What is a foreclosure timeline for a loan modification?

In Washington, the foreclosure timeline for a loan modification begins when the borrower stops making payments due to a financial hardship. The bank or lender may then file a Notice of Default (NOD) with the county clerk, which starts the foreclosure process. The NOD must be served on the borrower and state the amount of money due. The borrower then has a period of 30-90 days to file an answer to the NOD and/or apply for a loan modification. If the borrower does not answer or apply for a modification, the lender can then file a Motion for Summary Judgment or a Complaint for Foreclosure. If the borrower does apply for a loan modification, the lender must consider it in good faith. The foreclosure process can take as little as 90 days after the NOD is filed, but it can take much longer if the borrower applies for a loan modification. If the lender approves a modification, the foreclosure may stop and the borrower will start making payments on the modified loan. If the lender denies the request for a loan modification, the foreclosure process can resume and the borrower will typically have 45-90 days to make up the missed payments. If the borrower does not make the arrears, then the lender can file a Motion for an Order of Sale to sell the borrower’s property to recoup the unpaid debt. In summary, the timeline for a foreclosure in Washington depends on whether the borrower applies for a loan modification or not. If a loan modification is granted, the foreclosure will likely stop. If a modification is denied, the foreclosure process may resume and the borrower will typically have 45-90 days to make up the missed payments.

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What is a foreclosure timeline for a loan modification?

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