[WSBARP] specification of default for nonjudicial trustee's sale
Richard Holland
rich at pnwle.com
Mon Dec 5 13:16:18 PST 2016
Just trying to logic through this, not research based - but if the obligation is 'reinstated' as part of the 'deal', then the current incident of default is cured and the due on sale violation - when the lender discovers it - is a 'new' default requiring a new foreclosure.
-----Original Message-----
From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Rod Harmon
Sent: Tuesday, November 29, 2016 11:48 AM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] specification of default for nonjudicial trustee's sale
Owner is behind in payments and lender has scheduled a trustee's sale. Buyer wants to buy Owner's interest subject to the DOT in foreclosure. But DOT has due on sale clause so Buyer understands that this will be a new event of default. Buyer wants to pay the reinstatement amount and pay the balance when he has flipped the property.
Upon tender of the reinstatement amount, could the trustee proceed with the trustee's sale because of the new default, or does trustee have to start all over and give notice of the new default and issue a new notice of trustee's sale?
Rod Harmon
RODNEY T. HARMON
Attorney at Law
P.O. Box 1066
Bothell, WA 98041
Tel: (425) 402-7800
Fax: (425) 458-9096
www.rodharmon.com
rodharmon at msn.com
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