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Know Your Rights!
Foreclosure in Washington are typically non-judicial foreclosure. This means the bank sends notices and then the house is auctioned without any court intervention. Although bank can elect to seek judicial foreclosure, the cost of judicial foreclosure usually make it not worthwhile. The bank is required by state law to send homeowners a Notice of Intent to Sell (also known as "Notice of Sale") before it can auction off the property. This Notice must tell homeowners the location, time, and date of the sale. It is important to speak to an attorney if you have quesitons regarding this process.
A Chapter 13 can save your home from foreclosure. A Chapter 13 is a type of bankruptcy that is available only to individuals with certain debt level, and it require the debtor to set-up a 3 to 5 year payment plan calculated based on the debtor's income. During this period, the bankruptcy court will protect the debtor from debt collection activities, including foreclosure. Chapter 13 Plans are uniquely tailored to each debtor, which means Plans are usually drafted from scratch.
To be effective, home-saver Chapter 13s must be filed prior to the sale date. It is important to contact an attorney to discuss your options early in the process to maximize the possibilities. In summary, in order to save your home from foreclosure, we have to know about it before the foreclosure sale dattimplement a solution.time to impliment a solution.
Passed recently by the State of Washington, the Foreclosure Fairness Act provides an additional relief to the many homeowners who are having trouble reaching the bank for loss mitigation options.
The Act requires banks to issue a letter to the homeowner, prior to issuing the "Notice of Default", that explains the homeowner's new rights under the new law. These new rights include the right to a meeting with the bank's agent, and the right request formal mediation through an attorney or HUD Counselor. There is an extremely short time-line.
Homeowners are advised to speak to an attorney at the earliest moment possible to avoid missing deadlines. Homeowners in default have only days to act!