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Current as of April 06, 2022 | Updated by FindLaw Staff
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.
Cite this article: FindLaw.com - Washington Revised Code Title 61. Mortgages, Deeds of Trust, and Real Estate Contracts § 61.24.177. Deed of trust pool--Duty of servicer to maximize net present value - last updated April 06, 2022 | https://codes.findlaw.com/wa/title-61-mortgages-deeds-of-trust-and-real-estate-contracts/wa-rev-code-61-24-177/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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