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announcing it at the time and place the sale was Servicing – The administration of the loan by the
previously scheduled to occur. The new date servicer from the time you obtain your mortgage
cannot exceed 120 days from the original sale loan until it is paid off.
date. No other notice is required.
Short Refinance – The refinancing of a mortgage
Public Notice – Once a week for four consecutive by a servicer for a borrower currently in default
weeks the notice must appear in a newspaper in on his or her payments. This is done to avoid
the county where the property is located. This foreclosure. Typically, the new loan amount is
does not necessarily mean the newspaper that less than the existing outstanding loan amount
you read, as some newspapers are owned by and the difference is typically forgiven by the
foreclosure companies. The last notice must be servicer. This is one of several alternatives that
published not less than 10 days prior to the sale might be more cost effective for the servicer
date. A notice is to be posted at least 20 days instead of foreclosing on the property.
before the date of sale in some conspicuous place
on the property. Notice shall also be posted at Trustee or Successor Trustee – A neutral party
least 20 days before the date of sale at the who advertises the foreclosure property for sale
county superior court. and conducts the auction to sell the property to
the highest bidder. The trustee or successor
Refinance – Qualifying for a new mortgage to pay trustee has a duty of good faith to the borrower,
off an existing mortgage using the same property beneficiary, and grantor. See RCW 61.24.010.
as collateral.
Trustee’s Sale – An auction of real property
Reinstatement – When the borrower pays the full conducted by a trustee. (See Foreclosure
amount in arrears on the loan (past due monthly Auction.)
payments plus any fees) in a lump sum by a
specific date. Work-Out – Process where a servicer and a
borrower develop a mutually acceptable
Repayment Plan – An arrangement by which a agreement to resolve a loan default and avoid
borrower agrees to make additional payments to foreclosure. Also sometimes called “restructure.”
reduce the past due amounts while still making
the regularly scheduled payments.

Request for Notice – A recorded document
requiring a trustee to send a copy of a Notice of
Default or Notice of Sale concerning a specific
deed of trust in foreclosure to the person who
filed/recorded the document.

Second loan – If there are more than two secured
home loans, the loan secured by a deed of trust
or mortgage that is junior only to the senior deed
of trust or mortgage, is frequently referred to as
the “second.” The non-judicial foreclosure on the
“first” deed of trust extinguishes the “second”
deed of trust but does not extinguish the
unsecured liability on the obligation secured by
the “second” deed of trust.

January 2020 | Page 72