[WSBARP] Question on non-monetary default on DOT and foreclosure

[Kevin Bukoskey]

Hi All,

In the event of a DOT default on a non-monetary obligation/provision, may the Holder immediately accelerate the Note and move to nonjudicial foreclosure, or are they required to give an opportunity to cure the breach? This is a seller-financed transaction, and the DOT is silent on curing the default, but it does seem to give a power of sale via:

“Upon default by Grantors in the payment of any indebtedness secured hereby or in the performance of any agreement contained herein, all sums secured hereby shall immediately become due and payable at the option of the Beneficiary.”

Thanks.

Kevin A. Bukoskey, Esq., JD/MBA
Attorney
GOURLEY LAW GROUP
THE EXCHANGE CONNECTION
SNOHOMISH ESCROW
P.O. Box 1091
Snohomish, WA 98291
PH:  (360) 568-5065 (800) 291-8401
Fax: (360) 568-8092

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