What is Foreclosure in Bellevue, Washington?

Find the right Foreclosure Bankruptcy attorney in Bellevue, WA

Foreclosure in Bellevue, Washington is a legal proceeding which allows a mortgage lender to take ownership of the home that was used to secure the mortgage, in the event that the creditor defaults. Foreclosure normally involves a forced sale of the house at auction. Banks normally want to rid themselves of ownership of the home as soon as possible, collect as much money as they can, and then move on.

In all states in the U.S., including Washington, foreclosure by judicial sale is allowed. Under this system, the sale is overseen by a court of law, to ensure that the bank makes a reasonable effort to get a decent price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. In some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take ownership of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the debtor for the remaining balance once it sells the house. You should consult a lawyer in Bellevue, Washington to find out if this is the case here. This normally does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Washington?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be straightforward with, your creditor as much as possible. One should remember that banks typically don't want to take your house in Bellevue. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are straightforward with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

If you can't reach a solution with your lender, there are other options. You could, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. There is also the option of a "short refinance," which forgives a considerable portion of your mortgage debt, and refinances the rest.

How Can A Bellevue, Washington Attorney Help?

If you think foreclosure is imminent, a good Bellevue, Washington attorney might be your best hope for staving it off. Even if keeping the house proves impossible, a good lawyer can minimize the financial effects.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Bellevue

Bellevue is located in King County, Washington. It is near Lake Washington and Seattle. Per the 2010 census, it has a population of approximately 122,363 people. The city is well-recognized now because in 2008, CNNMoney ranked it as one of the best places to live and launch a business. Recently, it was ranked fourth as one of the best places to live in the U.S. The city's nickname is "beautiful view."

Popular sites include the Bellevue Arts Museum, the Rosalie Whyel Museum of Doll Art, KidsQuest Children's Museum, and Meydenbauer Center.

Bellevue is also home to many practicing attorneys who have established their practices via small firms or local law offices. Thus, residents have access to competent attorneys who focus on providing personalized, as well as excellent, legal services.

Famous residents include Ann Wilson, Megan Hilty, William S. Ayer, Jeff Ulbrich, Deon Butler, Martin Harrison, Michael Brantley, Aaron Curry, and Tim Lincecum.

Overall, this is a wonderful city to visit or call home!

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY