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