Seattle Washington Foreclosure Help, Defense, Laws and Process

 


Seattle, Washington is known for its amazing verdant landscape and its rain. Owning a home here is guaranteed to be a dream come true. Through mortgage help you are assured to be living this dream. However, many factors can change and you’re suddenly flung from financial stability to financial ruin. You now find it impossible to pay your monthly installments on the loan you took out to pay for the property you acquired. In such situations foreclosure of the property becomes your only solution.

There are government assistance programs in the state that will help your transition amicable. Contacting these agencies will help you when it comes to protecting your rights. You will be advised accordingly by the HUD approved housing counselor on the best ways to either avoid foreclosure or on the best avenues to take when foreclosing your property. Therefore, government help can be vital in your foreclosure proceedings.

Loan modification may be your solution out of foreclosure but when it isn’t, it is important to note that time plays an important factor. The longer you hold out paying your loan the worse the situation gets and the harder for you to reinstate that loan. And the longer you ignore the situation the more expensive it becomes for you to repay the loan. This is because the lender charges penalty fees on default of payment and all the legal fees that come from legally processing the foreclosure.

Stop Foreclosure in Seattle, Washington

The following guidelines will help you stop foreclosure in the Seattle:

  • Don’t ignore the financial crisis your undergoing
  • Talk to your loan provider as soon as you realize you have a problem in paying the loan
  • Acknowledge the receipt of mail from your lender and respond to it
  • Be aware of your mortgage rights by contacting the state government housing office.
  • Contact a HUD-approved housing counselor
  • Prioritize your spending
  • Liquidate your assets in order to meet the payment terms.
  • Avoid foreclosure prevention companies because HUD is available to you
  • File for bankruptcy, it can delay foreclosure of your properties and give you ample time to liquidate your assets to pay your loan.

Seattle, Washington Foreclosure Process

In Seattle, Washington the law on foreclosures states that 30 days before setting a sale on the property the lender must issue a mail of “Notice of Default” to the borrower. Loans that are foreclosed non-judicially may be returned anytime up to 11 days before the sale of the property and this is inclusive of attorney fees. The lender has the choice to accept or decline payment of the loan after that date.

The non-judicial foreclosure follows the following process:

  • A notice of sale is issued to the borrower no less than 30days before the date of sale on the property via registered and certified mail to the borrower and his attorney.
  • The notice of sale is published once a week for 4 consecutive weeks and must be posted for 4 weeks before its sale in 2 public places.
  • The borrower has 11 days to come up with the defaulted amount in order to stop the foreclosure.
  • The property must be auctioned between the hours of 9.00AM and 4.00 PM on a Friday.
  • The sale of the property may be postponed for not more than a week and the notice must be posted beneath the original posted notice.

Repairing your credit after a foreclosure is highly advisable. Foreclosing will lower your credit scores. It is therefore important to do this in order to help you secure a loan for your future projects.