A managing broker in Washington is training new brokers about the state's non-judicial foreclosure process under RCW 61.24. Which of the following statements about Washington's trustee's sale process is NOT accurate?
Correct Answer
B) The borrower retains a statutory right of redemption for six months after the trustee's sale is completed.
The statement that the borrower retains a statutory right of redemption for six months after the trustee's sale is NOT accurate. Under RCW 61.24, Washington's non-judicial foreclosure process eliminates the post-sale right of redemption entirely. Once the trustee's sale is completed, the borrower has no right to reclaim the property. This is one of the most important and frequently tested distinctions between Washington's non-judicial process and judicial foreclosure states that provide redemption periods.
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Related Topics & Key Terms
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Related Concepts
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
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