[WSBARP] Waiver of Deficiency in Judicial Foreclosure

[Rich Holland]

It frequently means that they are either concerned about:

 

1.        Finding the proper parties to provide notice to (unknown heirs /
no probate are usually the issue); or

2.       There is an issue with the MERS type situation about the note/DOT

 

In either case it is often the title company that is telling them that
they won’t insure a non-judicial foreclosure.  If a Court has ruled on it,
however, the title company usually feels better that the foreclosure will
stand challenge.

 

Thank you,

 

Rich Holland

 

From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Traci Shallbetter
Sent: Monday, August 25, 2014 10:19 AM
To: wsbarp at lists.wsbarppt.com; 'WSBA RPPT Real Property Discussion Forum'
Subject: [WSBARP] Waiver of Deficiency in Judicial Foreclosure

 

Bank has filed a judicial foreclosure action on a Deed of Trust that
contains a notice of sale provision.  The judicial foreclosure complaint
expressly waives any right to a deficiency.  It’s not clear to me why a
bank would judicially foreclose on a deed of trust if they are waiving a
right to a deficiency.  Any red flags/insight?

 

Traci Shallbetter

Shallbetter Law

The Best in Real Estate and Land Use

3201 Airport Road 

Cle Elum, WA 98922

Cell:  (509) 260-0037

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

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All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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