A lender in Washington issues a Notice of Default on a borrower's deed of trust. Under RCW Chapter 61.24, how many days does the borrower have after the Notice of Default is recorded to cure the default before the lender can issue a Notice of Trustee's Sale?
Correct Answer
A) 30 days
Under RCW Chapter 61.24, after a Notice of Default is recorded, the borrower has 30 days to cure the default (bring the loan current) before the lender can proceed to issue a Notice of Trustee's Sale. This 30-day cure period is a mandatory component of the non-judicial foreclosure timeline and is one reason the total minimum period from Notice of Default to sale is 190 days.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
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