THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: WA000015
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Bulletin: WA000015
Dear Associates:
RCW 61.24.100 provides that a nonjudicial deed of trust sale satisfies the obligation and that "no deficiency decree or other judgment shall thereafter be obtained on such obligation." This restriction was difficult for lenders who had additional security and often forced those lenders to foreclose judicially.
Chapter 112 of the 1990 legislation provides relief. It allows holders of obligations "non incurred primarily for personal, family, or household purposes" to conduct subsequent judicial or nonjudicial foreclosures of other deeds of trust or security interests. A nonjudicial deed of trust sale, therefore, does not preclude further foreclosures of additional security if the obligation was not a consumer debt.
This chapter is effective June 7, 1990.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None