Washington Code 61.24.048 – Foreclosure sale — Notice from homeowner assistance fund program
Current as of: 2023 | Check for updates
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(1)(a) The trustee shall continue a foreclosure sale for at least 30 days upon receipt of a written notice from the homeowner assistance fund program administered by the Washington state housing finance commission that an application has been submitted to the homeowner assistance fund program on behalf of the applicant.
Terms Used In Washington Code 61.24.048
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Continuance: Putting off of a hearing ot trial until a later time.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Trustee: A person or institution holding and administering property in trust.
(b) The trustee shall continue the foreclosure sale for an additional 30-day period upon receipt of a written notice from the homeowner assistance fund program that the applicant is deemed eligible for the program.
(c) An automated notice issued by the homeowner assistance fund program does not qualify as written notice required in this section.
(2)(a) If an application to the homeowner assistance fund program is approved in the amount that would cure the default and make the beneficiary whole, a sale may not proceed while the approved application is pending for payment.
(b) A sale may proceed if the homeowner assistance fund program issues a written confirmation that an application has been denied or that no funds from the program will be paid in response to the application, and that any appeal process available to the applicant has been exhausted and is no longer pending.
(3) The trustee has no duty to delay a sale if the applicant has already received a continuance based on prior application to the homeowner assistance fund program, unless the applicant demonstrates to the trustee that a new application is pending based upon a substantial change in circumstances supporting a new application and that it has not been submitted solely for the purpose of delaying the sale.
(4)(a) The trustee must comply with the process set forth in RCW 61.24.040(1) for giving notice of the continued sale.
(b) A continuance of a sale pursuant to this section shall not be included in calculating the maximum sale continuance period of 120 days established in RCW 61.24.040(10).
(5) For purposes of this section, “applicant” means a person who:
(a) Is the borrower, a successor in interest to a deceased borrower, or a person who has been awarded title to the property; and
(b) Has submitted an application to the homeowner assistance fund program or on whose behalf an application to the program has been submitted.
[ 2023 c 206 § 9.]
NOTES:
Contingent expiration date—Notice—2023 c 206 § 9: “(1) Section 9 of this act expires upon the expiration and permanent closure of the homeowner assistance fund program.
(2) The Washington state housing finance commission must provide written notice of the expiration date of section 9 of this act to the chief clerk of the house of representatives, the secretary of the senate, the office of the code reviser, and others as deemed appropriate by the commission.” [ 2023 c 206 § 12.]
Effective date—2023 c 206 §§ 7-9 and 12: See note following RCW 61.24.166.