David borrowed $450,000 to purchase a home in Tacoma, Washington. He later defaulted on his loan payments. Under RCW Chapter 61.24, the lender issued a Notice of Default. What is the minimum number of days that must elapse from the issuance of the Notice of Default before the trustee's sale can occur?
Correct Answer
D) 190 days
Under RCW Chapter 61.24, the minimum timeline from the Notice of Default to the actual trustee's sale is 190 days. This includes a 30-day cure period after the Notice of Default, followed by issuance of a Notice of Trustee's Sale at least 90 days before the sale. The combined statutory minimums result in a 190-day minimum total period from Notice of Default to sale.
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Related Concepts
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
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