[WSBAPT] creditor's claim amount

Sat May 27 19:12:49 PDT 2017

Thanks all . it is unsecured as far as I can tell. I've done the prelim
title search and only the mortgage comes up

From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Douglas Bratt
Sent: Saturday, May 27, 2017 7:08 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] creditor's claim amount

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

Envelope scaled Terry

Office: (360) 213-2040 

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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 <wsbapt-bounces at lists.wsbarppt.com>
on behalf of Marilyn J Kliman Law <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

Marilyn at MarilynJKlimanLaw.com

www.MarilynJKlimanLaw.com <http://www.marilynjklimanlaw.com/> 

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