

Are there ant ways to delay the sale in the last week the foreclosure to come up with the cash to reinstate?

05/21/2008 04:36 PM

My Friend

You can try calling the lender that is foreclosing and ask for more time. But from the day that the first payment was NOT sent in was the day you needed to start finding the money. Sorry. The day default notice was given also was you next indicator to find the cash for try to sell you house. Form the day of default in Washington you usually have somewhere between 90-120day to correct the default.

05/21/2008 05:16 PM

by Nova Shank (Keller Williams North Seattle)

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