[WSBARP] Residential foreclosure

[Rich McEntee]

Hello 

A client has asked me to assist with a non-judicial foreclosure. The property is residential owner-occupied. My client sold and financed the property and still holds the note. The borrower/grantor is self employed and has always been a slow payer but is now two months behind in payments and failed to pay the 2nd half property tax in 2015. Despite demand letters, it appears that no payment is immediately forthcoming.

I have handled a number of commercial foreclosures over the years. I recognize that the owner occupied realm is different and has some nuances and additional protections for the borrower. However, I also recognize that some of the borrower protections are lost when the property is seller financed. e.g. the seller financing lender/beneficiary is exempted from the requirements under RCW 61.24.031 related to notice of pre-foreclosure options. However, it is not clear to me what additional protections remain: are the exact contents required in the notice of default in the seller financing situation? Is the notice of default required to contain the notice to the borrower under 61.24.030(8)(k) stating that “you may be eligible for mediation…” Also, is the borrower eligible for mediation in the seller financing situation?

If anyone can share some guidance or point me to a worthwhile resource, I would appreciate it.

Thank you
Rich

Rich McEntee
McEntee Law Office
3800 Bridgeport Way W Ste A411
University Place, WA  98466
253.227.9894
jrmcentee at gmail.com


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