Washington State Foreclosure Summary:

Non-Judicial Foreclosure: commonly used in Washington State

Right of Redemption: Very rare in WA; available only in judicial foreclosure

Security Instruments: Deed of Trust; commonly used in WA

Time Frame: Typically 120 days from time of first missed payment

Non-Judicial foreclosure is carried out as follows:

1.      A “Notice of Sale” must be transmitted no less than 30 days before the date of sale by regular mail to the borrower’s attorney of record, if any and by certified mail, return receipt requested, to the borrow at the borrower’s last know address.

The notice of sale must be published once a week for four consecutive weeks in a newspaper of general circulation, and must also be posted for at least four weeks prior to the sale in two public places, one of which must be the door of the courthouse of the county in which the property is located and where the sale is to take place. The sale may not take places less than 190 days from the date of default.

2.      The Borrower has until 11 days prior to the sale to stop the foreclosure by         paying the past due amount plus expenses, including trustee and attorney fees.

3.      The Sale must be an auction, and held between 9am to 4pm on a Friday. If Friday is a legal holiday, the sale will be held on the following business day. The successful bidder will be given a certificate of sale.

4.      The Sale may be postponed for not more than the week following the scheduled day by giving notice at all parties and posting the notice publicly beneath the original posted notice.

5.      In judicial foreclosures, the lender may NOT sue for a deficiency balance if the property is found to have been abandoned for at least six months prior to the decree of foreclosure by the court.

Foreclosure Presentation by Alan Lee                                                           6/2/2008