FACING FORECLOSURE IN SEATTLE, WASHINGTON
Are you facing foreclosure? A Home Foreclosure occurs when a homeowner fails to repay their mortgage loan to their bank or lender.
More specifically, it’s a legal process by which the owner forfeits all rights to the property. If the owner can’t pay off the outstanding debt or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn’t sell there, the lender then takes possession of it.
Why Do Sellers Go Into Foreclosure?
Sellers stop making payments for a variety of reasons. Although, very few choose to go into foreclosure voluntarily. It’s often an unpredictable result from one of the following:
Laid-off, fired or quit job
Inability to continue working due to medical conditions
Excessive debt and mounting bill obligations
Disputes with co-owner, divorce
Job transfer to another state
Unaffordable maintenance issues
So what happens in a foreclosure? The specifics can vary according to state law, but we can break it down into five stages: