What is Foreclosure in Everett, Washington?

Find the right Foreclosure Bankruptcy attorney in Everett, WA

Foreclosure in Everett, Washington is a judicial proceeding which allows a mortgage lender to acquire 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 good effort to get a reasonable 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 possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult an attorney in Everett, 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, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. You should remember that banks in Everett don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are straightforward with them, lenders will normally try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will be forgiven. You may also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Everett, Washington Attorney Help?

If you are facing the possibility of foreclosure, a good Everett, Washington real estate lawyer can help. At the very least, they will be able to inform you of your legal options.

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Life in Everett

Everett is located in Snohomish County, Washington. It is well-recognized because it is approximately 25 miles from Seattle.

Some well-recognized areas include the assembly plant for Boeing Corporation, the U.S. Navy Homeport Naval Station Everett, and the USS Abraham Lincoln. Alongside these popular areas include many popular attractions. For instance, the Everett Symphony, the Evergreen Arboretum and Gardens, the Future of Flight Aviation Center Boeing Tour, Imagine Children's Museum, Narbeck Wetland Sanctuary, and the Performing Arts Center-Village Theater are sites that many visitors make sure to see before leaving Everett.

Top employers include Boeing, Naval Station Everett, Provident Regional Medial Center Everett, Frontier Communications Northwest, Aviation Technical Services and Zumiez.

Since many attorneys also call Everett home, they have established small practices to cater to the needs of residents. Thus, residents do not have to travel far to tend to their legal needs.

All in all, Everett is a wonderful place to visit or call home!

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