Whats the Foreclosure Process in Washington State?
A non-judicial foreclosure is basically a series of notices given to a borrower and all parties with an interest in a property. These notices are delivered by a trustee and are followed by a public auction, known as a trustee’s sale. The trustee is appointed by the lender and is used instead of a court hearing and a judge ordering a sheriff’s sale. At the auction, the highest bidder is entitled to a trustee’s deed to the property and to possession of the property 20 days after the sale. The entire process will take a minimum of 120 days but often takes longer due to delays and because some steps must happen on particular days of the week (auctions are often on Fridays only). Typically the entire process will take 7 months or more. The first step in the process is to appoint a trustee. Most deeds of trust name a title insurance company as trustee and in Washington State title companies do not do foreclosures. Therefore, a new trustee is appointed. This trustee may be a corporation or an
