Washington Foreclosure is both Judicial and Non-Judicial.
The majority of loans are foreclosed by the non-judicial method.
Washington Foreclosure Timeline
|30 Days||90 Days||20 Days|
|Notice of Default Posted Notice of Foreclosure||Notice of Trustee’s Sale||1st Publication||Last Day to Reinstate (11 days prior to sale)||Purchaser Entitled to Possession|
Major Elements of Washington Foreclosure Include:
1. Mailing and posting the Notice of Default out (wait approximately 30 days).
2. Setting the Trustee’s Sale that includes recording mailing and posting of the Notice of Trustee’s Sale (must be done more than 90 days before sale date).
3. Publication – 2 times at specific intervals in the last month before sale.
4. Holding the Sale (Must be at least 190 days after date of first default)
5. Sales can be continued up to 120 days.
Washington Foreclosure Notice of Default
Washington foreclosure law states that at least 30 days prior to setting a Trustee’s Sale, the beneficiary or trustee must mail a Notice of Default to the borrower and grantor both by first class and certified or registered mail, and either post the Notice of Default on the premises or personally serve the Notice on the borrower and grantor. The Notice of Default identifies the Deed of Trust and the nature of the default, and gives an itemized account of the arrearage and the foreclosure costs and fees. Loans that are being foreclosed non-judicially may be reinstated any time up through 11 days before the Trustee’s Sale. Whether to accept reinstatement after that date is the prerogative of the lender. The loan may be paid off at any time before the sale.
Washington Foreclosure Notice of Trustee’s Sale
After 30 days have elapsed from the mailing and posting or serving of the Notice of Default, and at least 90 days prior to the sale, Washington foreclosure law requires the trustee to mail a Notice of Trustee’s Sale to the borrower and grantor and to lien holders, and other parties with an interest in the property who are specified in the Deed of Trust Act.
1. The Notice of Trustee’s Sale must also be recorded with the auditor of the county where the property secured by the Deed of Trust is located, and either posted or personally served more than 90 days before the sale date.
2. The trustee must also mail a Notice of Foreclosure to the grantor with the Notice of Trustee’s Sale. Trustee’s Sales may only be set in public places on Fridays between 9:00 a.m. and 4:00 p.m., unless Friday is a legal holiday, in which case, it may be set on the following Monday.
3. The Notice of Trustee’s Sale must be published in a legal newspaper at specified times on 2 occasions in the month before the sale. The Trustee’s Sale may be continued by the trustee for any cause the trustee deems advantageous, for a period or periods not exceeding 120 days. A Trustee’s Sale may be reset for a date no sooner than 45 days after a bankruptcy case is dismissed or closed or relief granted from the automatic stay, if the sale was stayed by the bankruptcy and the time (120 days) has elapsed for continuing the Washington foreclosure sale.
Trustee’s Sales are made without warranty as to title, possession, or encumbrances. After the Sale, a Trustee’s Deed is recorded reciting that the Sale was conducted in compliance with the Deed of Trust Act. The Act contains special provisions regarding the procedure for restraining a Trustee’s Sale.
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