Revised Code of Washington (RCW) (Last Updated: August 9, 2016) |
Title 61. MORTGAGES, DEEDS OF TRUST, AND REAL ESTATE CONTRACTS |
Chapter 61.24. Deeds of trust. |
Section 61.24.177. Deed of trust pool—Duty of servicer to maximize net present value.
Latest version.
- Any duty that servicers may have to maximize net present value under their pooling and servicing agreements is owed to all parties in a deed of trust pool, not to any particular parties, and a servicer acts in the best interests of all parties if it agrees to or implements a modification or workout plan when both of the following apply:(1) The deed of trust is in payment default, or payment default is reasonably imminent; and(2) Anticipated recovery under a modification or workout plan exceeds the anticipated recovery through foreclosure on a net present value basis.NOTES:Findings—Intent—Short title—2011 c 58: See notes following RCW 61.24.005.