[WSBARP] specification of default for nonjudicial trustee's sale

[Richard Holland]

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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