[WSBAPT] Lender not accepting Lack of Probate Aff

[John McCrady]

I am not sure that most title companies “like” the lack of probate affidavit.  We do “accept” the lack of probate affidavit; probably because:

1)      Many people don’t have the money, or want to spend the money, to go through a probate proceeding, and/or

2)      If I don’t agree to insure through the lack of probate affidavit “Brand X Title Company” will.

We do believe that our risk of loss on these is low since we try to wring out the facts pretty well before we insure.  I do however advise the customers that they are probably better served by the probate procedure, for the reasons you set out below.

You summed it up nicely:  “The best practice is the PR Deed.”

John McCrady
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
j.mccrady at pstitle.com

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jim Doran
Sent: Thursday, July 20, 2017 10:15 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Lender not accepting Lack of Probate Aff

This lender not accepting "Lack of probate Affidavit" has come up a few times.  I have often wondered about the effectiveness of such an Affidavit.  I may be "old school" on this but isn't the chain of title much more solid with a Personal Representative Deed though probate?  And, if timing matters, there is no requirement for the Notice to Creditors and the four month waiting period.
In my "old school" opinion, I think title companies like the Lack of Probate Affidavit so they are willing to guarantee on that.  But the best practice is the PR Deed.
Jim Doran


James R. Doran
Attorney at Law
100 E. Pine Street -  Suite 205
Bellingham, WA 98225
(360)393-9506
jim at doranlegal.com<mailto:jim at doranlegal.com>
www.doranlegal.com<http://www.doranlegal.com>

On Tue, Jul 18, 2017 at 11:21 AM, Eric Nelsen <Eric at sayrelawoffices.com<mailto:Eric at sayrelawoffices.com>> wrote:
I'm not sure transferring ownership will solve the problem. Garn St. Germain Act prevents lender from foreclosing on someone who inherits a property, so I don't know what the lender is balking at. If heir just keeps sending in payments, there shouldn't be an issue. Or does the heir need to talk to the lender for some other reason?

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1417 31st Ave South
Seattle WA  98144-3909
phone 206-625-0092<tel:(206)%20625-0092>
fax 206-625-9040<tel:(206)%20625-9040>

Please Note that We Have Moved. We have moved our Seattle office to Mount Baker Ridge (a small commercial community just above the I-90 tunnel). Our new address is 1417 31st Avenue South, Seattle WA 98144. All other contact information remains the same.

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>] On Behalf Of Michael Atkins
Sent: Tuesday, July 18, 2017 9:24 AM
To: PROBATE -REAL PROP SECTION
Subject: [WSBAPT] Lender not accepting Lack of Probate Aff

All:
2004, Small estate so Atty used Lack of Probate Aff .  New lender is not accepting heir as owner. Does he need to open probate and QC to self?
Thanks
Mike

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