Three Rivers Folklife Society has put on the Tumbleweed Music Festival every year and on August 30, 31, & September 1, 2019 the... Read More
Real Estate Foreclosure on Tri Cities Washington Homes
The legal action in which real estate securing a defaulted loan is put up for sale by the lender is known as foreclosure. This amount will be used to repay the loan and if it does not cover the full outstanding loan amount, the borrower will continue to owe the lender the balance amount.
A foreclosure can be primarily divided into two categories. Judicial foreclosure — require a lawsuit to be filed in court, and non-judicial foreclosure — courts not involved. Both procedures are allowed in most states. We will discuss non-judicial foreclosure.
Non-Judicial Government Foreclosure
Following is the basic outline for non-judicial government real estate foreclosure. First of all the note, deed of trust, and details of the default are forwarded to the trustee. Then the notice of default and other required documents are prepared. Then the real estate notice of default is recorded.
During the default period a title company orders a TSG (trustee sale guaranty). The borrower and the junior lien holders will receive all necessary legal mailings. During this period the borrower can reinstate or pay off the loan and consequently avoid the real estate foreclosure. If the borrower fails to do so the lender can authorize the next step in the foreclosure proceedings.
During the publication period the foreclosure trustee will make all the arrangements to post the notice of trustee’s sale. The notice must be published once a week for three successive weeks in a local newspaper. Any time up to five business days before the real estate sale date the borrower or junior lien holder can reinstate the loan. If this has not been happened, the receiver can demand that the entire debt be paid in full during that five-day period.
Legal definitions, time frames, real estate requirements, notice periods and processes may vary in different sates.
Call us, 509.438.9344, Email us, or fill out the contact form below.
We respond right away! -Colleen Lane, Realtor®
Latest From Our Blog...
This year the 2019 Benton Franklin Fair and Rodeo is “The Best Week of the Summer.” Come check out all the fair has to ... Read More
Riverfest 2019 | Sep. 7, 2019 | 10:00 AM - 4:00 PM | Columbia Park/Lampson Pits | Kennewick, WA RiverFest is a FREE family eve... Read More
Cuisine de Vin | Aug. 16, 2019 | 7:00 PM - 11:00 PM | Terra Blanca Winery | Benton City, WA Visit this over 21 casual fun-fi... Read More
Second Saturday Uptown Shopping Center Art Walk in the Uptown Shopping Center, Richland WA | August 10, 2019 | 3:00 PM - 7:00 ... Read More
The 2019 HAPO Columbia Cup will mark the 54th time Unlimited Hydroplanes have raced on the Columbia River. This year’s event,... Read More
2019 69th Annual Art In The Park at Howard Amon Park, Richland Washington. Experience an explosive event which brings together Tri-... Read More
Woman Work: All-Women Art showJul. 12, 20196:00 PM - 9:00 PMDrewBoy Creative | Richland, WADrewBoy Creative presents its first-ever... Read More
2019 See 3 Slam Basketball Tournament Sponsored by Tri-CU Credit Union and presented by Sunrise Rotary and the City of Richland on ... Read More
Are you looking for something to do this weekend in the Tri-Cities Washington or in the surrounding area? Then check this out! I ha... Read More