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Judicial foreclosure is the exclusive method of foreclosing a straight mortgage as well as, although infrequently utilized, an option to foreclose statutory deeds of trust and real estate contracts. 18 Washington Practice, Real Estate § 19.1 (2d ed.). Judicial foreclosure is advantageous in cases involving a deed of trust when the beneficiary (lender) is seeking a deficiency judgment; when the party in default has assets to collect from, judicial foreclosure allows for a deficiency judgment whereas non-judicial foreclosure does not. Washington State Judicial Foreclosure Process The process involves filing a lawsuit to obtain a court order to foreclose and is...

Increase in Foreclosures Nationwide

Feb 01 2013

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While most pundits have been cheering the “real estate recovery,” we have been quietly biting our lips. From what we can tell, based on our clients currently in the foreclosure process, the problem is still far from over. Recently published data suggests that our cautious pessimism may be warranted. According to a report from RealtyTrac, more than half of the nation’s largest metropolitan areas experienced an upturn in foreclosure activity in 2012, compared to 2011. As part of the company’s “2012 Year-End Metropolitan Foreclosure Market Report,” RealtyTrac observed foreclosure trends in 212 markets with a population of 200,000 or more,...

How to Challenge a King County Property Tax Assessment

Dec 27 2012

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Annual Valuation Notices The Assessor revalues all property in King County each year and sends out revaluation cards in April, finishing sometime in August, depending on location and/or property type. These new valuations will be the basis for the amount of taxes due the following year. Opportunity to Appeal and Filing Deadlines Property owners who believe the newly assessed value of their property exceeds its fair market value have the opportunity to appeal each year following receipt of the Assessor’s revaluation notice by timely filing a petition to the King County Board of Equalization (BOE). Do not miss your filing...

Housing Market Update: Don’t Pop the Champagne Yet

Mar 30 2012

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Following is a noteworthy piece published in The Fiscal Times yesterday. We think it’s worth a read. A new string of grim housing data confirms what economists and analysts have long predicted: the housing market has yet to hit bottom, and once it does, it will be a long slog back to health and stability. The nation’s heap of completed foreclosures remained steep, barely budging to 65,000 in February compared to 66,000 one year earlier, according to new data released by CoreLogic Thursday.The percentage of American homeowners more than 90 days delinquent on their mortgage payments, including those in foreclosure, rose...

Short Sales and Your Credit

Nov 24 2009

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Effects of short sales: 200-300 point reduction on your FICO score, depending on the borrower. Inability to obtain a mortgage for at least 24 months. Effects of late payments: 30-60 day late payments: an “isolated occurrence” (do not have 30-60 day late payments on multiple accounts) does not cause long-term damage to your credit. 90-120+ day late payments: drop credit score for the long haul (around 7 years). Effects of collections (post-short sale deficiencies) and debt settlement: Credit score will suffer with both; with debt settlement, however, you will eventually repay your debt and thus, help to rebuild your credit...