Difference between revisions of "Mortgages in Washington"
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Mortgages and Deeds of Trust | Mortgages and Deeds of Trust | ||
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| + | Deeds of Trust are most common form of voluntary security in Washington and allow for non-judicial foreclosure for non-agricultural property. RCW Chapter 61.24 governs deeds of trust and non-judicial foreclosure of deed of trust. | ||
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| + | Trustees identified in the deed of trust must be attorney, title insurer or agent. RCW 61.24.010 more fully identifies the qualifications of a trustee. | ||
In Washington, by common law, if a deed of trust or mortgage is mistakenly released of record, a court should reinstate it if there is no prejudice to a third party. U.S. Bank National Association v. Oliverio, 109 Wash. App. 68, 33 P.3d 1104 (2001); Mutual Reserve Association v. Zeran, 152 Wash. 342, 348, 277 P. 984 (1929). | In Washington, by common law, if a deed of trust or mortgage is mistakenly released of record, a court should reinstate it if there is no prejudice to a third party. U.S. Bank National Association v. Oliverio, 109 Wash. App. 68, 33 P.3d 1104 (2001); Mutual Reserve Association v. Zeran, 152 Wash. 342, 348, 277 P. 984 (1929). | ||
Latest revision as of 09:28, 24 February 2021
Mortgages and Deeds of Trust
Deeds of Trust are most common form of voluntary security in Washington and allow for non-judicial foreclosure for non-agricultural property. RCW Chapter 61.24 governs deeds of trust and non-judicial foreclosure of deed of trust.
Trustees identified in the deed of trust must be attorney, title insurer or agent. RCW 61.24.010 more fully identifies the qualifications of a trustee.
In Washington, by common law, if a deed of trust or mortgage is mistakenly released of record, a court should reinstate it if there is no prejudice to a third party. U.S. Bank National Association v. Oliverio, 109 Wash. App. 68, 33 P.3d 1104 (2001); Mutual Reserve Association v. Zeran, 152 Wash. 342, 348, 277 P. 984 (1929).
