A lender in Washington State records a Notice of Default against a borrower's property on January 15. The lender's trustee then issues a Notice of Trustee's Sale. Under RCW 61.24, what is the minimum number of days before the sale date that the Notice of Trustee's Sale must be issued?
Correct Answer
A) 90 days before the sale date
Under RCW 61.24.040, the Notice of Trustee's Sale must be recorded and served at least 90 days before the date of the trustee's sale. This 90-day advance notice requirement is separate from and in addition to the overall 190-day minimum period from Notice of Default to sale. Both timelines must be satisfied.
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Related Topics & Key Terms
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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.
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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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