Title 61 — Title 61 MORTGAGES, DEEDS OF TRUST, AND REAL ESTATE CONTRACTS
8 chapters · 105 sections in this title.
RCW 61.10.010 Definitions.
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As used in this chapter:(1) "Institutional third party" means the federal national mortgage association, the federal home loan mortgage corporation, the government national mortgage association, and other substantially similar institutions, whether public or private, provided the…
RCW 61.10.020 Condition of residential mortgage transaction—Disclosures—Notices—Harm to borrower—Compliance with federal requirements.
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(1) If a borrower is required to obtain and maintain mortgage insurance as a condition of entering into a residential mortgage transaction, the lender shall disclose to the borrower whether and under what conditions the borrower has the right to cancel the mortgage insurance in t…
RCW 61.10.030 Termination of insurance during term of indebtedness—Exception—Required conditions—Application to residential mortgage transactions—Compliance with federal requirements.
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(1) Except when a statute, regulation, rule, or written guideline promulgated by an institutional third party applicable to a residential mortgage transaction purchased in whole or in part by an institutional third party specifically prohibits cancellation during the term of inde…
RCW 61.10.040 Not required when loan is less than eighty percent of value—Compliance with federal requirements.
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On or after July 1, 1998, no borrower entering into a residential mortgage transaction in which the principal amount of the loan is less than eighty percent of the fair market value of the property shall be required to obtain mortgage insurance. Fair market value for a purchase m…
RCW 61.10.901 Effective date—1998 c 255.
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This act takes effect July 1, 1998.[ 1998 c 255 s 6.]
RCW 61.12.010 Encumbrances shall be by deed.
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See RCW 64.04.010.
RCW 61.12.020 Mortgage—Form—Contents—Effect.
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Mortgages of land may be made in substantially the following form: The mortgagor (here insert name or names) mortgages to (here insert name or names) to secure the payment of (here insert the nature and amount of indebtedness, showing when due, rate of interest, and whether evide…
RCW 61.12.030 Removal of property from mortgaged premises—Penalty.
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(1) When any real estate in this state is subject to, or is security for, any mortgage, mortgages, lien or liens, other than general liens arising under personal judgments, it shall be unlawful for any person who is the owner, mortgagor, lessee, or occupant of such real estate to…
RCW 61.12.040 Foreclosure—Venue.
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When default is made in the performance of any condition contained in a mortgage, the mortgagee or his or her assigns may proceed in the superior court of the county where the land, or some part thereof, lies, to foreclose the equity of redemption contained in the mortgage.[ 2012…
RCW 61.12.050 When remedy confined to mortgaged property.
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When there is no express agreement in the mortgage nor any separate instrument given for the payment of the sum secured thereby, the remedy of the mortgagee shall be confined to the property mortgaged.[Code 1881 s 610; 1877 p 127 s 615; 1869 p 146 s 564; 1854 p 207 s 409; RRS s 1…
RCW 61.12.060 Judgment—Order of sale—Satisfaction—Upset price.
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In rendering judgment of foreclosure, the court shall order the mortgaged premises, or so much thereof as may be necessary, to be sold to satisfy the mortgage and costs of the action. The payment of the mortgage debt, with interest and costs, at any time before sale, shall satisf…
RCW 61.12.061 Exception as to mortgages held by the United States.
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The provisions of *this act shall not apply to any mortgage while such mortgage is held by the United States or by any agency, department, bureau, board or commission thereof as security or pledge of the maker, its successors or assigns.[1935 c 125 s 1 1/2; RRS s 1118-1. Formerly…
RCW 61.12.070 Decree to direct deficiency—Waiver in complaint.
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When there is an express agreement for the payment of the sum of money secured contained in the mortgage or any separate instrument, the court shall direct in the decree of foreclosure that the balance due on the mortgage, and costs which may remain unsatisfied after the sale of …
RCW 61.12.080 Deficiency judgment—How enforced.
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Judgments over for any deficiency remaining unsatisfied after application of the proceeds of sale of mortgaged property, either real or personal, shall be similar in all respects to other judgments for the recovery of money, and may be made a lien upon the property of a judgment …
RCW 61.12.090 Execution on decree—Procedure.
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A decree of foreclosure of mortgage or other lien may be enforced by execution as an ordinary judgment or decree for the payment of money. The execution shall contain a description of the property described in the decree. The sheriff shall endorse upon the execution the time when…
RCW 61.12.093 Abandoned improved real estate—Purchaser takes free of redemption rights.
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In actions to foreclose mortgages on real property improved by structure or structures, if the court finds that the mortgagor or his or her successor in interest has abandoned said property for six months or more, the purchaser at the sheriff's sale shall take title in and to suc…
RCW 61.12.094 Abandoned improved real estate—Deficiency judgment precluded—Complaint, requisites, service.
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When proceeding under RCW 61.12.093 through 61.12.095, no deficiency judgment shall be allowed. No mortgagee shall deprive any mortgagor, his or her successors in interest, or any redemptioner of redemption rights by default decree without alleging such intention in the complaint…
RCW 61.12.095 Abandoned improved real estate—Not applicable to property used primarily for agricultural purposes.
