What is Foreclosure in Edmonds, Washington?

Find the right Foreclosure Bankruptcy attorney in Edmonds, WA

Foreclosure in Edmonds, 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 usually involves a forced sale of the house at auction. Banks usually 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 Edmonds, Washington to find out if this is the case here. This usually does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Washington?

First, you should never ignore the matter. As unpleasant as it seems, it is essential to stay on top of the issue. Ignoring the problem will never make it go away. You should keep in mind that banks usually don't want to take your Edmonds home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep 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. A "short refinance" might also be an option in some cases. This allows you to have some portion of the debt forgiven, while refinancing the rest.

How Can A Edmonds, Washington Attorney Help?

If you are faced with the possibility of foreclosure in Edmonds, Washington, an attorney might be able to help. At the very least, he or she can advise you of your legal options.

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Life in Edmonds

Edmonds, Washington is a city in Snohomish County. It has a population of slightly over 40,000 people.

It is the oldest incorporated city in Snohomish County, Washington, having been founded in 1899 by a logger named George Brackett. It's not clear who or what the city of Edmonds, Washington is named after, but it is likely either then-U.S. Senator from Vermont George Franklin Edmunds, or nearby Point Edmund (later re-named to Point Edwards).

By 1900, regular ferry boat service to Seattle was available. Edmonds, Washington is an important regional center for the arts. It fetaures a well-known, privately-funded drama club, called the Driftwood Players. They do 4-5 major productions per season, interspersed with several more one-night plays.

It also has hosted a major art festival since 1957, which focuses on the visual arts such as painting and illustration, and collaborates with local schools, featuring several galleries exclusively displaying the artwork of local students, to help promote arts education. Edmonds, Washington also hosts a jazz festival every Memorial Day weekend, with professional, famous jazz performers playing, as well as music students from nearby schools.

Given its diverse, eclectic population and culture, it's no surprise that Edmonds, Washington has a diverse and well-rounded legal community. If you're facing a legal issue, and live in the area, it's almost certain that an Edmonds, Washington lawyer can help.

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