[WSBAPT] creditor's claim amount

[Douglas Bratt]

Dalynne's point is important.  At times, a "line of credit" is short form name for a Home Equity Line of Credit" (HELOC), which is secured by a second, or third, Deed of Trust, 99.999% of the time.  Back in the "olden days," it was not unusual for there to be unsecured lines of credit, but not so much today.  No Creditor's Claim would be required if it was such a secured debt.

The title company, during the ramping up towards the closing of a prospective sale by the Estate, will reveal the existence of this sort of encumbrance on the real estate in its Commitment for Title Insurance.  As part of the actual closing, the LPO closing the transaction will make sure that the encumbrance is paid off in order for the title company to be able to issue a "clean" title insurance policy.  In that context, the words "Title Insurance Company and Escrow" boil down to the components of its role as a Collection Agency for the Beneficiary of the Deed of Trust, practically speaking.

Good luck.

Regards,

Doug Bratt

P.S.  What's wrong with this picture - thinking about such problems at 7:00 PM at the end of a beautiful day (at least down here in SW Washington)??


Douglas J. Bratt
Lawyer

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Dalynne Singleton
Sent: Saturday, May 27, 2017 5:48 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] creditor's claim amount

Is the line of credit secured debt?

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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> on behalf of Marilyn J Kliman Law <marilyn at marilynjklimanlaw.com<mailto:marilyn at marilynjklimanlaw.com>>
Sent: Saturday, May 27, 2017 11:42:22 AM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] creditor's claim amount

Just in case anyone is out there today .....  I am spending way too much time trying to research this.

Decedent left debt to Bank of America for 3 credit cards and line of credit.  Bank of America has filed a claim for the credit cards, but not for the line of credit.  Presumably they filed based on published notice, as we did not send direct notice.  Is PR obligated to send direct notice to the same claimant re: additional debt for the line of credit?

Marilyn J.Kliman
Marilyn J. Kliman Law, PLLC
510 Bell Street
Edmonds, WA 98020
206.499.0993<tel:206.499.0993>
Marilyn at MarilynJKlimanLaw.com<mailto:Marilyn at MarilynJKlimanLaw.com>
www.MarilynJKlimanLaw.com<http://www.marilynjklimanlaw.com/>
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