Over the course of this blog, I will provide detailed information on the foreclosure process in Washington. Detailed information on the foreclosure process, tips to stop foreclosure, arguments to fight foreclosure, and ways for consumers to maximize their time in their homes throughout this process. Millions of people throughout the country find themselves struggling to stay in their homes, we want to a valuable resource for people in this unprecedented economic times. While this information will be helpful, it should not be construed as legal advice and should not take the place of a Seattle Foreclosure Attorney.
Please see RCW 61.24 for any updated laws to the Washington Foreclosure Laws.
The Washington Foreclosure Timeline:
- The Mortgage holder (i.e. bank, investor) generally must provide an option for the homeowner to elect a Face to Mediation to review their loan rights and avoid foreclosure whether that be short sale, loan modification or otherwise at least 30 days before serving a Notice of Default. This is will come in the form of a ‘Notice of Pre-foreclosure Options’. (Note: this law is new as of July, 2011 and there are exceptions to this rule that should be discussed with a Attorney or HUD Counselor.)
- A Notice of Default must be served on a Homeowner at least 30 days prior to serving a Notice of Trustee Sale.
- A Notice of Trustee Sale must be served at least 90 days prior to the actual Trustee Sale (or Foreclosure Sale).
- The Trustee Sale is the actual foreclosure.
- After the sale, a homeowner has 20 days to abandon the property under Washington law.
Homeowner Tip: Without any additional delays like a loan re-modification request, or bankruptcy, a Homeowner can have 170 days of rent free living!
For additional tips on navigating the foreclosure process, contact us.