Sandra defaulted on her mortgage in Bellevue, Washington. She received a Notice of Default from the trustee. Under RCW 61.24, how many days does Sandra have to cure the default after the Notice of Default is recorded before the foreclosure process continues?
Correct Answer
B) 30 days to cure the default
Under RCW 61.24.030, after the Notice of Default is recorded, the borrower has 30 days to cure the default (by paying all past-due amounts, fees, and costs) before the trustee can issue the Notice of Trustee's Sale. This 30-day cure period is a mandatory step in Washington's non-judicial foreclosure process.
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Related Concepts
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%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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