After a trustee's sale is completed on David's home in Tacoma, Washington, David asks his broker whether he has any right to reclaim the property by paying off the debt. Which of the following statements correctly describes David's rights under Washington law?
Correct Answer
C) David has no statutory right of redemption after a non-judicial trustee's sale in Washington.
Under RCW 61.24, there is NO statutory right of redemption after a non-judicial trustee's sale in Washington. Once the trustee's sale is completed, the purchaser receives a trustee's deed and the former owner's interest is extinguished. This is a critical distinction from judicial foreclosure states, which typically provide a post-sale redemption period.
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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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