[WSBAPT] foreclosure purchaser referral needed

[Jim Doran]

Funny thing, this kind of situation with a condo just walked into my office,
too.

 

First question: The Bank's deed of trust is not extinguished (foreclosed) at
a Sheriff's tax sale, right?  So the "buyer" gets the property at the
Sheriff's sale by paying off HOA dues, etc. "subject to" the banks deed of
trust.

 

Second question:  During the one year period of redemption the "buyer"
offers in writing several times to pay off the underlying deed of trust /
promissory note and the Bank never gives him an answer.  Now, five years
later, the Bank wants to add all kinds of interest and finance charges and
inflate the pay-off figure.  The Bank has also just begun foreclosure
proceedings against the deed of trust that the "buyer" had offered to pay
off.  Does the "buyer" have any defense or offense as to the Bank's neglect
of the matter for five years? 

 

Thank you for any thoughts on this.   

 

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-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Paul Neumiller
Sent: Tuesday, February 10, 2015 2:44 PM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] foreclosure purchaser referral needed

 

I had a similar situation where the HOA sued the Bank, the 

Bank paid the HOA six months of dues, thereby preserving its lien and then
got dismissed from the foreclosure proceeding.  I didn't come up with
anything other than buyer beware.  I would love to hear if there are ways to
preserve the buyer's purchase the bank.  Please post if you get any answers
off-line.

 



 

From: wsbapt-bounces at lists.wsbarppt.com
<mailto:wsbapt-bounces at lists.wsbarppt.com>
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Kameron Cayce
Sent: Tuesday, February 10, 2015 2:01 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] foreclosure purchaser referral needed

 

PC purchased two condominiums at sheriffs sales arising out of a foreclosure
of the homeowners associations lien for unpaid dues. Purchaser, a retired
engineer, had no experience in bidding at a sheriff sale. He has since
learned that the liens being foreclosed were Junior liens to fairly
substantial first deeds of trust. Those deeds of trust are now in
foreclosure (the first scheduled for May) and he is trying to determine what
if anything he can do. I think he's got a real problem but this is beyond my
expertise so I told him I would put it out to the listserv to see if there
are any takers. I will forward him any replies. Thank you in advance

 

 

Kameron C. Cayce

cayce|grove LAW OFFICES

 <mailto:grifan at caycegrove.com> kam at caycegrove.com 

 <http://www.caycegrove.com/> www.caycegrove.com 

425.255.0603

 

 

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