Washington passed a bill amending the state’s foreclosure laws. Under the bill, a process is established that lenders and servicers may use to enter and secure residential real property that is deemed (by a county, city, or town) to be abandoned, in mid-foreclosure and a nuisance. The bill also sets forth requirements for lenders, servicers and trustees that receive a written notice from a person (who is not a party to the loan) claiming to be a successor in interest to the borrower’s property rights. In addition, the bill: requires lenders and servicers to send a “reverse mortgage notice of preforeclosure options” to the borrower prior to commencing foreclosure on a reverse mortgage loan; requires lenders and servicers to provide a declaration of ownership to the borrower prior to recording a Notice of Trustee’s Sale; revises the content of the “notice of default” and Notice of Trustee’s Sale; and amends “notice of default” and Notice of Trustee’s Sale requirements for borrowers that are deceased; and requires lenders and servicers to respond to a county, city or town notification stating that foreclosed property is a nuisance in the event the lender or servicer acquires title to the property at the foreclosure sale. The bill went into effect June 7, 2018.
See Washington State Legislature website for the full text of the Statutes:
http://lawfilesext.leg.wa.gov/biennium/2017-18/Pdf/Bills/House%20Passed%20Legislature/2057-S.PL.pdf
