Washington conducts Judicial as well as Non-judicial foreclosure.

What is the processing period for foreclosure in Washington?

Normally, processing period is 120 days in Washington.

What is sale publication period in Washington for foreclosure?

Sale publication period is 90 days in Washington.

Is there any right of redemption in Washington for foreclosure?

Although, Washington state provides right of redemption, but it can be precluded.

Are deficiency judgments permitted in Washington?

Deficiency judgments are allowed in Washington.

Which law provision governs foreclosure in Washington?

The laws which govern Washington foreclosures are found in Title 61 Revised Code Washington (Mortgages, Deeds of Trust and Real Estate Contracts)

What happens during Judicial Foreclosure in Washington?

It involves filing a law suite to obtain a court order. This is done when no power of sale is present in mortgage/deed. The property is auctioned off to the highest bidder.

What happens during Non-Judicial Foreclosure in Washington?

Non-judicial foreclosure is conducted only when power of sale clause exists in deed of trust/mortgage. This clause allows borrower pre-authorizes the sale of property to pay off the balance loan in the incidence of their default. In such cases power is given to lender to sell the property by himself or his representative who generally referred as trustee. Guidelines for such procedure are mentioned under ?Guidelines for power of sale foreclosure?.

Guidelines for power of sale foreclosure

If the deed of trust/mortgage contains a power of sale clause with specified time, place and terms of sale, then it should be followed.

Otherwise Non-judicial foreclosure is conducted as follows:

The notice of sale should be sent to the borrower by regular mail as well as by certified mail with return receipt requested minimum 30 days before the sale. The notice should also be sent to the attorney of the record for the borrower by regular mail. The sheriff is required to publish the notice once a week for consecutive four weeks in any daily or weekly newspaper of that county. The notice should be posted in two public places, one of which should be courthouse door. The sale notice should have time/place of the foreclosure, names of parties in the deed, recording information, a property description, the terms of the sale and borrower's right or lack of the redemption.

The borrower can stop the foreclosure maximum 11 days before the sale by making required payments, plus expenses which includes trustee and attorney fees. The sale takes place between 9 a.m. to 4 p.m. on Friday unless Friday is a legal holiday. In such case, the sale is conducted on the next following business day. Most important condition is that, the sale should be held 190 days after the date of default not before that.

Unless, the right of redemption has been precluded, the borrower can redeem the property 8 months after the sale by paying the amount of highest bid with interest.

The lender can not obtain a deficiency judgment, if he uses non-judicial foreclosure. However, the borrower can be sued for a deficiency in case of judicial foreclosure, unless property is abandoned for 6 months before the decree of foreclosure.

This is legal information; it should not be treated as legal advice.

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