Notice of Default - State of Washington
Upon receipt of the foreclosure referral package, a Notice of Default is prepared by the successor trustee’s office and mailed to the grantor of the deed of trust and any successors in interest. The mailing must be made by certified or registered mail, return receipt requested, and by first class mail. The Notice of Default must be either posted on the subject property or personally served on the occupants. The Notice of Default must include identification of the deed of trust being foreclosed, the nature of the default and an itemized account of the arrearage, trustee’s fees and costs, with the total amount required to reinstate.
Notice of Sale
Thirty days after the posting or personal service of the Notice of Default, a Notice of Trustee’s Sale is recorded in the county land records. Notice must be mailed, posted or personally served and recorded at least 90 days prior to the foreclosure sale. Notice of sale is sent via certified and first class mail to the grantors and successors in interest and also to any junior lienholders. Statute requires that a Notice of Foreclosure be served together with the Notice of Trustee’s Sale. The Notice of Foreclosure provides an estimated reinstatement amount at the time of the recording of the Notice of Trustee’s Sale and an estimated amount effective 11 days prior to the scheduled sale date.
Notice of Trustee’s Sale is published twice prior to sale in a newspaper of general circulation in the county in which the property is located. The first publication must appear once between the 28th day and the 35th day prior to sale, and the second publication between the 7th day and the 14th day prior to sale.
Sale
All non-judicial foreclosure sales must be held Fridays between the hours of 9 a.m. and 4 p.m. in a public place in the county in which the property is located. If a Friday is a legal holiday, the sale may be held on the next available court date, which is generally the following Monday. The trustee conducts a public auction of the property at which time a bid is submitted on behalf of the lender.
The sale may be continued at the lender’s request or at the trustee’s discretion. Continuances may be for one period or several periods not exceeding 120 days from the original sale date. If continuances exceed the 120-day limit, a new Notice of Trustee’s Sale must be recorded and republished.
Conveyance & Final Title
If the lender is the successful bidder, a trustee’s deed is prepared and recorded immediately after sale transferring title to the lender. The trustee’s deed sets forth that the sale was conducted in conformity with the Deed of Trust Act. If the property is to be conveyed to the Secretary of Housing and Urban Development or Secretary of Veterans Affairs, a warranty deed conveying to that agency if forwarded prior to sale for execution by the holder. After receipt of the deed and recording instructions, the deed is sent for recording. The client is notified on the day of recording and an owner’s title policy ordered. Final title evidence and the recorded deeds are mailed to the client, HUD, VA or grantee immediately following receipt.
Reinstatement
Statute provides that all deeds of trust foreclosed under power of sale may be reinstated at any time up through the eleventh day prior to sale. After the eleventh day, acceptance of reinstatement is at the lender’s discretion. Payoff of the loan may occur any time up to sale. Statute also provides that the borrower may seek judicial review of the trustee’s fees for reasonableness. This proceeding will not affect the validity of the sale. Partial payments should not be accepted after foreclosure is initiated as this may invalidate the Notice of Default, which sets forth the nature of the breach.
Redemption
There is no redemption period following a non-judicial foreclosure sale