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RCW 61.12.093 and 61.12.094 shall not apply to property used primarily for agricultural purposes.[ 1965 c 80 s 3; 1963 c 34 s 3.]
RCW 61.12.100 Levy for deficiency under same execution.
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In all actions of foreclosure where there is a decree for the sale of the mortgaged premises or property, and a judgment over for any deficiency remaining unsatisfied after applying the proceeds of the sale of mortgaged property, further levy and sales upon other property of the …
RCW 61.12.110 Notice of sale on deficiency.
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When sales of other property not embraced in the mortgage or decree of sale are made under the execution to satisfy any deficiency remaining due upon judgment, two weeks' publication of notice of such sale shall be sufficient. Such notice shall be published in a newspaper printed…
RCW 61.12.120 Concurrent actions prohibited.
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The plaintiff shall not proceed to foreclose his or her mortgage while he or she is prosecuting any other action for the same debt or matter which is secured by the mortgage, or while he or she is seeking to obtain execution of any judgment in such other action; nor shall he or s…
RCW 61.12.130 Payment of sums due—Stay of proceedings.
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Whenever a complaint is filed for the foreclosure of a mortgage upon which there shall be due any interest or installment of the principal, and there are other installments not due, if the defendant pay into the court the principal and interest due, with costs, at any time before…
RCW 61.12.140 Sale in parcels to pay installments due.
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In such cases, after final judgment, the court shall ascertain whether the property can be sold in parcels, and if it can be done without injury to the interests of the parties, the court shall direct so much only of the premises to be sold, as will be sufficient to pay the amoun…
RCW 61.12.150 Sale of whole property—Disposition of proceeds.
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If the mortgaged premises cannot be sold in parcels, the court shall order the whole to be sold, and the proceeds of the sale shall be applied first to the payment of the principal due, interest and costs, and then to the residue secured by the mortgage and not due; and if the re…
RCW 61.12.170 Recording.
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See chapter 65.08 RCW.
RCW 61.12.180 Foreclosure of reverse residential mortgage—Notice.
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(1) Before any mortgagee of residential real property commences any legal action under RCW 61.12.040 to foreclose any reverse residential mortgage, such person shall give the mortgagor notice of such intention at least thirty-three days in advance. For the purposes of this sectio…
RCW 61.12.190 Mortgages, deeds of trust.
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Except as otherwise provided in chapter 60.04 RCW, any mortgage or deed of trust shall be prior to all liens, mortgages, deeds of trust, and other encumbrances that have not been recorded before the recording of the mortgage or deed of trust to the extent of all sums secured by t…
RCW 61.12.200 Consumer protection act—Unfair or deceptive acts or practices—Penalties—Notice.
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(1) It is unlawful for any person to seek or receive from any person or contract with any person for any fee or compensation for locating, or purporting to purchase or otherwise acquire the right to recover, funds held by a court or county that are proceeds from a foreclosure und…
RCW 61.16.010 Assignments, how made—Satisfaction by assignee.
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Any person to whom any real estate mortgage is given, or the assignee of any such mortgage, may, by an instrument in writing, signed and acknowledged in the manner provided by law entitling mortgages to be recorded, assign the same to the person therein named as assignee, and any…
RCW 61.16.020 Mortgages, how satisfied of record.
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Whenever the amount due on any mortgage is paid, the mortgagee or the mortgagee's legal representatives or assigns shall, at the request of any person interested in the property mortgaged, execute an instrument in writing referring to the mortgage by the volume and page of the re…
RCW 61.16.030 Failure to acknowledge satisfaction of mortgage—Damages—Order.
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If the mortgagee fails to acknowledge satisfaction of the mortgage as provided in RCW 61.16.020 sixty days from the date of such request or demand, the mortgagee shall forfeit and pay to the mortgagor damages and a reasonable attorneys' fee, to be recovered in any court having co…
RCW 61.24.005 Definitions.
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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Affiliate of beneficiary" means any entity which controls, is controlled by, or is under common control with a beneficiary.(2) "Beneficiary" means the holder of the in…
RCW 61.24.008 Borrower referred to mediation—When.
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(1) A borrower who has been referred to mediation before June 7, 2012, may continue through the mediation process and does not lose his or her right to mediation.(2) A borrower who has not been referred to mediation as of June 7, 2012, may only be referred to mediation after a no…
RCW 61.24.010 Trustee, qualifications—Successor trustee.
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(1) The trustee of a deed of trust under this chapter shall be:(a) Any domestic corporation or domestic limited liability corporation incorporated under Title 23B, 25, *30, 31, 32, or 33 RCW of which at least one officer is a Washington resident; or(b) Any title insurance company…
RCW 61.24.020 Deeds subject to all mortgage laws—Foreclosure—Recording and indexing—Trustee and beneficiary, separate entities, exception.
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Except as provided in this chapter, a deed of trust is subject to all laws relating to mortgages on real property. A deed conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or another to the beneficiary may be foreclosed by tru…
RCW 61.24.025 Application of federal servicemembers civil relief act to deeds of trust.
