Washington is a Deed of Trust State

Posted on November 17, 2008
Filed Under Home Loans, Real Estate News | Leave a Comment

Washington is a Deed of Trust State.  Meaning that there are 3 parties to home loan transaction.    The Beneficiary, Trustee and the Trustor.    The beneficiary is the lender,   the Trustee holds bare or legal title, is usually a title company and has the ‘power of sale’ in the event of default and also issues the reconveyance deed upon full payment of the deed.  The Trustor is the borrower.

In the event of default on the loan the trustee makes public notice for a 90 day period of the default.  Afterwards is a 21 day publication period in a local newspaper of the pending Trustee Sale.  At the trustee’s sale the home is sold on the courthouse steps to the highest bidder.

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