Pacific Northwest Real Estate

What Is Foreclosure?

Though it’s taken time for the mortgage crisis to reach those of us who live here in the Pacific Northwest, many of us have now grown used to hearing the word “foreclosure” in the news and perhaps in conversations with struggling loved ones. But what does the process of foreclosure really look like?

Foreclosure Defined

Foreclosure is initiated by a lender to gain title to a home that was used as collateral for a mortgage loan that has fallen into default. It legally terminates all homeowner’s rights covered by the mortgage agreement, making the lender the owner of the property.

The Foreclosure Process

When a homeowner fails to make their mortgage payments on time (or at all), the lender begins the process by filing suit. Usually the homeowner is notified that they are delinquent on their mortgage payments via a Notice of Delinquency. If the moneys owed (plus legal fees for the preparation of the notice) are not paid within a specified time, foreclosure may begin on the home.

A Lis Pendes may also be filed by the lender, which formally begins the foreclosure proceedings. At this point the homeowner is required to appear in court to answer the allegations of default. An extension may be requested by the homeowner, which may or may not be approved. If the request for extension is denied, the foreclosure will proceed and the home will go to Auction.

The foreclosing Trustee places a Notice of Foreclosure (usually in a local paper), which gives a detailed description of the property in foreclosure and provides the place and date of the pending trustee sale.

The process is complete when the lender gains title, the deed is recorded, and the foreclosure is reported to the Single Family Default Monitoring System. For most families, the process takes approximately 6 months from the first missed payment to the completion of the foreclosure.

Good News for Those at Risk of Foreclosure

Foreclosure doesn’t have to happen to you! There are foreclosure alternatives out there to help you avoid the heartbreaking consequences of this credit disaster. Susan Stecher and her team of Pacific Northwest real estate professionals can help you and your family as you navigate these difficult waters.

***Susan Stecher is a Certified Distressed Property Expert - CDPE, Specialized Service Provider – FSSR, in Foreclosures, Short Sales and Bank-Owned Properties, a Short Sale & Foreclosure Resource – SFR and a Certified Short-Sale Professional – CSP. Call today for a confidential consultation to determine what your best options are to avoid foreclosure — call direct at (360) 319-4939, or toll-free at (888) 319-4939.

Direct: (360) 319-4939
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Susan Stecher

Broker, CFP, CRS, CDPE, RFC, SRES, CHLMS, Realtor® Direct: (360) 319-4939
Phone: (888) 319-4939

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