Pierce County Foreclosures

Foreclosure Overview & Foreclosure Process

What is Foreclosure?

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:

1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).

This foreclosure process allows for three opportunities for finding bargains on foreclosure homes.

Pre-Foreclosure (NOD, LIS):

Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright. The borrower/owner can walk away with something to show for any equity in the property and avoid a bad mark on his or her credit history. The buyer has time to research the title and condition of the property and can realize discounts of 20-40 percent below market value.

Wondering what happens after foreclosure? Then please read on. Remember that understanding foreclosures is the first step for homeowners to stop foreclosure. It is also the first step for investors to buy foreclosure properties.

Auction (NTS, NFS):

If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.

Bank-owned (REO):

If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or auction property. Bank foreclosures can become government foreclosures if the loan is backed by a government agency such as the Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA). In that case the government agency would be responsible for selling the property.

Timeline for Foreclosure

Washington Overview

Pre-foreclosure Period

For in-court foreclosure proceedings, once a lender files suit against a borrower, the minimum time to a court ruling is 30 days. This time is extended to 60 days for out-of-state borrowers, in order to provide ample time to respond. If the court rules in favor of the lender, the property is sold to recover the amount owed to the lender. A sheriff's sale occurs usually 6-8 weeks following court's ruling.

Before starting a foreclosure out of court, the lender mails a notice of default to the borrower and either posts the notice at the property or delivers the notice to the borrower in person. The borrower has 30 days to respond before the property is scheduled for public sale.

Up until 11 days before the sale, the borrower can stop the foreclosure by paying the past due payments, plus applicable expenses.

Notice of Sale / Auction

If the borrower does not stop the foreclosure within 30 days after receiving the notice of default, the lender records a notice of sale with the county recorder. The notice of sale is recorded at least 90 days before the sale date and is mailed to the borrower and any other affected parties.

The notice of sale is also published twice in a local newspaper. The lender publishes the notice of sale once between the 32nd and 28th days prior to the sale, and once between the 11th and 7th days before the sale.

Foreclosure sales are by public auction with the property going to the highest bidder, who must pay in cash. For out-of-court foreclosures, the trustee transfers ownership to the winning bidder, who can take possession of the property 20 days after the foreclosure sale. The borrower has no right to redeem the property after an out-of-court foreclosure sale.

For court foreclosures, the borrower has redemption rights for one year from the date of sale. To redeem the property, the borrower has to pay the full amount due and applicable costs. During the redemption period, the borrower can remain in possession of the property if it is used as their primary residence.

