A Washington State borrower received a Notice of Trustee's Sale stating that the sale is scheduled for August 20. The borrower wants to stop the sale by reinstating the loan (paying all past-due amounts and fees). The borrower's attorney tells her she must act quickly. Under RCW 61.24.090, what is the absolute deadline by which the borrower must complete the reinstatement payment to stop the August 20 trustee's sale?
Correct Answer
A) August 9 (11 days before the sale date)
Under RCW 61.24.090, the borrower's right of reinstatement expires 11 days before the scheduled trustee's sale date. With the sale scheduled for August 20, the borrower must complete the reinstatement payment no later than August 9 (August 20 minus 11 days = August 9). After this date, the right of reinstatement is extinguished, and the borrower can only stop the sale by paying the full outstanding loan balance, not just the arrears.
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Related Topics & Key Terms
Key Terms:
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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