Tom purchased a home at a trustee's sale in Olympia, Washington. The former owner, Rachel, claims she should have the opportunity to pay off the debt and reclaim her home because she was only two months behind on payments. Which statement best describes Rachel's legal position under Washington law?
Correct Answer
A) Rachel had the right to cure the default before the sale but has no redemption right after the trustee's sale.
Under RCW 61.24, a borrower has the right to cure the default and stop the foreclosure at any point before the trustee's sale (up to 11 days before the sale date). However, once the trustee's sale is completed, there is NO statutory right of redemption in Washington's non-judicial foreclosure process. Rachel's only opportunity to reclaim the property was before the sale occurred.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
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.
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