Washington Process

 

Foreclosure Facts

Washington foreclosures are conducted both in judicially and non-judicially, however non-judicial foreclosures are more common, and typically take about five months. For judicial foreclosure proceedings, the minimum time to a court ruling is 30 days after a lender files suit against a borrower. This time is extended to 60 days for out-of-state borrowers in order to provide ample time to respond to the notice. If the court rules in favor of the lender, the property is sold to recover the monetary amount owed to the lender, during a sheriff’s sale that usually occurs 6-8 weeks after the court’s ruling

Prior to conducting a non-jucial foreclosure, the lender or its trustee mails a notice of default to the borrower and either posts the notice at the property or delivers the notice to the borrower in person. Upon receiving this notice, the borrower has 30 days to respond before the property is scheduled for public sale.

Up until 11 days before the sale, the borrower can stop the foreclosure by paying the past due payments, plus applicable expenses.

Notice of Sale / Auction

If the borrower does not stop the foreclosure process within 30 days of receiving the notice of default, the lender records a notice of sale with the county recorder, which is recorded at least 90 days before the sale date and mailed to the borrower and any other affected parties.

The trustee publishes the notice of sale once between the 32nd and 28th days prior to the sale, and once between the 11th and 7th days prior to the sale.

Foreclosure sales are conducted by public auction with the property going to the highest bidder, who must pay in cash. For non-judicial foreclosures, the trustee transfers ownership to the winning bidder, who may take possession of the property 20 days following the foreclosure sale. The borrower has no redemption rights after non-judicial foreclosure sale is complete.

For judicial foreclosures, the borrower is granted redemption rights for one full year, beginning on the date of sale. To redeem the property, the borrower must pay the full amount due and applicable expenses. During this redemption period, the borrower can remain in possession of the property if it is considered their primary residence.