a meaningful difference. Whatever the course.
Employment Rights · Whistleblower /Qui Tam · Family Law
1139 34th Ave., Suite B | Seattle, WA 98122 | (206) 324-8969 | stellerlaw.com
signed, stored, and held for enforcement.
This is just a minor part of the origination market at this point, but if the Legislature doesn’t look at adopting UETA
or modernizing existing foreclosure law,
we will continue to see an increase in the
number of judicial foreclosures. Because
the beneficiary in Washington must be
the “actual holder” of the note in order
to foreclose, and we do not have UETA
or laws to provide that electronic control
over the note would be acceptable, as we
originate more e-notes, we will have more
Much Work to Be Done
Even though foreclosure volumes have
returned to pre-crisis levels and real estate values are on the rise, there is still
much work to be done to modernize our
foreclosure laws so that they can be more
efficient for the modern economy. The
good news is that we can learn from the
programs put into place from other states
grappling with the same concerns. “
Zombie” foreclosure and fast-track processes
for vacant and abandoned properties are
a national hot topic. Allowing non-judicial
foreclosure when a borrower is deceased
is allowed in California, for example. Ohio
and Colorado are modernizing the sheriff
sale process and electronic auctions. Electronic notes and UETA are prevalent in
almost every other state.
Washington is home to some of the
most cutting-edge technology and industry in the country. With some focus and
hard work, our laws can meet these same
high standards. NWL
a partner at
the area of foreclosure and default
servicing since 2003. Her practice
is focused on judicial foreclosure
and regulatory compliance, and
she has been following the CFPB
regulations since its inception.
Wendy can be reached at wwalter@
1. The Seattle Times, “Seattle home too dangerous to enter sells for $427,000 after ‘insane’
bidding war,” July 5, 2016, by Mike Rosenberg www.seattletimes.com/business/this-mold-house-decaying-home-too-dangerous-to-enter-sparks-insane-bidding.
2. Jordan v. Nationstar Mortg., LLC, No.
92081-8, 2016 Wash. LEXIS 817 (July 7,
4. See link to CFPB’s proposed rules to
amend the mortgage servicing rules promulgated in 2013. A final rule is pending
and might be issued summer 2016. http://
5. It is not clear whether a party can waive their
right to redemption under Washington law.
A clear waiver provision in state law might
help in those cases where the borrowers really want to move on.