Washington State Proposes Foreclosure Bill With Teeth!

Well what do we have here!

23 (ii) A declaration by the beneficiary made under the penalty of perjury stating that the beneficiary is the actual holder of the promissory note or other obligation secured by the deed of trust shall be sufficient proof as required under this subsection. A violation of this subsection (7)(a)(ii) is a class C felony as provided in RCW 28 9A.20.020 and 9A.20.021.

Bingo.  If this bill becomes law and you file a document foreclosing in Washington State claiming to be the beneficiary of a given mortgage and really aren’t, because, for instance, the trust never had the actual mortgage tendered into it, you go to prison.

It’s about damn time.

The bill is SB6199 and if you live in Washington State you can find your State Reps here: http://apps.leg.wa.gov/DistrictFinder/Default.aspx

The Market-Ticker

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 If you’re not in Washington State, you should be sending a copy of this legislation to your own State Representatives.