Sample Loan Payoff Letter Template Foreclosure In Washington
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FAQ
What is the foreclosure process in Washington? Washington is a “non-judicial foreclosure” state, meaning a lender can foreclose on a property through a third party, the trustee, and not the court system. However, the trustee has a duty of good faith towards both the lender and the homeowner.
Does Washington Have a Redemption Period After a Foreclosure? In some states, the borrower can redeem the home within a specific amount of time after the foreclosure. In Washington, however, the borrower doesn't get a redemption period following a nonjudicial foreclosure.
While the content of the letter will change depending on your situation, there are a few important aspects to include: Provide all details the best you can, including correct dates and dollar amounts. Explain how and when all situations were resolved. Detail why problems won't happen again.
The Notice of Default tells you the total amount you owe including missed payments and foreclosure fees. A declaration must be attached to the notice stating the lender has spoken to you or tried to reach you to discuss your situation.
Preforeclosure Meeting in Washington Before the foreclosure can start, Washington law requires the lender to send most borrowers what's commonly called a "meet and confer" notice. This notice explains your right to meet with the lender or its agent to discuss foreclosure alternatives.
Preforeclosure is the first step in the foreclosure process. It's designed to give homeowners options to stay in their home before a foreclosure. Preforeclosure occurs when a homeowner misses several mortgage payments, prompting the lender to issue a notice of default.
For example, the pre-foreclosure process can be as short as 111 days in California. This includes a 90-day default notice period and a 21-day foreclosure sale notice.
The homeowner gets a notice from the lender of the right to an opportunity to meet to discuss foreclosure. This is called a Notice of Pre-Foreclosure Options. The lender is required to send this notice to the homeowner before they can issue a Notice of Default.
