A Washington State homeowner received a Notice of Default on her deed of trust on May 1. She is trying to understand her options. Her broker explains that under RCW 61.24, she can reinstate the loan by paying all past-due amounts, late charges, and costs. Until what point in the foreclosure process may the borrower exercise this right of reinstatement to stop the trustee's sale?
Correct Answer
B) Up until 11 days before the date of the trustee's sale
Under RCW 61.24.090, a borrower in Washington has the right to reinstate the loan and stop the trustee's sale by paying all past-due amounts, costs, and fees up until 11 days before the date of the trustee's sale. After this 11-day cutoff, the right of reinstatement expires and the borrower can only stop the sale by paying off the entire loan balance (redemption), not just the arrears.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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