• Home
  • my Blog
  • for Buyers
    • Buying on Bainbridge
    • Home Buyer Relocation Packet
  • for Sellers
  • the Community
    • the Community
    • Schools
    • Neighborhoods
    • Winslow
    • Bainbridge Island Ferry Commute
    • Recreation
    • Stay & Eat
    • Bainbridge Island Resources
  • about Me
  • just Sold
  • email Me

Foreclosure Basics for Washington State

  • Home
  • my Blog
  • Real Estate Business
  • Foreclosure Basics for Washington State
HUD-Logo
FHA Loan Limits Back Up
March 18, 2009
Short Sale - What is it? by Jen Pells Real Estate Agent on
Short Sales
March 26, 2009
Show all
March 26, 2009
Categories
  • Real Estate Business
Tags
  • Bainbridge Island Foreclosures
  • HUD
  • Kitsap County Foreclosures
Foreclosures Info by Jen Pells Real Estate Agent on Bainbridge Island

With foreclosure being such a buzz word, this is a good time to clarify some important definitions and the foreclosure process.

Pre-foreclosure. Pre-foreclosure means you have missed payments on your mortgage, and by definition are in default. For example, a borrower could be $9,000 behind in payments. During this time, borrowers usually work out an agreement with their lender to remedy that default and avoid the foreclosure process. Being in pre-foreclosure, does not mean you have entered the official foreclosure process until you have received a Notice of Default.

Notice of Default. Usually after a borrower has missed two payments, an official Notice of Default is sent to the borrower and the foreclosure process starts ticking. In Washington, the foreclosure process is approximately a 135 day process.

The official Notice of Default is mailed by the lender via certified mail to the borrower and their attorney, if they have one. The notice must also be posted on the subject property or personally served to the borrower.

Notice of Trustee Sale. About 30 days later, the borrower enters the next step, when the Notice of Trustee Sale is posted and mailed. The notice will be sent to the borrower and posted in the same manner as Notice of Default letter, but will also be recorded with the county auditor. The notice will include info about the time and location of the sale. Thirty days before the sale is to take place, information on the sale is posted in an approved local newspaper for legal notices.

Borrowers then, generally have about two months until the public sale to make good on their default or work out a plan with their lender.

The sale or auction. Foreclosure sales must take place between 9AM and 4PM on a Friday, unless the Friday is a legal holiday, then the sale will occur the following Monday. Sales must occur within 190 days after the date of first default but may be extended up to 120 days at the trustee’s discretion. In the event of a bankruptcy, a sale may be reinstated no more than 45 days from the dismissal of the bankruptcy or lifting of the automatic stay.

Note: In Washington, the lenders can also go to court in what is known as a judicial foreclosure proceeding where the court must issue a final judgment of foreclosure. If the deed of trust does not contain the power of sale language, the lender must seek judicial foreclosure. The property is then sold as part of a publicly noticed sale. A complaint is filed in court along with what is known a lis pendens. A lis pendens is a recorded document that provides public notice that the property is being foreclosed upon.

For more information on avoiding a foreclosure visit the HUD website. However, please be aware that every state has different foreclosure laws, so also visit the Washington State Department of Financial Institution website for Washington specific information.


This entry is for educational purposes only. If you are facing a foreclosure situation contact a real estate attorney or take advantage of resources on the above websites.

Related posts

11711 Two Creeks Road Sold by Jen Pells Windermere Bainbridge
January 27, 2022

My Top 10 Homes on Bainbridge Island | 2021


Read more
The 2021 Bainbridge Island Real Estate market - How is it for Buyers
February 8, 2021

Buying on Bainbridge & Multiple Offers


Read more
2021 Bainbridge Island Real Estate Market Predictions by Jen Pells Windermere Agent
January 11, 2021

Bainbridge Island 2021 Real Estate Market Predictions


Read more

Search

Subscribe to my blog by email

Latest from my Blog

  • My Top 10 Homes on Bainbridge Island | 2021
  • Bainbridge Island 2022 Real Estate Market Predictions
  • Jen’s 2021 Sales Portfolio
  • New Listing | 8762 NE Winslow Grove Ct.
  • Buying on Bainbridge & Multiple Offers

Tags

Active Listings Bainbridge Island Bainbridge agent Bainbridge Buyer's Agent Bainbridge homes bainbridge housing market 2009 bainbridge island Bainbridge Island Agent Bainbridge Island Buyer's agent Bainbridge Island Farmer's Market bainbridge island homes Bainbridge Island Housing Market Bainbridge Island Little League Bainbridge Island Neighborhoods Bainbridge Island public school Bainbridge Island Real Estate Bainbridge Island Real Estate Market Bainbridge Island Realtor Bainbridge Island Relocation Bainbridge Island Relocation Expert Bainbridge Island Top Buyers Agent Best Bainbridge Agent Best Bainbridge Broker Best Bainbridge Buyer's Agent Best bainbridge island agent Best Bainbridge Island buyer's agent Buying a home on Bainbridge Life on Bainbridge Island Living on Bainbridge Island Moving to Bainbridge Moving to Bainbridge Island Neighborhoods on Bainbridge Island New Listing on Bainbridge Island new listings on bainbridge island New to Bainbridge Island Parks on Bainbridge Island Real estate on Bainbridge Island Recent sales on Bainbridge Island Relocating to Bainbridge Island Things to do on Bainbridge Things to do on Bainbridge Island Things to do with kids on Bainbridge Island Top bainbridge agent Top Bainbridge island Agent Top Bainbridge Island Buyers Agent winslow way

Categories

  • Activities
  • Beyond Bainbridge
  • Coffee
  • Community
  • Events
  • Happy hour
  • Home Tours
  • Homes
  • Listing
  • Market Trends on Bainbridge Island
  • Miscellaneous blog post
  • Moving
  • Neighborhoods
  • Open Houses
  • Parks
  • Personal
  • Photos
  • Real Estate Business
  • Restaurant
  • Schools
  • Shopping
  • Top 10 Homes
  • Top 5
  • Uncategorized
Jen Pells Logo

206.718.4337
jennifer@jenniferpells.com

249 Winslow Way, East
Ste. #400
Bainbridge Island, WA 98110

Windermere Logo

Windermere Real Estate / BI, Inc.

© 2022 Jen Pells. All Rights Reserved.