Posted on: 17th Jan, 2010 09:57 pm
My husband and I have been out of work for 2 years. We will probably be letting the house go into foreclosure in a couple of months if things don't change.
WA St. allows for judicial and non-judicial foreclosures. I am told that the banks usually let the house go to non-judicial foreclosure.
What is the likelihood that a non-foreclosure will happen. and what is the timeline and what happens if they do a judicial foreclosure?
WA St. allows for judicial and non-judicial foreclosures. I am told that the banks usually let the house go to non-judicial foreclosure.
What is the likelihood that a non-foreclosure will happen. and what is the timeline and what happens if they do a judicial foreclosure?
Hi Guest,
In Washington State, most of the lenders follow non-judicial foreclosures. In this type of foreclosure, the lender will not get a deficiency judgment against you if the house is sold for less than the amount owed. Non-judicial foreclosures do not usually take much time. But the timeline for the completion of the foreclosure process depends on an individual lender.
If your lender pursues a judicial foreclosure, it will take some time for the foreclosure process to be complete. But the judicial foreclosure can allow you a redemption period of a maximum of 1 year. During this period, you can buy back the property if you pay the outstanding loan amount and the foreclosure costs. However, the lender will have the right to sue you for the deficiency in case of a judicial foreclosure.
In Washington State, most of the lenders follow non-judicial foreclosures. In this type of foreclosure, the lender will not get a deficiency judgment against you if the house is sold for less than the amount owed. Non-judicial foreclosures do not usually take much time. But the timeline for the completion of the foreclosure process depends on an individual lender.
If your lender pursues a judicial foreclosure, it will take some time for the foreclosure process to be complete. But the judicial foreclosure can allow you a redemption period of a maximum of 1 year. During this period, you can buy back the property if you pay the outstanding loan amount and the foreclosure costs. However, the lender will have the right to sue you for the deficiency in case of a judicial foreclosure.