Seattle Foreclosure Laws & Lawyers

The Washington State region continues witness a growing numbers of foreclosures, with most of the foreclosures occurring in Seattle and the surrounding heavily-populated metropolitan area. Seattle’s population saw expansive growth due to new technology companies headquartered in the area, such as Microsoft.  New jobs and new people began flocking to the scenic Northwest in the 90s, and housing prices soared.

By the mid 2000s, housing prices were some of the highest in the country. Many people were able to purchase an expensive home with no down payment and simply a job on their application. Soon, however, homeowners found that they couldn’t afford the high mortgage payment or that their adjustable interest rate increased to an extreme amount. Foreclosures in Seattle soon began to be on the rise.

Seattle Foreclosure Laws

Foreclosure laws differ from state to state and region to region. Seattle foreclosures are dictated by the laws of the State of Washington. Primarily, the Deed of Trust is the main security document for home loans, and most contain a Power of Sale clause that allows for a non-judicial foreclosure and sale of a home in the event of default, though a few foreclosures may be performed judicially through the court system. 

Here is a summary of Seattle foreclosures laws:

Seattle Non-Judicial Foreclosure Process

In Seattle, foreclosures that follow a Power of Sale clause are handled by a trustee, such as a title company, rather than the courts.  The foreclosure process begins with a Notice of Default that must be filed in the King County records in which the property resides.  This gives public notice that the home loan is in default and that a public sale is pending.  From this point, the homeowner/borrower has 30 days in which to respond before a Notice of Sale is posted and the non-judicial foreclosure process begins.

A Notice of Sale must be filed at least 90 days before the actual foreclosure sale.  Before a Seattle foreclosure can be publicly auctioned, it must be posted twice one month before and two weeks before the sale date.  Up to 11 days before the auction, a homeowner can stop foreclosure by paying all past due amounts plus fees and costs.

Finding Seattle Foreclosure Help

Seattle home prices continue to appreciate.  And though Seattle foreclosures are still on the rise, there is help available to homeowners if they simply seek it.  A certified foreclosure lawyer is qualified to answer your questions and provide advice that can effectively stop foreclosure and help a homeowner keep their home.

• If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified Foreclosure Attorney in Seattle to see your best options you have available to avoid Foreclosure.