[WSBAPT] Foreclosures

[Jim Doran]

Ahhh haaaa!!!!  I read the damned statute but did not see that little
clause that makes all the difference in the world.

 

This is a case where I am picking up the foreclosure process after someone
else started it without the due diligence steps.  It looks like I will not
have to go back and start over.

 

Thanks, Tom.

 

James R. Doran

Attorney at Law

100 E. Pine Street – Suite 205

Bellingham, WA 98225

(360)393-9506

 <mailto:jim at doranlegal.com> jim at doranlegal.com

www.doranlegal.com

 

From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Tom J. Westbrook
Sent: Thursday, July 3, 2014 7:47 AM
To: wsbapt at lists.wsbarppt.com
Subject: RE: [WSBAPT] Foreclosures

 

Dear Jim,

 

Please see RCW 61.24.031(7)(a):

 

“This section applies only to deeds of trust that are recorded against
owner-occupied residential real property. This section does not apply to
deeds of trust: (i) Securing a commercial loan; (ii) securing obligations
of a grantor who is not the borrower or a guarantor; or (iii) securing a
purchaser's obligations under a seller-financed sale.”

 

Still, in my practice I do give the grantor something similar to the 30
day “Notice of Pre-foreclosure Options” letter (61.24.031(1)(c)) required
for bank financed loans before sending out the Notice of Default and
perform several of the due diligence requirements in the statute out of an
abundance of caution. I have had housing counselors try to tell me I
didn’t follow all the requirements of the statute until I point them to
the exception in (7)(a) and also tell them that I went above and beyond
and gave their client an additional 30 days plus the opportunity to have
an in person meeting. So far so good.

 

Sincerely,

 

Tom

 

Thomas J. Westbrook

Attorney at Law

 

Thomas J. Westbrook, PLLC

PO Box 1

Littlerock, WA 98556

 

Olympia Office:

Evergreen Plaza Building

711 Capitol Way S.

Suite 101

Olympia, WA 98501

 

Telephone: 360-357-7400     

Facsimile:  360-357-7414

Email:          <mailto:tjw at w3net.net> tjw at w3net.net

Skype: thomas.westbrook

 

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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Jim Doran
Sent: Wednesday, July 02, 2014 4:32 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Foreclosures

 

Dear Listmates:

 

The last and first foreclosure that I did with a number of helpful
directions from you all, especially from Jay Goldstein,  and with
publications, was a commercial loan.  That did not require all the
rigmarole required in residential foreclosures, such as the “due
diligence” requirements of RCW 61.24.031.

 

Those due diligence requirements are fairly complex and substantial.   I
have been involved with them from the borrower’s side of things with the
large banks and I know how to use the failure to comply as a defense.  So
I know they are requirements, not discretionary.  My question is if these
“due diligence” requirements apply if the note and deed of trust are
between private persons without a bank involved at all?

 

Thank you in advance for your response. 

 

 

James R. Doran

Attorney at Law

100 E. Pine Street – Suite 205

Bellingham, WA 98225

(360)393-9506

jim at doranlegal.com

www.doranlegal.com

 

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Bar Association nor its officers or agents. 

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As with all lists - let the reader beware! No warranties or
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All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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