Difference between revisions of "Non-Judicial Foreclosures in Washington"
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Insuring title after WA Non-Judicial Foreclosure (AKA Trustee Sale) | Insuring title after WA Non-Judicial Foreclosure (AKA Trustee Sale) | ||
| − | Confirm the following: | + | Confirm the following:<br> |
| − | 1. DT was properly executed, properly notarized*, and legal description is correct | + | |
| − | 2. All liens in existence at time of sale and their respective priority to each other | + | 1. DT was properly executed, properly notarized*, and legal description is correct<br> |
| + | |||
| + | 2. All liens in existence at time of sale and their respective priority to each other<br> | ||
| + | |||
a. NOTE junior liens are wiped out upon completion of trustee sale | a. NOTE junior liens are wiped out upon completion of trustee sale | ||
| − | b. Watch for priority agreements, subordinations, statutory priority | + | b. Watch for priority agreements, subordinations, statutory priority<br> |
| − | 3. Foreclosing Trustee was appointed pursuant to recorded Substitution of Trustee; if MERS is executing documents, MERS rider attached to DT | + | |
| − | 4. Recording number of DT in trustee sale documents | + | 3. Foreclosing Trustee was appointed pursuant to recorded Substitution of Trustee; if MERS is executing documents, MERS rider attached to DT<br> |
| − | 5. Notice of Sale (NOS) is recorded at least 120 days prior to Trustee Sale date if Residential 1-4 family; 90 days if commercial or seller financed | + | |
| − | 6. Publication of Notice of Sale in appropriate newspaper 28 to 35 days prior to sale and again 7 to 14 days prior to sale | + | 4. Recording number of DT in trustee sale documents is correct<br> |
| − | 7. If Notice of Federal Tax Lien is of record at least 30 days prior to sale date, that notice was sent to IRS office** at least 25 days prior to sale; | + | |
| − | a. Be sure to run date down and make sure addressing plant date time lag | + | 5. Notice of Sale (NOS) is recorded at least 120 days prior to Trustee Sale date if Residential 1-4 family; 90 days if commercial or seller financed<br> |
| − | 8. Sale date is at least 190 days after declared date of default | + | |
| − | 9. Sale date is on a Friday between 9:00 am and 4:00 p, unless Friday was legal holiday and then Monday | + | 6. Publication of Notice of Sale in appropriate newspaper 28 to 35 days prior to sale and again 7 to 14 days prior to sale<br> |
| − | 10. Trustee Deed recorded 15 days after sale | + | |
| − | 11. Postponements, if any, do not exceed 120 days from original date of sale and new NOS must be issued and published once at least 7 days before the new sale date | + | 7. If Notice of Federal Tax Lien is of record at least 30 days prior to sale date, that notice was sent to IRS office** at least 25 days prior to sale (obtain proof from trustee); |
| − | If any of the above are not adhered to, do not issue Commitment without UW approval. Additionally, do not issue Commitment without UW approval if: | + | a. Be sure to run date down and make sure addressing plant date time lag<br> |
| − | a) Lien being foreclosed was HOA/Condo assessment/lien | + | |
| − | b) Lien being foreclosed may not have first lien priority, see item 2 above | + | 8. Sale date is at least 190 days after declared date of default<br> |
| − | c) Borrower(s) deceased at time of default | + | |
| − | d) Notary was a remote online notary licensed in Virginia | + | 9. Sale date is on a Friday between 9:00 am and 4:00 p, unless Friday was legal holiday and then Monday<br> |
| − | e) Borrower filed Bankruptcy case and case was pending before and/or during the trustee sale process | + | |
| − | f) Foreclosure occurred during CARES Act moratorium (3/18/2020 – 7/31/2021) | + | 10. Trustee Deed recorded 15 days after sale<br> |
| + | |||
| + | 11. Postponements, if any, do not exceed 120 days from original date of sale and new NOS must be issued and published once at least 7 days before the new sale date<br> | ||
| + | |||
| + | If any of the above are not adhered to, do not issue Commitment without UW approval. Additionally, do not issue Commitment without UW approval if:<br> | ||
| + | |||
| + | a) Lien being foreclosed was HOA/Condo assessment/lien<br> | ||
| + | |||
| + | b) Lien being foreclosed may not have first lien priority, see item 2 above<br> | ||
| + | |||
| + | c) Borrower(s) deceased at time of default<br> | ||
| + | |||
| + | d) Notary was a remote online notary licensed in Virginia<br> | ||
| + | |||
| + | e) Borrower filed Bankruptcy case and case was pending before and/or during the trustee sale process<br> | ||
| + | |||
| + | f) Foreclosure occurred during CARES Act moratorium (3/18/2020 – 7/31/2021)<br> | ||
| + | |||
| − | * Follows WFG guidelines on notarization, including RON protocols and international notarization | + | <*> Follows WFG guidelines on notarization, including RON protocols and international notarization <br> |
| − | **IRS foreclosure notice address for Washington is Internal Revenue Service Collection Advisory Group Manager, 915 2nd Ave, MS W245, Seattle, WA 98174 206.946.3080 (ph) 877.477.9227 (fax). | + | <**>IRS foreclosure notice address for Washington state is: Internal Revenue Service Collection Advisory Group Manager, 915 2nd Ave, MS W245, Seattle, WA 98174 206.946.3080 (ph) 877.477.9227 (fax). |
Latest revision as of 09:48, 19 January 2022
Insuring title after WA Non-Judicial Foreclosure (AKA Trustee Sale)
Confirm the following:
1. DT was properly executed, properly notarized*, and legal description is correct
2. All liens in existence at time of sale and their respective priority to each other
a. NOTE junior liens are wiped out upon completion of trustee sale
b. Watch for priority agreements, subordinations, statutory priority
3. Foreclosing Trustee was appointed pursuant to recorded Substitution of Trustee; if MERS is executing documents, MERS rider attached to DT
4. Recording number of DT in trustee sale documents is correct
5. Notice of Sale (NOS) is recorded at least 120 days prior to Trustee Sale date if Residential 1-4 family; 90 days if commercial or seller financed
6. Publication of Notice of Sale in appropriate newspaper 28 to 35 days prior to sale and again 7 to 14 days prior to sale
7. If Notice of Federal Tax Lien is of record at least 30 days prior to sale date, that notice was sent to IRS office** at least 25 days prior to sale (obtain proof from trustee);
a. Be sure to run date down and make sure addressing plant date time lag
8. Sale date is at least 190 days after declared date of default
9. Sale date is on a Friday between 9:00 am and 4:00 p, unless Friday was legal holiday and then Monday
10. Trustee Deed recorded 15 days after sale
11. Postponements, if any, do not exceed 120 days from original date of sale and new NOS must be issued and published once at least 7 days before the new sale date
If any of the above are not adhered to, do not issue Commitment without UW approval. Additionally, do not issue Commitment without UW approval if:
a) Lien being foreclosed was HOA/Condo assessment/lien
b) Lien being foreclosed may not have first lien priority, see item 2 above
c) Borrower(s) deceased at time of default
d) Notary was a remote online notary licensed in Virginia
e) Borrower filed Bankruptcy case and case was pending before and/or during the trustee sale process
f) Foreclosure occurred during CARES Act moratorium (3/18/2020 – 7/31/2021)
<*> Follows WFG guidelines on notarization, including RON protocols and international notarization
<**>IRS foreclosure notice address for Washington state is: Internal Revenue Service Collection Advisory Group Manager, 915 2nd Ave, MS W245, Seattle, WA 98174 206.946.3080 (ph) 877.477.9227 (fax).
