What is Foreclosure in Walla Walla, Washington?

Find the right Foreclosure Bankruptcy attorney in Walla Walla, WA

Foreclosure in Walla Walla, 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, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the borrower for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Walla Walla, Washington attorney to see if this state is one of them.

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. It is crucial to remember that the bank does not really want your Walla Walla house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you believe that foreclosure is imminent, there are some other options. For example, you might be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can get, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. You might also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Walla Walla, Washington Attorney Help?

If you are worried about foreclosure, a good Walla Walla, 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.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Walla Walla

With a population of just over 30,000 residents, Walla Walla, Washington is one of the larger cities in the state of Washington. Located four hours from the state capital of Seattle, Walla Walla has colleges, vineyards, and other fun aspects of the city to make it a great place to work and play. Walla Walla is located only thirteen miles from the Oregon border. In addition to being home to Whitman College, the city also has a community college and a specialty school. Interestingly enough, the community college in Walla Walla has classes in all aspects of the booming wine industry in the city, which helps keep the businesses local. Walla Walla wine industry generates over million in revenue to the city every year. Other big products that come out of Walla Walla are wheat and sweet corn. Walla Walla, Washington is also home to some great lawyers. Lawyers in Walla Walla are trained in any legal issue his or her client may be dealing with and happy to help use their knowledge to solve a problem. From lawyers to wine makers to university professors, Walla Walla is a city that attracts amazing professional talent.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY