What is Foreclosure in Federal Way, Washington?

Find the right Foreclosure Bankruptcy attorney in Federal Way, WA

Foreclosure in Federal Way, 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 Federal Way, 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 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 remember that banks in Federal Way 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 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 Federal Way, Washington Attorney Help?

If you are facing foreclosure, a good Federal Way, Washington real estate attorney can help. While keeping your home might not always be possible, a lawyer can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Federal Way

Federal Way is a city in the state of Washington; specifically, it is located in King County. Federal Way is located between the cities of Seattle and Tacoma. Bordering areas include Puget Sound, Des Moines, Kent, Milton, and Fife.

The city's top employers include Weyerhaeuser, World Vision, St. Francis Hospital, Wild Waves Theme Park, ACS, Wal-Mart, and Coldwell Banker Danforth Associates. Federal Way is also home to many small law offices that cater to residents' legal needs in every area of practice.

Famous residents include Dan Spillner, Kyle Secor, Michael Dickerson, Roy Thomas, Travis Ishikawa, and Kelyn Rowe.

Overall, Federal Way is a city rich in history and definitely worth visiting when in Washington!

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