Foreclosing on your home in Washington can be devastating, but all is not loss. With Washington’s Redemption Law you may be able to get the home you love back. The law allows for you as the debtor to buy back your property following certain conditions.
The Washington State Legislature Chapter 6.23 outlines the redemption law. While there are some ways you can forfeit your redemption rights, most of the time you have an opportunity to redeem the property from the purchaser. The state allows for you to purchase the home “within eight months after the date of the sale.” In some cases, you may have up to one year to reclaim the property.
Since foreclosure homes are often bought in auctions, you must pay the purchaser interest on top of the bid they paid for the home. The judgment at the time of the sale includes an interest rate upon which you pay the purchaser. If the purchaser paid liens and taxes not previously paid, you must repay them those costs as well. A purchaser who is also a creditor receives lien repayment with interest.
The good news is that the purchaser must provide proper documentation on any liens paid. The cost of reclaiming your home may not be as high as you think.
Foreclosure does not have to mean the end of homeownership for you. Washington’s redemption law gives you a second chance to have the home you love. This information is meant for educational purposes only and not to be taken as legal advice.