What is Foreclosure in Sammamish, Washington?

Find the right Foreclosure Bankruptcy attorney in Sammamish, WA

Foreclosure in Sammamish, 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 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 Sammamish, 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?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be honest with them. It is critical to remember that banks don't really want to own homes in Sammamish. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If you can't work things out with your lender, there are other options. You could 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 gets those proceeds, but the remainder of the loan 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 Sammamish, Washington Attorney Help?

If you are worried about foreclosure, a good Sammamish, Washington real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in Sammamish

Sammamish, Washington is a city in King County. It is a suburb of Seattle, and has a population of about 40,000 people, as of a 2008 estimate by the Census Bureau of the Untied States.

Sammamish remained an unincorporated census-designated place for most of its existence. As with most cities in the Pacific Northwest, the area it occupies was inhabited by various Native American tribes for thousands of years before the arrival of European explorers. Settlers from back east arrived in the early 1800s, mainly for the purpose of logging and fur trading.

Modernly, Sammamish is a quiet residential community whose economy is boosted by the various industries (such as electronics, aerospace, software development, and tourism) in the Seattle area. It is also a destination in itself, thanks to several recreational opportunities that show off the area's natural beauty. These include Lake Sammamish State Park, Beaver Lake Park, and several other nature preserves, offering activities like swimming, hiking, bicycling, and rock climbing, among others.

If you live in Sammamish, Washington, and need some form of legal service, you're in luck. Thanks to the area's economic diversity, there is a thriving legal community in Sammamish. Sammamish, Washington lawyers are able to take just about any type of case a person is likely to face.

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