A borrower in Washington State successfully brings his defaulted deed of trust loan current during the 30-day cure period following the Notice of Default. The lender then attempts to continue the foreclosure process anyway, claiming the right to proceed because the Notice of Default was already recorded. Under RCW Chapter 61.24, which of the following best describes the borrower's rights?
Correct Answer
A) The borrower has cured the default and the lender cannot proceed with the trustee's sale based on that Notice of Default
Under RCW Chapter 61.24, the purpose of the 30-day cure period following the Notice of Default is to give the borrower an opportunity to reinstate the loan by paying all overdue amounts. If the borrower successfully cures the default within this period, the basis for the foreclosure is eliminated and the lender cannot proceed with the trustee's sale based on that Notice of Default. The loan is reinstated and the foreclosure process stops.
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