[WSBAPT] Sheriff's Deed

Fri Mar 2 13:35:44 PST 2018

I don’t know what the state of the law is in the 9th Circuit, but you mentioned that your client received this property as a result of what I assume was a nonjudicial foreclosure by the condo association for back assessments.  Because Washington also has a super-priority lien statute, you may find the attached decision interesting.

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jim Doran
Sent: Thursday, March 1, 2018 11:21 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Sheriff's Deed

I do have it and will take a closer look at it.  Thanks,

jim

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 Thu, Mar 1, 2018 at 11:15 AM, <nestor at pplsweb.com <mailto:nestor at pplsweb.com> > wrote:

Do you have a copy of the Note? Is it self amortizing?

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

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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 Jim Doran
Sent: Thursday, March 1, 2018 10:55 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com <mailto:wsbapt at lists.wsbarppt.com> >
Subject: Re: [WSBAPT] Sheriff's Deed

I would hire someone to do that.  Any suggestions?

James R. Doran

Attorney at Law

100 E. Pine Street -  Suite 205

Bellingham, WA 98225
(360)393-9506 <tel:(360)%20393-9506> 

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

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

On Thu, Mar 1, 2018 at 10:48 AM, Eric Nelsen <Eric at sayrelawoffices.com <mailto:Eric at sayrelawoffices.com> > wrote:

I agree, and I'm just glad that I haven't had to labor over creating an Excel spreadsheet to actually do the calculations in a case (yet). Knock on wood.

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> 

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 nestor at pplsweb.com <mailto:nestor at pplsweb.com> 
Sent: Thursday, March 01, 2018 10:35 AM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Sheriff's Deed

Eric, I was thinking along the same line that the note will dictate and based upon the nature of the payment due under what should be barred.

My guess is that it is probably a standard FNMA note if it’s residential property, and I would argue that the P & I that was due prior to the limitations period are barred.

Jim, let us know how its’ resolved. 

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

ATTENTION - This e-mail message and any attachment to this e-mail message may contain confidential information that is legally privileged. If you are not the intended recipient, you must not review, retransmit, convert to hard copy, copy, use or disseminate this e-mail or any attachments to it. If you have received this e-mail in error, please notify us immediately by return e-mail or by telephone at the phone numbers provided herein and delete this message. Please note that if this e-mail message contains a forwarded message or is a reply to a prior message, some or all of the contents of this message or any attachments may not have been produced by the sender.

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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 Eric Nelsen
Sent: Thursday, March 1, 2018 9:52 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com <mailto:wsbapt at lists.wsbarppt.com> >
Subject: Re: [WSBAPT] Sheriff's Deed

Nestor--I'll jump in here just to note that I have the same question you do: how to calculate what is barred and what isn't. I have yet to actually have to argue for something in court because my cases have always settled for an agreed amount.

For what it's worth, I think the terms of the Note dictate what is barred and what isn't, based on the amortization schedule for the payments. So if it's an interest-only installment payment, only interest is barred. If the principal is amortized, then I think you calculate what total of principal should have been paid prior to the bar date based on the mandatory minimum payment amounts, and bar that portion of the principal in addition to all interest prior to the bar date.

It gets trickier if some payments were made, because I think you'd have to adjust the actual principal balance based on actual payments, which will alter the allocation of interest and principal that would have been applied for the missed payments. So you can't just run a simple amortization calculator online; it requires something more customized.

And it gets even trickier if interest was compounding in the Note. Fortunately I haven't seen one of those yet.

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> 

From: wsbapt-bounces at lists.wsbarppt.com <mailto:wsbapt-bounces at lists.wsbarppt.com>  [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of nestor at pplsweb.com <mailto:nestor at pplsweb.com> 
Sent: Thursday, March 01, 2018 6:05 AM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Sheriff's Deed

I wish I had something more for you. However, the question is (and my apologies for not having an answer) how are the payments time barred?  Do you run an amortization schedule and cut off interest and principal going back the S/L period?

Your best bet may be to file a declaratory action under RCW 7.24 to determine how much your client would have to pay the bank.

