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WA state foreclosure and real estate laws

Asked over 3 years ago - Olympia, WA

I bought a newly built home from a builder. He stills owes on his construction loan. We recieved notice today that suggested that the property we now own could be foreclosed on. Does the builders bank have any legal right to our property. can they auction it?

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Margery Ellen Golant

Reputation Level 18

Answered over 3 years ago. Foreclosure Attorney in Boca Raton, FL.

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I don't practice in your state. However, in general, this could be messy. If you received a title insurance policy when you closed on your purchase, you should contact the title insurance carrier immediately. If the underlying mortgage was not satisfied or your property released, this could cause a serious problem, but if you have title insurance, this may protect you.

Don't wait - contact the title insurance underwriter IMMEDIATELY.

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