What are the foreclosure laws in my state?

In the state of Washington, any lender who loans money on the security of a property may start the foreclosure process if the borrower fails to make their payments. The foreclosure process begins when the lender files a complaint to establish a lien against the property. The borrower then has 20 days to pay the debt, plus fees and interest. After 20 days, if the borrower fails to pay, the lender may ask for foreclosure by advertisement, or court ordered foreclosure. The lender must advertise the availability of the house for sale in a newspaper for at least four weeks. This gives other interested buyers the opportunity to buy the property. After the four-week period, the lender may sell the property at a public auction. If no buyer is found, the lender may ask the court to order the sale of the property to the lender, who is then obligated to pay the loan and all expenses for the foreclosure. If the court does not approve the foreclosure, the borrower still has the option of arranging for a private sale, or selling the property to another lender who will provide funds to pay off the original loan. However, the borrower is still liable for any deficiency balance between the sale price, and the amount remaining on the original loan. It is important to note that, even if the property is sold, the homeowner is still liable for any remaining loan balance. Therefore, it is important to seek legal advice when considering foreclosure in the state of Washington.

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What are the foreclosure laws in my state?

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