Those who face foreclosure in Southern Washington find themselves navigating a complex legal terrain. It’s important to understand your rights and the legal remedies available to you to protect your property and financial future. 

In this article, we’ll outline critical aspects of Washington foreclosure laws and emphasize the importance of consulting with experienced legal professionals. At John L. Davis PLLC, we can effectively address your foreclosure challenges and guide you through what comes next for you and your family. 

Right to Receive Notice

The foreclosure process begins with your right to a formal notice. Lenders and landlords are required to inform you in writing about the default in your contract, the amount you owe, as well as the timeline for fixing the situation. This notice is your first line of defense in preparing for the steps ahead.

The Right to Reinstate the Loan

Washington laws empower homeowners with the right to reinstate their mortgage. This means you can pay off the total overdue amount, along with any associated fees, up to 11 days before the foreclosure sale. Exercising this right can bring your loan current and halt the foreclosure.

The Right to Request Mediation

The state’s foreclosure mediation program is an important resource for those experiencing a foreclosure. It allows you to negotiate with your lender, explore foreclosure alternatives, and potentially modify your loan for more manageable payments. Mediation can be a game-changer in preserving your home, yet it’s not often thought of when foreclosure stress sets in. 

The Right to a Fair Foreclosure Process

Lenders must obey a strict legal procedure during a foreclosure. This includes providing proof of their right to foreclose and following state laws that ensure fairness. Any deviation from this process can be grounds for legal defense. 

Chapter 61.24 of the Revised Code of Washington (RCW) provides the legal framework for the foreclosure process under deeds of trust in Washington State. This chapter includes various sections detailing the obligations and rights of both lenders and borrowers during the foreclosure process. Understanding what you are entitled to will make it easier to fight for your rights. 

The Right to Redemption

In certain scenarios, you might have a redemption right, allowing you to reclaim your property post-foreclosure sale by paying off the loan and associated costs. Redemption periods vary, but this option can be a lifeline in specific situations.

Legal Defenses

If there are errors or irregularities in the foreclosure process, you have the right to assert legal defenses. Issues like improper notice, predatory lending, or violations of lending laws can provide strong grounds for defense.

Bankruptcy as a Strategy

Filing for bankruptcy, particularly under Chapter 13, can pause the foreclosure process. It allows for debt reorganization and a plan to catch up on missed mortgage payments. Talk to our experienced real estate attorney to see if these provisions are right for you. 

Selling the Property

If foreclosure seems inevitable, selling the property can lessen the negative impacts. Selling at fair market value can satisfy your mortgage debt and possibly leave you with equity.

The Role of Legal Counsel

Foreclosure laws are complex. That’s why partnering with an experienced attorney like John L. Davis PLLC is so important. We can offer personalized advice, assess your situation, and fight for your rights and interests throughout the process. Call our Vancouver office today at (360) 597-4740. 

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