Foreclosure has become an unfortunate reality for many Western Washington residents and lenders. Whether you are a lender or a home owner facing foreclosure, you need legal assistance to protect your rights under the law. Dickson Law Group is an experienced real estate law firm that understands the rights of both sides in foreclosure proceedings, and will ensure that our clients are treated fairly and justly.
In Seattle, call 206-621-1110 or in the Tacoma area, 253-572-1000.
Dickson Law Group: Washington Foreclosure Law Experts
Both mortgage holders and lenders often feel that they have been unfairly treated in foreclosure disputes. Mortgage holders may have reason to believe that their lender has broken the law in the process of foreclosing on their property and need legal representation to prove their claim. Conversely, lenders must administer foreclosure proceedings according to the law to assure that they protect their investment.
Understanding Foreclosure Processes
Foreclosure is a processed that lenders use to terminate an individual or entity’s legal right to property. This can only happen when the owner has fallen into default pursuant to the terms of a lending agreement. In Washington state, there are two processes that lenders can use to foreclose on properties in the event of a default: judicial or non-judicial (commonly called “power of sale”). By far the most common form of foreclosure is non-judicial.
Power Of Sale Foreclosure
The most common foreclosure process is known as “foreclosure by the power of sale” or a “trustee’s foreclosure.” This is a non-judicial form of foreclosure and can be used if the deed of trust authorizes it. Most deeds of trust have a power of sale clause that allows the lender to proceed with the sale of the property once a borrower defaults on the loan. This gives preauthorization to sell the property to cover the balance of the loan. However, even with a power of sale clause in the deed of trust, lenders must follow specific rules and guidelines. Legal counsel is essential if both the lender and the borrower are to understand these guidelines.
In a judicial foreclosure, a power of sale clause was not used in the original deed of trust or other mortgage instrument. In the event of default, the lender must rely on the court system to order a foreclosure on the property. Once the lender has filed for the right to foreclose, the court must then decide whether the borrower has indeed defaulted on the loan. If the court finds in favor of foreclosure, the borrower will be given a set date to satisfy the default, before the lender is allowed to sell the property.
Protect Your Rights During Foreclosure
At Dickson Law Group, our 45 years of experience with foreclosure proceedings and extensive knowledge of the law will serve you well during a foreclosure dispute. Whether you are a lender that needs assistance proceeding with a foreclosure or a home owner facing foreclosure, we can help you use the law to your advantage.
Foreclosure Proceedings: Don’t Lose the Battle
Learn your rights during foreclosure. Start by calling us today for a FREE 15-minute phone consultation.