Mercer Island Foreclosure Lawyers

Find the right Foreclosure attorney in Mercer Island, WA

Foreclosure Law in Washington

Foreclosure is when a lender in Mercer Island, Washington, re-possesses the real property that was bought with the loan. This is meant to cover the bank's losses, in case the borrower continuously fails to make his or her mortgage payments.

A foreclosure normally involves a forced sale of the house at auction, so the bank can recover at least some of the loss it has incurred as a result of the default. Banks normally want to rid themselves of the property as soon as possible, collect as much money as they can from the sale, and then move on.

Like every other state in the U.S., Washington authorizes homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a procedure through which a court oversees the sale of the house by the lender. The purpose is to see that the lender takes reasonable steps to notify the public of the auction, and other steps to ensure that the house sells for the highest price possible. This is meant to protect the borrower, making it less likely that they'll have to pay a large deficiency judgment (the remaining amount due on the mortgage if the house sells for less than the remaining balance).

In a large number of states, but not all of them, mortgages are a type of loan recognized as a "non-recourse loan." While the regulations governing these loans are complex, it most essentially means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Mercer Island, Washington

Communication between you and your lender is perhaps the most significant way to prevent foreclosure. Ignoring the issue is guaranteed to be counterproductive. Honesty is the best policy when it comes to dealing with lenders.

Throughout all this, you should remember one thing: the bank doesn't really want your house. After all, banks aren't real estate speculators, they're mainly money lenders. They stand to make a great deal of money if you are able to make your mortgage payments until it's paid off. They're likely to make much less if they're forced to sell your house.

It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, particularly if this means that they will be able to get some payments, instead of none at all.

As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the funds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Washington, the remaining debt is absolved.

Can a Mercer Island, Washington real estate attorney help?

If you feel that your home is close to being foreclosed in Mercer Island, Washington, and want to try to prevent this, the advice and assistance of an accomplished real estate lawyer can mean the difference between keeping or losing your home.

Talk to a Real Estate Law Attorney now!

Life in Mercer Island

Mercer Island, Washington is a city situated in King County, on an island in Lake Washington. Its population, according to a 2008 Census estimate, is about 24,000 people.

Mercer Island is part of the Seattle Metro area, and is considered a suburb of that city. The Mercers, a wealthy Seattle Family, settled Mercer Island in the late 1800s, and gave the area its current name.

During that time, an industrialist built a large, luxurious resort on the waterfront, and it was accessible via steamboat from the nearby towns on the mainland. The resort was burnt by a mysterious fire in 1908, however.

Mercer Island is quite affluent, and the IRS has ranked it among the 50 wealthiest Zip Codes in the U.S. The median household income is about ,000, and only 0.2% of the population lives below the poverty line.

There are quite a few parks in Mercer Island, Washington. Luther Burbank Park is one of the largest, and covers about 77 acres, and a significant portion of waterfront. It features a public dock for boats, tennis courts, picnic areas, and nature trails.

Given their sophisticated clientele, and proximity to the largest city in the state, Mercer Island, Washington lawyers are experienced in a wide variety of legal areas. If you have any legal issue, there's a good chance that a Mercer Island, Washington lawyer can solve it, or point you to someone who can.

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