[WSBARP] Deed of Trust Foreclosure - Foreclosure Loss Mitigation Form

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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