Seattle Area Foreclosure Attorney
At Marine View Law & Escrow, we represent lenders who find that their borrowers have defaulted on their loans. These lenders are not necessarily institutional lenders; we also represent Home Owner Associations, private lenders, individuals who offered a home buyer seller financing, among many other types of lender. We can help these lenders understand their legal rights and what options they may have.
Creditors' Options
With our knowledge of the foreclosure process, Marine View Law & Escrow can assist creditors and determine what legal steps a creditor should take depending on the situation of the borrower you are seeking payment from, and the collateral for the defaulted loan. If the lender decides to foreclose on the borrower's property, the lender can do so and use the proceeds from such sale to satisfy the debt owed.
In Washington State, there are various methods for a lender to recoup from a borrower on a defaulted loan:
- Lawsuit on the Obligation: The lender has the ability to sue to enforce an obligation for their breach of the contract. This method does not involve foreclosing on the property which secures the loan. Such lawsuit may result in the lender being able to garnish the borrower's bank accounts or their wages.
- Non-judicial foreclosures: Every Deed of Trust has a "Power of Sale" clause, which provides the lender the ability to foreclose non-judicially. A non-judicial foreclosure means that the borrower may foreclose the property without receiving the Court's permission prior to the foreclosure. Non-judicial foreclosures require notices to be given to the borrower, along with any other lien holder. First, a "Notice of Default" is sent to the borrower, and thirty days later, a "Notice of Sale" is sent to the borrower and is recorded in the county where the property is located. The foreclosure date is scheduled for ninety days after the issuance of the Notice of Sale.
- Judicial foreclosures: In a Judicial foreclosure, a lawsuit is filed against the borrower when the borrower defaults. At a court hearing, a judge will order that the property is to be sold to satisfy the debt owed. The sale is in the form of an auction, which is held by the Sheriff's Office, and is referred to as a "Sheriff's Sale." Between the time of the lawsuit and the auction, the borrower has the right to redeem the property. After the auction, the borrower has a one year "Right of Redemption."
Contact Marine View Law & Escrow, P.L.L.C.
We provide a confidential consultation to all new clients. To arrange a
meeting with one of our experienced foreclosure attorneys, contact us by
e-mail or call our office at 206-701-6564 or 877-449-4819.
