What is Foreclosure in Puyallup, Washington?

Find the right Foreclosure Bankruptcy attorney in Puyallup, WA

Foreclosure in Puyallup, 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 many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Puyallup, Washington to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Washington?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be straightforward with them. You should remember that banks in Puyallup 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 anything out with your lender, or have become completely unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt might 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 Puyallup, Washington Attorney Help?

If you are facing foreclosure, a good Puyallup, 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 Puyallup

Puyallup is a popular suburb just 5 miles east of Tacoma. The population of Puyallup has been on the steady rise and has reached 40,000. The name of the town comes from a local Native American tribe and means "generous." One reason for the name could be the fertile soil. Each year the locally grown daffodils, which are shipped world wide, are featured in the town's annual spring parade as well as the Daffodil Parade. The Daffodil Parade takes place in Tacoma, Puyallup, Orting, and Sumner each year and feature floats, local marching bands, veteran groups, and other clubs. The Puyallup Fair is the biggest annual state fair in Washington and one of the 10 largest in the country. It attracts over 1 million people every year. For the two weeks in September each year, local businesses "do the Puyallup" and show off their best products to all of the visitors.

If you visit the Puyallup Fair at the Puyallup Fairgrounds you may notice the historical information on the grounds' interesting past. It was once used as a World War II internment camp for United States citizens or those of Japanese descent and was called "Camp Harmony." The Antique District is obviously known for its wide selection of antique shops that run along the Meridian Street. It's near the near the Arts Downtown Outdoor Gallery that rotates a selection of artwork appropriate for outdoor installation. Most regular shopping, like back to school, is done at the South Hill Mall that features a number of retail stores like JCPenny, Sears, Target, and Macy's. Puyallup is a booming city that is home to local lawyers. Puyallup lawyers know local courts and procedures so they can help you today.

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