Maria is a homeowner in Tacoma, Washington who has fallen behind on her deed of trust payments. A Notice of Default has been recorded against her property. Under RCW 61.24, how many days does Maria have after the Notice of Default is recorded to cure the default before the trustee can issue a Notice of Trustee's Sale?
Correct Answer
B) 30 days
Under RCW 61.24.030, after a Notice of Default is recorded, the borrower has a 30-day cure period during which they can bring the loan current and stop the foreclosure process. The trustee cannot issue a Notice of Trustee's Sale until this 30-day cure period has expired without the default being cured.
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Related Topics & Key Terms
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Related Concepts
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%.
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.
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