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Washington State Resolves Long-Standing Foreclosure Issues

Washington Gov. Jay Inslee

On Wednesday, March 28, Washington State Governor Jay Inslee signed HB 2057 with no veto. This bill now becomes law. Most sections will become effective June 6 (90 days after Signe Die); the new NOD requirements begin with NODs issued after June 30, 2018.

The bill contains the following changes:

  • Path forward after the Jordan vs. NationStar case to allow financial institutions to manage properties prior to the trustee’s sale.
  • Final language fix to the owner/holder/actual holder language in 7a that brings the statute into alignment with the Brown decision.
  • Creation of a nonjudicial foreclosure path for deceased borrowers/successors in interest.
  • A new notice created for judicial foreclosure.
  • The ability to file nonmonetary interest language (similar to California) for trustees.
  • Requirement that the beneficiary declaration now be provided at the same time as the NOD.

These changes are significant, and will need to be reviewed by trustees.

Read the Final Bill

A summary of the new law and it’s impact will be provided at the UTA Orange County Dinner, April 19th. Register below:

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