Understanding the process of foreclosure and your options can help you take control of your situation. In Washington State, the foreclosure process follows specific statutory steps, including notices, potential mediation, and a trustee’s sale. This page provides a timeline of key milestones in a foreclosure, helping you anticipate important deadlines and make informed decisions.
Whether you are just behind on payments or already have a notice of default, knowing your timeline can help you plan your next steps, including the possibility of selling your home before the foreclosure completes.
If you are facing foreclosure, you still have several avenues to consider. Acting early can help you protect your credit, potentially retain some equity, and avoid the stress of a forced sale.
Even after a foreclosure notice has been filed, you are generally able to sell your home. You may want to consider quick home buyers like Nine8 Redevelopment. Key points to consider:
Before the Notice of Trustee’s Sale: Selling at this stage is usually straightforward. You can list your home with a real estate agent or explore a direct sale to investors who specialize in “as-is” purchases.
After the Notice of Trustee’s Sale: It may still be possible to sell, but you will need to coordinate with your lender to ensure the sale proceeds cover the owed balance, or that a short sale is approved.
A short sale occurs when your home sells for less than the remaining mortgage balance, and your lender agrees to accept the proceeds as full payment. This option requires lender approval but can prevent a foreclosure from appearing on your credit report in the same way as a completed trustee sale.
If you want to keep your home, you may be able to work with your lender on:
In some cases, you can voluntarily transfer ownership of your home to the lender to avoid foreclosure proceedings. This can reduce the negative impact on your credit and may simplify the process of selling or exiting the property.
We buy homes all over Washington but these are a few of our top locations we have worked with in the past. If your city isn't listed below, don't hesitate to reach out to see if we can create an offer for your address. If we can't work with you, we'll find someone who can.
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