Washintong Foreclosure Laws
Washington foreclosure laws allows lenders to make use of judicial and non-judicial foreclosure processes to foreclose deeds of trusts or mortgages that make it to the foreclosure listings. However, lenders in Washington rarely, if ever, resort to the judicial foreclosure process. A foreclosure process takes about 120 days to complete. The security instruments used in foreclosures are deeds of trust and mortgages.
The Foreclosure Procedures in Washington
The state of Washington allows deficiency judgments. The Right of Redemption, however, can only be used in a judicial foreclosure process. A piece of distressed property finds its way to foreclosure listings when the borrower defaults on his payments. An extremely important feature of mortgage agreements is the Power of Sale clause. This clause ensures that the borrower has agreed to sell the property in order to settle outstanding balances when he defaults on his payments. The process of non judicial foreclosures is followed when a Power of Sale clause is expressed in the security instruments.
Washington Foreclosure Laws
The defaulter must be intimated of the sale by the lender through a Notice of Sale sent by mail. This must be done at least 30 days before the date of the sale.
A public notice of the sale must be issued once a week continuously for four weeks in any newspaper published in the county in which the property is located. The notice must also be posted in the courthouse and in the county where the sale is to take place.
The Notice of Sale must contain specific details regarding the time and place of the foreclosure sale, the names of the borrower and lender, the date, description of the property, the terms of the sale, and the borrower's rights of redemption.
The borrower is provided with a specific time frame of eleven days to stop the foreclosure process by paying all outstanding dues and fees.
The sale is conducted between 9:00 am and 4:00 pm at the courthouse on Friday. In the event the day is a holiday, the sale is then held on the next working day. The foreclosure sale must be held only 190 days after the date of default. The highest bidder receives a certificate of sale.
The date of the foreclosure sale can be postponed by giving notice and by posting written notices of the adjournment under the original Notices of Sale.
If the process used is non-judicial foreclosure, the borrower cannot be sued for a deficiency judgment. In judicial foreclosure sales procedure, the borrower can be sued for a deficiency, unless the property has been abandoned for six months before the foreclosure decree.
Foreclosures in Washington Top Cities
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| National Overnight Averages | TODAY | +/- | Last Week |
|---|---|---|---|
| 3/1 Year ARM | 3.5% |  |
3.51% |
| 1 Year ARM | 3.37% | |
3.4% |
| 30 Year Fixed Mortgage | 4.99% | |
5.03% |
| 15 Year Fixed Mortgage | 4.51% |  |
4.51% |
| 5/1 Year ARM | 3.53% | |
3.55% |
