Washington Foreclosure Law

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Washington Foreclosure Laws

Typical Washington Foreclosure Time Frame – Typical Washington foreclosure procedures take approximately 120 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – 8 months, in a non-judicial foreclosure

Washington foreclosure law allows both judicial and non-judicial foreclosures to be available as remedies for lenders looking to correct a defaulted mortgage.  Judicial foreclosure is not as commonly used as the non-judicial; however, it is still available when a power of sale clause is not included in the mortgage contract. 

Under Washington foreclosure law, in the non-judicial foreclosure the lender is required to follow all terms and conditions set forth in the power of sale.  In the event that the power of sale does not include the time, place and terms Washington foreclosure laws determine the process to be followed.

The lender is required to mail a copy of a notice of sale to the lender by certified mail, return receipt requested to the last known address.  In addition, if the borrower has an attorney of record a copy must be mailed to the attorney as well.  These must be mailed no latter than 30 days before the date of the sale.  The notice of sale must also be published a minimum of once per week for a minimum of four weeks in the public newspaper in the area in which the property is located.  Additionally, the lender is required to post two copies of the notice, one of which must be on the courthouse door.  The sale is not permitted to take place any sooner than 190 days after the date of the default.

According to Washington foreclosure law, the borrower has until 11 days before the sale to stop the foreclosure process by paying all past due amounts plus foreclosure expenses, attorney’s fees and trustee’s fees.

The sale itself is required to be a public auction held between the hours of 9 a.m. and 4 p.m. on a Friday.  If the Friday the sale is scheduled is a legal holiday the sale must be held the next business day.  The high bidder from the sale will receive a certificate of sale from the person conducting the sale.

In the event that it is necessary to postpone the sale, it may not be postponed for more than one week by giving notice to all parties of the sale and posting a notice under the original notice at the courthouse and the other public location.

If the lender uses non-judicial foreclosure, the lender is not permitted to sue the borrowers to obtain a deficiency judgment.  However, if the judicial foreclosure method was used the lender is allowed to sue for a deficiency judgment.  The only exception is if the property was abandoned for a period of no less than six months before the court issued a decree of foreclosure.

For more information on Washington foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.