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

ATTENTION - This e-mail message and any attachment to this e-mail message may contain confidential information that is legally privileged. If you are not the intended recipient, you must not review, retransmit, convert to hard copy, copy, use or disseminate this e-mail or any attachments to it. If you have received this e-mail in error, please notify us immediately by return e-mail or by telephone at the phone numbers provided herein and delete this message. Please note that if this e-mail message contains a forwarded message or is a reply to a prior message, some or all of the contents of this message or any attachments may not have been produced by the sender.

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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 Jim Doran
Sent: Wednesday, February 28, 2018 8:48 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com <mailto:wsbapt at lists.wsbarppt.com> >
Subject: Re: [WSBAPT] Sheriff's Deed

I get it.

James R. Doran

Attorney at Law

100 E. Pine Street -  Suite 205

Bellingham, WA 98225
(360)393-9506 <tel:(360)%20393-9506> 

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

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

On Wed, Feb 28, 2018 at 8:28 PM, <nestor at pplsweb.com <mailto:nestor at pplsweb.com> > wrote:

How can it be “adverse” since he is the record owner? 

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

ATTENTION - This e-mail message and any attachment to this e-mail message may contain confidential information that is legally privileged. If you are not the intended recipient, you must not review, retransmit, convert to hard copy, copy, use or disseminate this e-mail or any attachments to it. If you have received this e-mail in error, please notify us immediately by return e-mail or by telephone at the phone numbers provided herein and delete this message. Please note that if this e-mail message contains a forwarded message or is a reply to a prior message, some or all of the contents of this message or any attachments may not have been produced by the sender.

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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 Jim Doran
Sent: Wednesday, February 28, 2018 4:44 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com <mailto:wsbapt at lists.wsbarppt.com> >
Subject: Re: [WSBAPT] Sheriff's Deed

Yes.  Thank you.  I am aware of this.  If the note has not been accelerated it may be possible that at least some of the installments are time barred.  Just a calculation headache.

I am thinking about the adverse possession angle.  Open, notorious, with a claim of right....etc.  Paid taxes.  More than ten years.  He hasn't paid on the note and he has occupied the premises.  That sounds like legal adversity.  

Any thoughts?

Jim

James R. Doran

Attorney at Law

100 E. Pine Street -  Suite 205

Bellingham, WA 98225
(360)393-9506 <tel:(360)%20393-9506> 

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

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

On Wed, Feb 28, 2018 at 2:42 PM, Doug Owens <dougowens at seattlerelawyer.com <mailto:dougowens at seattlerelawyer.com> > wrote:

Dear Jim, RCW 7.28.300 provides some relief but it is very fact dependent.  If the loan was in default eight years ago, and especially if Citi accelerated the loan at that time, then this statute might help.  Yours truly, Doug Owens

On Feb 28, 2018, at 12:08 PM, Jim Doran <jim at doranlegal.com <mailto:jim at doranlegal.com> > wrote:

Hello Listies: 

A client purchased a property at the Sheriff's Sale for condo fees, etc. in 2007.  My client tried many times to reach a deal with the underlying Deed of Trust and Note holder, CitiMortgage, but was never responded to.  That was nine and eight years ago.  Two and a half years ago I tried to work out a deal with CitiMortgage that never came to any fruition.  The lights are on but no one is home.  The underlying Deed of Trust and Note holder, CitiMortgage, is now non-judicially foreclosing on the underlying debt.  

It is my understanding that the Sheriff's Deed is subordinate to the original Deed of Trust and Note.  In order to protect his interest, my client needs to purchase the property at the Trustee's Sale, correct?  Or make a deal with CitiMortgage before the Trustee's Sale.

However, because my client diligently tried to resolve this many years ago he wants me to see if the statute of limitations, or any other defense, can strip the underlying debt held by CitiMortgage away from the property.   Does adverse possession work?  Laches and estoppel and other equitable remedies my be useful.  Any other ideas?

If there is a good defense, we would file for a restraining order against the Trustee Sale.

Thank you in advance.

James Doran

James R. Doran

Attorney at Law

100 E. Pine Street -  Suite 205

Bellingham, WA 98225
(360)393-9506 <tel:(360)%20393-9506> 

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

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

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