In non-judicial states like Washington, it is extremely quick and easy to take possession of the home of a delinquent borrower. We DO NOT need it to be easier or quicker or more "expedited". Please read the below letter from Attorney Shawn Newman and then click on the link to send your own objection to this BLATANT attempt by the local foreclosure mills to construct an even faster expressway.
Senate Committee on Financial Institutions & Insurance
RE: Testimony in Opposition to SB 5968
Hearing Date: 2/18/15
Committee members:
My name is Shawn Newman. I’ve been an attorney for over 30 years, former Assistant
Attorney General, Senate Staff Counsel and adjunct professor. I teach business law and
commercial transactions, which includes foreclosures. SB 5968 would amend the Deed
of Trust Act [Ch. 61.24 RCW] to allow non-judicial foreclosures to be initiated by the
“owner or holder” of a trust deed or by a designee. The bill would also amend the Notice
of Foreclosure to eliminate the requirement that the beneficiary also be the “owner of the
obligation secured thereby.”
First, the courts strictly construe non-judicial foreclosures under the Deed of Trust Act
because it was intended to be an expeditious exception to judicial foreclosure.1 Non-
judicial foreclosure under the DOTA contradicts our constitution which states that “The
superior court shall have original jurisdiction in all cases at law which involve the title or
possession of real property ….”2
Second, to foreclosure, the beneficiary on the deed of trust should also hold the “actual”
note. SB 5968 would allow foreclosure by someone who does not own the “actual” note.
Homeowners should know the owner’s identity to work out possible alternatives to
foreclosure vs. dealing with servicers who have different incentives that encourage
foreclosure.3
Third, SB 5968 would further relax the proof required to foreclose on homeowners. It
would allow non-judicial foreclosures to proceed based on self-serving declarations by
counsel for purported beneficiaries. These purported beneficiaries need not be the actual
owners or holders of the promissory note. These declarations do not meet the legal
requirements for authentication4, self-authentication5 or admissibility6 in a judicial
foreclosure.
Thank you,
/s/
Shawn Newman, Esq.
YOU NEED TO SEND YOUR RESPONSE! Please CLICK HERE
Please share with other concerned Washington State Citizens. Foreclosure should not be a FOR PROFIT business. Foreclosure hurts communities and property values, the only people it pays is corrupt banks and FORECLOSURE MILL.
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