[WSBARP] Deed of Trust Foreclosure - Foreclosure Loss Mitigation Form
samuel at meylerlegal.com
samuel at meylerlegal.com
Thu Apr 7 09:24:02 PDT 2022
Jeff,
I think you can still check the boxes. RCW 61.24.031 only applies to
"residential real property" and provides an exception for "seller-financed
sales."
"'Residential real property' means property consisting solely of a
single-family residence, a residential condominium unit, or a residential
cooperative unit. For the purposes of the application of RCW 61.24.163,
residential real property includes residential real property of up to four
units." RCW 61.24.005(13).
"This section applies only to deeds of trust that are recorded against
residential real property of up to four units. This section does not apply
to deeds of trust: (i) Securing a commercial loan; (ii) securing obligations
of a grantor who is not the borrower or a guarantor; or (iii) securing a
purchaser's obligations under a seller-financed sale." RCW 61.24.031(7)(a).
"'Seller-financed sale' means a residential real property transaction where
the seller finances all or part of the purchase price, and that financed
amount is secured by a deed of trust against the subject residential real
property." RCW 61.24.031(8).
Sam
Samuel M. Meyler
Meyler Legal, PLLC
1700 Westlake Ave. N., Ste. 200
Seattle, Washington 98109
Tel: 206.876.7770
Fax: 206.876.7771
Email: <mailto:samuel at meylerlegal.com> samuel at meylerlegal.com
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of Jeff at bellanddavispllc.com
Sent: Thursday, April 7, 2022 8:55 AM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Deed of Trust Foreclosure - Foreclosure Loss Mitigation
Form
Listmates:
Clients want to foreclose on two vacant, housing lots, subject to their
"seller" financing deed of trust. In the past, we could check boxes saying
that RCW 61.24.031 notice did not apply as it was seller financing or that
it was not owner occupied. In looking at the current version of RCW
61.24.031, that was amended in 2021, none of those options appear. So do
all the protections applicable to owner occupied primary residence now apply
to vacant lots under seller financing?
Jeff
W. Jeff Davis
BELL & DAVIS PLLC
P.O. Box 510
720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129
Fax: (360) 683.1258
email: jeff at bellanddavispllc.com <mailto:jeff at bellanddavispllc.com>
<http://www.bellanddavispllc.com/> www.bellanddavispllc.com
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