Taomca Foreclosures |  |  Ander Island Foreclosures |  Bonney Lake Foreclosures |  Buckley Foreclosures |  Eatonville Foreclosures |  Edgewood Foreclosures |  Fife Foreclosures |  Firecrest Foreclosures |  Fort Lewis Foreclosures |  Fox Island Foreclosures |  Gig Harbor Foreclosures |  Graham Foreclosures |  Lake Tapps Foreclosures |  Laebay Foreclosures |  Lakewood WA Foreclosures |  Orting Foreclosures |  Parkland Foreclosures |  Puyallup Foreclosures |  Roy Foreclosures |  Spanaway Foreclosures |  Sumner Foreclosures |  Tacoma Foreclosures |  University Place Foreclosures |  Bonney Lake WA Real Estate |  Dupont WA Real Estate |  Eatonville WA Real Estate |  Federal Way WA Real Estate |  Fox Island WA Real Estate |  Gig Harbor WA Real Estate |  Graham WA Real Estate |  Lakebay WA Real Estate |  Lakewood WA Real Estate |  Orting WA Real Estate |  Puyallup WA Real Estate |  Spanaway WA Real Estate |  Sumner WA Real Estate |  Tacoma WA Real Estate |  University Place |  Tacoma Advanced MLS |  Pierce County Homes |  Pierce County First Time Home Buyer |  Pierce County Relocation Package |  Peirce County Relo |  Pierce County Foreclosure Watcher |  Buckley Homes Homes |  |  Cedar Ridge Homes |  |  Church Lake Homes |  Creekridge Glen Homes |  Debra Jane Lake Homes |  Grandview Homes |  Inlet Island Homes |  Lake Tapps Homes |  Ponderosa Homes |  Prairie Ridge Homes |  Rhododendron Park Homes |  Russellwood Homes |  Sky Island Homes |  Wilderness Homes |  Willow Brook Homes |  Dupont Homes |  Northwest Landing Homes |  Alder Lake Homes |  Cedar Tracts Homes |  Eastwood Hills Homes |  Emerald Ridge Homes |  Hamner Springs Homes |  Holiday Hills Homes |  Kreger Lake Homes |  Lake Tanwax Homes |  Maple Ridge Homes |  Mckenna Homes |  Ohop Lake Homes |  Silver Lake Homes |  Adelaide Homes |  Alderbrook Homes |  Alderdale Homes |  Campus Estates Homes |  Campus Highlands Homes |  Central Federal Way Homes |  Dash Point Homes |  Dumas Bay Homes |  Enchanted Village Homes |  Lake Geneva Homes |  Lakota Homes |  Laurelwood Homes |  Madrona Homes |  Marine Hills Homes |  Marine View Park Homes |  Mirror Lake Homes |  North Lake Homes |  Panther Lake Homes |  Redondo Homes |  Regency Woods Homes |  South Federal Way Homes |  Star Lake Homes |  Steel Lake Homes |  Twin Lakes Homes |  Wedgewood Homes |  West Campus Homes |  Fox Island Homes |  Sylvan Homes |  Arletta Homes |  Artondale Homes |  Bridgewood Homes |  Canterwood Homes |  Carney Lake Homes |  Colvos Passage Homes |  Crescent Valley Homes |  Cromwell Homes |  East Gig Harbor Homes |  Fox Island Homes |  Gig Harbor North Homes |  Glen Cove Homes |  Henderson Bay Homes |  Horsehead Bay Homes |  In Town Homes |  Key Center Homes |  Key Peninsula Homes |  Key Peninsula North Homes |  Key Peninsula South Homes |  Kopachuck Homes |  Lake Holiday Homes |  Lake of the Woods Homes |  Midway Homes |  Minter Homes |  North Rosedale Homes |  Peacock Hill Homes |  Point Evans Homes |  Point Fosdick Homes |  Point Richmond Homes |  Purdy Homes |  Raft Island Homes |  Ray Nash Valley Homes |  Rocky Bay Homes |  Rosedale Homes |  Seacliff Homes |  Sunrise Beach Homes |  Shore Acres Homes |  Sylvia Lake Homes |  The Narrows Homes |  Vaughn Homes |  Warren Homes |  Wauna Homes |  Wauna Shores Homes |  Whitley Hills Homes |  Wollochet Homes |  Wollochet Bay Homes |  Caitlin Park Homes |  Country Park Homes |  Country Meadows Homes |  Country Park Homes |  Eagles Nest Homes |  Emerald Terrace Homes |  English Woods Homes |  Evergreen Ridge Homes |  Fairway Village Homes |  Foxbury Homes |  Foxbury Landing Homes |  Glacier Vista Homes |  Glen Meadows Homes |  Graham Hill Homes |  Grand Firs Homes |  Indian Springs Homes |  Kapowsin Homes |  Lake Tanwax Homes |  Lake Whitman Homes |  Lost Creek Homes |  Mckenna Homes |  Michael's Landing Homes |  Parklane Homes |  Homes |  Silver Lake Homes |  The Country Homes |  Thrift Homes |  Wedgewood Homes |  Filucy Bay Homes |  Herron Island Homes |  Lakebay Homes |  Key Peninsula South Homes |  Key Peninsula South Homes |  Palmer Lake Homes |  American Lake |  Arrowhead Estates |  Chamber Creek |  Clover Park |  Creekridge |  Creekside |  Custer |  Fir Glen Park |  Fir Haven |  Fleet Creek |  Glenwood Acres |  Gravelly