Lender’s Acceleration Of Promissory Note Found Not To Be Time-Barred

Mealey's (May 2, 2022, 2:22 PM EDT) -- SPOKANE, Wash. — A Washington trial court correctly ruled that a lender’s attempt to foreclose on a mortgage loan based on the borrower’s failure to cure her default on the loan was not barred by the statute of limitations because prior elections to accelerate the borrower’s promissory note were not final based on the fact that the borrower was provided with an opportunity to reinstate the loan by paying off her default, a divided Division III Washington Court of Appeals panel ruled April 28 in affirming....