The Washington foreclosure process begins when you miss monthly payments on your property loan agreement with a bank. A property loan is the one bill that you should not miss because a foreclosure looks much worse than a boat or car being repossessed.
The Washington foreclosure process does take some time and a property will not be repossessed from you as quickly as a vehicle. This is because the bank needs to go through the proper channels to take a property from a loaner. The first thing that a bank needs to do is file a notice of default which is usually done in the first 60 to 90 days of missed monthly payments. The loaner will then have approximately 60 to 90 more days to work out a plan with the bank to get caught up or sell the property. If the bank receives nothing then they will schedule a date for the property to be sold at a public auction which is called an intent to sell. This usually occurs another 60 to 90 days out from the notice of default. The entire foreclosure process can take from 6 to 9 months, sometimes a year.
You can remain living in your property during the Washington foreclosure process. Keep in mind that you must be out by the date of the set auction, which will give you plenty of time to save up some money for a new place to live. A foreclosure on your credit may remain on your credit report for up to 7 years and make it very difficult to purchase another property again. However, if you file bankruptcy on the property it can stall the Washington foreclosure process and give you time to get caught up or buy more time with a place to live. Also, filing bankruptcy will allow you to buy another property the day the bankruptcy goes through.