What is foreclosure?

Foreclosure is a legal process that allows lenders to take possession of a property if the borrower (or homeowners) fails to make payments on their mortgage or loan. In Washington, lenders must first send a Notice of Default to the homeowner that indicates the default status and the amount that is delinquent. The Notice of Default also informs the homeowner of their right to bring the payments up to date to avoid foreclosure. If a homeowner does not bring the payments current, the lender may initiate a foreclosure lawsuit and pursue a court order to take possession of the property. In Washington, foreclosure is a judicial process, meaning the court must approve the foreclosure before it can take place. The lender must file a complaint with the court, and the homeowner has the opportunity to respond and present any defense they may have. The court then makes a judgement and issues an order to complete the foreclosure. The order will specify the amount of delinquency and will provide the homeowner with a period of time to bring the payments up to date to stop the foreclosure. If the payments are not brought up to date by the deadline, the lender can proceed with the foreclosure, and the property may be sold at auction.

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What is foreclosure?

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