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All of the rights, duties, and privileges conveyed under the federal servicemembers civil relief act, P.L. 108-189, are applicable to deeds of trust under Washington law.[ 2004 c 161 s 5.]Notes:Effective date—2004 c 161: See note following RCW 28B.10.270.
RCW 61.24.026 Notice to senior beneficiary of sale—Residential, owner-occupied—Proceeds of sale insufficient to pay in full obligation—Timeline—Failure of beneficiary to respond.
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(1) Whenever (a) consummation of a written agreement for the purchase and sale of owner-occupied residential real property would result in contractual sale proceeds that are insufficient to pay in full the obligation owed to a senior beneficiary of a deed of trust encumbering the…
RCW 61.24.030 Requisites to trustee's sale.
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It shall be requisite to a trustee's sale:(1) That the deed of trust contains a power of sale;(2) That the deed of trust contains a statement that the real property conveyed is not used principally for agricultural purposes; provided, if the statement is false on the date the dee…
RCW 61.24.031 Notice of default under RCW 61.24.030(8)—Beneficiary's duties—Borrower's options.
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(1)(a) A trustee, beneficiary, or authorized agent may not issue a notice of default under RCW 61.24.030(8) until: (i) Thirty days after satisfying the due diligence requirements as described in subsection (5) of this section and the borrower has not responded; or (ii) if the bor…
RCW 61.24.033 Model language for initial contact letter used by beneficiaries—Rules.
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(1)(a) The department must develop model language for the initial contact letter to be used by beneficiaries as required under RCW 61.24.031. The model language must explain how the borrower may respond to the letter. The department must develop the model language in both English…
RCW 61.24.040 Foreclosure and sale—Notice of sale.
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A deed of trust foreclosed under this chapter shall be foreclosed as follows:(1) At least 90 days before the sale, or if a letter under RCW 61.24.031 is required, at least 120 days before the sale, the trustee shall:(a) Record a notice in the form described in subsection (2) of t…
RCW 61.24.042 Notice to guarantor—Contents—Failure to provide.
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The beneficiary may give the notices of default, trustee's sale, and foreclosure referred to in RCW * 61.24.030(7) and 61.24.040 to any one or more of the guarantors of a commercial loan at the time they are given to the grantor. In addition to the information contained in the no…
RCW 61.24.045 Requests for notice of sale.
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Any person desiring a copy of any notice of sale described in RCW 61.24.040(2) under any deed of trust, other than a person entitled to receive such a notice under RCW 61.24.040(1) (b) or (c), must, after the recordation of such deed of trust and before the recordation of the not…
RCW 61.24.050 Interest conveyed by trustee's deed—Sale is final if acceptance is properly recorded—Redemption precluded after sale—Rescission of trustee's sale.
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(1) Upon physical delivery of the trustee's deed to the purchaser, or a different grantee as designated by the purchaser following the trustee's sale, the trustee's deed shall convey all of the right, title, and interest in the real and personal property sold at the trustee's sal…
RCW 61.24.060 Rights and remedies of trustee's sale purchaser—Written notice to occupants or tenants.
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(1) The purchaser at the trustee's sale shall be entitled to possession of the property on the twentieth day following the sale, as against the borrower and grantor under the deed of trust and anyone having an interest junior to the deed of trust, including occupants who are not …
RCW 61.24.070 Trustee's sale, who may bid at—If beneficiary is purchaser—If purchaser is not beneficiary.
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(1) The trustee may not bid at the trustee's sale. Any other person, including the beneficiary, may bid at the trustee's sale.(2) The trustee shall, at the request of the beneficiary, credit toward the beneficiary's bid all or any part of the monetary obligations secured by the d…
RCW 61.24.080 Disposition of proceeds of sale—Notices—Surplus funds.
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The trustee shall apply the proceeds of the sale as follows:(1) To the expense of sale, including a reasonable charge by the trustee and by his or her attorney: PROVIDED, That the aggregate of the charges by the trustee and his or her attorney, for their services in the sale, sha…
RCW 61.24.090 Curing defaults before sale—Discontinuance of proceedings—Notice of discontinuance—Execution and acknowledgment—Payments tendered to trustee.
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(1) At any time prior to the eleventh day before the date set by the trustee for the sale in the recorded notice of sale, or in the event the trustee continues the sale pursuant to *RCW 61.24.040(6), at any time prior to the eleventh day before the actual sale, the borrower, gran…
RCW 61.24.100 Deficiency judgments—Foreclosure—Trustee's sale—Application of chapter.
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(1) Except to the extent permitted in this section for deeds of trust securing commercial loans, a deficiency judgment shall not be obtained on the obligations secured by a deed of trust against any borrower, grantor, or guarantor after a trustee's sale under that deed of trust.(…
RCW 61.24.110 Reconveyance by trustee.
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(1) The trustee of record shall reconvey all or any part of the property encumbered by the deed of trust to the person entitled thereto on written request of the beneficiary, or upon satisfaction of the obligation secured and written request for reconveyance made by the beneficia…