Final Washington State Bill Signed Into Law Is Reasonable For Trustees

UTA’s Washington Lobbyist Holly Chisa explains the issues involved in critical legislation addressed by the Washington Legislature this year. “Perhaps most disconcerting were statements made by the advocates of the legislation implying that judicial foreclosure was more beneficial to the homeowner than nonjudicial foreclosure. Several times during the negotiations efforts were made to move towards judicial foreclosure, and accusations were made by certain advocates that trustees were slanted towards financial institutions and were not objective through the foreclosure process” Chisa informs the membership.

“Additionally, advocates attempted to change the liability statutes to ensure that a homeowner could sue any and all parties involved in the foreclosure, and advocates wanted the right to unwind the sale after a foreclosure if one of the parties was later found to have violated the statute. They included trustees in the liability, sighting a breach of duty of impartiality by the trustee to be subject to the consumer protection act.”

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