What is foreclosure by judicial sale?

Foreclosure by judicial sale is a legal process in Washington state that is used when a borrower has defaulted on their mortgage payments and the lender wishes to reclaim the collateral property. In Washington, foreclosures are done by judicial sale, which is a court-ordered sale of the property. Before the sale is conducted, the court must issue a Judgment of Foreclosure, which gives the lender the right to reclaim the property. The lender must then provide the borrower with a Notice of Default, which includes information about the amount that is due and the foreclosure process. If the borrower fails to act, the lender can then ask the court for an Order of Sale, which will initiate the foreclosure sale. At the judicial sale, the lender will typically bid on the property and, if successful, will take ownership of the property. The lender then has the right to either rent out the property or sell it. Any remaining proceeds from the sale will go to the borrower as partial repayment for the mortgage. Foreclosure by judicial sale is often a lengthy process, so it is important to consider all options before choosing to go through with the foreclosure. If the borrower is able to catch up on their payments, they can potentially avoid foreclosure altogether.

Related FAQs

What is a short refinance?
What is the difference between a Listing Agreement and a Buyer Representation Agreement?
What is a landlord’s lien?
What is a deed of trust?
What is an assignable mortgage?
What is an option to purchase?
What taxes are involved in the purchase of a home?
What is the difference between a real estate appraiser and an inspector?
What is a homeowners association?
What is the process for filing a complaint against a real estate agent?

What is foreclosure by judicial sale?

Related FAQs

Related Blog Posts