After a trustee's sale is completed on a Kirkland, Washington property under RCW Chapter 61.24, the former homeowner asks her broker whether she has the right to redeem the property by paying off the debt within a statutory period after the sale. What is the correct answer?
Correct Answer
D) No, there is no statutory right of redemption after a non-judicial trustee's sale in Washington
Under RCW Chapter 61.24, there is no statutory right of redemption after a completed non-judicial trustee's sale in Washington. Once the trustee's sale is finalized, the former owner has no legal right to reclaim the property by paying off the debt. This is a critical distinction from judicial foreclosure states, which often provide statutory redemption periods of 6 to 12 months.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
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