Washington Foreclosure Law

In Washington foreclosure law both Judicial Foreclosure and non-Judicial Foreclosure are allowed. In Washington state foreclosure timeline typically take 120 days. Washington foreclosure law supports deed of trust and mortgage as primary security instruments. Washington foreclosure law authorizes statutory right of redemption to borrower, however it may be precluded. Deficiency judgment is also allowed in Washington foreclosure law.

The foreclosure process in state of Washington may be used by means of judicial foreclosure or by non-judicial foreclosure on the deeds of trust or mortgages in default.

Judicial Foreclosure
The judicial foreclosure process allows the lender to file a lawsuit to obtain a court order to foreclose The Judicial foreclosure process is generally used when “no power of sale clause” is there in the mortgage or deed of trust. A “power of sale clause” in a deed of trust or mortgage empowers lender to sale or transfer of land as summarized by the terms of that clause. Property will be auctioned off to the highest bidder after the decree to foreclose has been affirmed. Lender may sue for deficiency with the exception that property has been found to forsaken 6 months prior to sale.

Non-Judicial Foreclosure
Non-Judicial Foreclosure allows the lender to sell the property and set the balance of the loan in case the borrower defaults. Non-judicial process of foreclosure is used when deed of trust or mortgage document contains “a power of sale clause”. The power to sell given to the lender may be carried out by the lender or their representative, typically referred to as the trustee. “Power of Sale Foreclosure Procedure” explained below will elucidate the genuine method for Non-Judicial foreclosure process.

Power of Sale Foreclosure Procedure
If the mortgage or deed of trust comprises of the “power of sale clause”, which have details regarding the time, place and the terms of sale in that case the specified course of actions must be followed. If power of sale clause does not state the specifications of time, place and terms of sale then non-judicial foreclosure would be followed as bellow:
•    It is required to send the notice of sale to the borrower via certified mail and also through the regular mail at their last know address. Mail requesting return receipt must be sent to borrower at least (30) days prior to the sale.
•    Notice must contain the time date and place of the foreclosure sale, the names of borrower and lender, recording information of deed or mortgage, description of property, terms and conditions of sale, and the borrower’s rights of redemption.
•    It is required sheriff have to publish notices once a week for four consecutive weeks in the news paper of general circulation in the city where property is sited.
•    Moreover it is necessary for sheriff to post the notice at two places, from these two one must be court house door of the city where said sale have to be conducted.
•     Borrower may cure the default (11) days before the sale by paying all previous owed payments along with all the expenses incurred and fees of trustee and attorney.
•     Sheriff have to conduct the sale at courthouse door on Friday  between  9 am to 4 pm. Sale will be conducted on next following day  in case Friday is holiday .
•    Under the unfavorable situation sale may be postponed for not more than one week by pasting the postponement orders right under the original posted sale notice.
•    Borrower may redeem the property by paying highest bid amount along with interest within (8) months after the sale.
•    Lender can’t sue for deficiency judgment if non-judicial foreclosure has been employed; however lender may sue for deficiency if judicial foreclosure is being used n property has found abandoned for (6) months before the sale.