Lake |  Interlaaken |  Lake City |  Lake Louise |  Lake Steilacoom |  Lakeview |  Lakewood Oaks |  Lakewood Park |  Laurelcrest |  Leona Park |  Manitou |  Mountbrook Manor |  Mt Vernon Village |  Nyanza Park |  Oakbrook Estates |  Oakbrook Meadows |  Oakbrook |  Partridge Glen |  Ponce De Leon Terrace |  Racquet Club Estates |  San Moritz |  Steilacoom |  Sylvan Park |  Tillicum |  Weller Estates |  Calistoga Place Homes |  Crocker Homes |  Diamondhead Homes |  High Cedars Gc Homes |  In Town Homes |  In Town Homes |  Kapowsin Homes |  Mcmillin Homes |  Rivers Edge Homes |  Riverview/Bend Homes |  Silver Creek Homes |  South Hill Homes |  South Orting Homes |  South Prairie Homes |  The Buttes Homes |  The Plateau Homes |  Twin Rivers Homes |  Village Green Homes |  White Hawk Homes |  Brookdale Homes |  Crystal Ridge Homes |  Downtown Homes |  Edgewood Homes |  English Ridge Homes |  Falcon Crest Homes |  Frederickson Homes |  Gem Heights Homes |  Graham Homes |  Grayhawk Homes |  Heritage Glen Homes |  Lexington Hills Homes |  Lipoma Firs Homes |  Lipoma Golf Course Homes |  Manorwood Homes |  Maplewood Homes |  Mcmillin Homes |  Midland Homes |  NE Puyallup Homes |  North Puyallup Homes |  Northbridge Homes |  NW Puyallup Homes |  Orting Homes |  NE Puyallup Homes |  Puyallup Valley Homes |  Rainier Meadows Homes |  Shaw Road Homes |  Silver Creek Homes |  South Hill Homes |  Stonegate Homes |  Summit Homes |  Sumner Homes |  Sumner Valley Homes |  Sunrise Homes |  The Ridge Homes |  Augusta Homes |  Barclay Place Homes |  Bethel Homes |  Brookdale Homes |  Clarewood Homes |  Classic View Estates Homes |  Country Aire Homes |  Elk Plain Homes |  English Gardens Homes |  Falcon Creek Homes |  Fairway Estates Homes |  Frederickson Homes |  Garden Oaks Homes |  Glacier Ridge Homes |  Hidden Gardens Homes |  Hidden Village Homes |  Kanita Estates Homes |  Lake Park Homes |  Nancy Estates Homes |  Quiet Village Homes |  Remington Division Homes |  Silver Creek Homes |  South Spanaway Homes |  Stone Ridge Homes |  Southwood Homes |  Spanaway Lake Homes |  Spring Tree Homes |  Sunnydale Homes |  Summer Place Homes |  Sweetwater Ridge Homes |  Taylor Pointe Homes |  Tibbitt's Landing Homes |  Thomas Springs Homes |  Whitewater Estates Homes |  Williamsburg Homes |  Wyndham Ranch Homes |  Cormorant Passage Homes |  Madrona Park Homes |  Saltars Point Homes |  Cedar Ridge Homes |  Creekridge Glen Homes |  Downtown Homes |  Driftwood Point Homes |  Edgewood Homes |  Highlands Homes |  Lake Tapps Homes |  Lakeridge Homes |  Ponderosa Estates Homes |  Prairie Ridge Homes |  Rainier Manor |  Rhododendron Park Homes |  South Sumner Homes |  Sky Island Homes |  Sumner Valley Homes |  Tapps Island Homes |  Bethel Homes |  Brookdale Homes |  Browns Point Homes |  Central Tacoma Homes |  Dash Point Homes |  Delong Park Homes |  East Tacoma Homes |  Fern Hill Homes |  Fife Homes |  Fife Heights Homes |  Fircrest Homes |  Fredrickson Homes |  Harbor Ridge Homes |  Highlands Homes |  Hilltop Homes |  Indian Addition Homes |  Larchmont Homes |  Lincoln Homes |  Manitou Homes |  Mckinley Homes |  Midland Homes |  Narrows Homes |  NE Tacoma Homes |  New Tacoma Homes |  North Tacoma Homes |  Old Town Homes |  Parkland Homes |  Point Defiance Homes |  Proctor Homes |  Ruston Homes |  SE Tacoma Homes |  South Tacoma Homes |  Summit Homes |  Tacoma Mall Homes |  UPS Homes |  Wapato Homes |  Westgate Homes |  Alameda Park Homes |  Artesian Commons Homes |  Beckonridge Homes |  Berkshire Homes |  Bridgeview Homes |  Brookridge Homes |  Campus Crest Estates Homes |  Chambers Creek Crossing Homes |  Chambers Creek Homes |  Danbridge Homes |  Day Island Homes |  Fallbrooke Homes |  Ferndale Homes |  Fircrest Acres Homes |  Fircrest Homes |  Fox Glen Homes |  Grandview Park Homes |  Grandview West Homes |  Harvest Ridge Homes |  Heitmans Homes |  Highland Views Homes |  Kingston Place Homes |  Martha's Vineyard Homes |  Menlo Park Homes |  Montane Homes |  Nilsen Homes |  Park Royal Homes |  Renaissance Homes |  Roman Ridge Homes |  Sunset Terrace Homes |  Sunset Beach Homes |  Teal Creek Crossing Homes |  Twin Hills Homes |  University Park Terrace Homes Homes |  Wescliffe Homes Homes |  Woodlake Homes Homes


Pierce County Foreclosures * Pierce County Foreclosed Homes * Pierce County Foreclosure Listings * Tacoma Foreclosure Listings * Bank Owned Homes in Pierce County * Bank Owned property in Pierce County * Pierce County Bank Owned Real Estate * Pierce County Foreclosed houses * Pierce County Foreclosed Homes * Pierce County Foreclosed properties * Pierce County Foreclosed property * Pierce County Foreclosed land * Pierce County House Foreclosures * Pierce County Home Foreclosures * Pierce County Property Foreclosures * Pierce County Distressed homes * Pierce County Distressed property for Sale * Pierce County Distressed properties * Pierce County Distressed listings * Pierce County Bank foreclosures * Tacoma Foreclosures * Tacoma Foreclosed Homes * Tacoma Foreclosure Listings * Tacoma Foreclosure Listings * Bank Owned Homes in Tacoma * Bank Owned property in Tacoma * Tacoma Bank Owned Real Estate * Tacoma Foreclosed houses * Tacoma Foreclosed Homes * Tacoma Foreclosed properties * Tacoma Foreclosed property * Tacoma Foreclosed land * Tacoma House Foreclosures * Tacoma Home Foreclosures * Tacoma Property Foreclosures * Tacoma Distressed homes * Tacoma Distressed property for Sale * Tacoma Distressed properties * Tacoma Distressed listings * Tacoma Bank foreclosures * Puyallup Foreclosures * Puyallup Foreclosed Homes * Puyallup Foreclosure Listings * Puyallup Foreclosure Listings * Bank Owned Homes in Puyallup * Bank Owned property in Puyallup * Puyallup Bank Owned Real Estate * Puyallup Foreclosed houses * Puyallup Foreclosed Homes * Puyallup Foreclosed properties * Puyallup Foreclosed property * Puyallup Foreclosed land * Puyallup House Foreclosures * Puyallup Home Foreclosures * Puyallup Property Foreclosures * Puyallup Distressed homes * Puyallup Distressed property for Sale * Puyallup Distressed properties * Puyallup Distressed listings * Puyallup Bank foreclosures * Fort Lewis Foreclosures * Fort Lewis Foreclosed Homes * Fort Lewis Foreclosure Listings * Fort Lewis Foreclosure Listings * Bank Owned Homes in Fort Lewis * Bank Owned property in Fort Lewis * Fort Lewis Bank Owned Real Estate * Fort Lewis Foreclosed houses * Fort Lewis Foreclosed Homes * Fort Lewis Foreclosed properties * Fort Lewis Foreclosed property * Fort Lewis Foreclosed land * Fort Lewis House Foreclosures * Fort Lewis Home Foreclosures * Fort Lewis Property Foreclosures * Fort Lewis Distressed homes * Fort Lewis Distressed property for Sale * Fort Lewis Distressed properties * Fort Lewis Distressed listings * Fort Lewis Bank foreclosures * Repossessed homes Repossessed houses * Repossessed listings * Repossessed property * Repossessed properties * Repo homes * Repo houses * Repo listings * Repo property * Repo properties * REO