[WSBARP] Deed of Trust- Divorce Decree

[Marcus Fry]

Client brought in a dissolution decree that awarded spouse the primary
residence, but granted client a lien secured by a Deed of Trust for
client’s community award.  Just another one of those quirks that I don’t
think the legislature considered when developing the notice requirements.
It seems absurd to me that I have to follow the pre-notice requirements
because this is a “owner occupied” property (see below for statute
definition).  I am sure that some on here have run into this in context of
non-loan situations whether via divorce, settlement of litigation with a
deed of trust as security, etc.  Anyone have a basis to circumvent the
pre-notice requirement in these no-loan type of arrangements?

 

    (3) "Borrower" means a person or a general partner in a partnership,
including a joint venture, that is liable for all or part of the
obligations secured by the deed of trust under the instrument or other
document that is the principal evidence of such obligations, or the
person's successors if they are liable for those obligations under a
written agreement with the beneficiary.

     (10) "Owner-occupied" means property that is the principal residence
of the borrower.

 

If not aware of any basis, anyone aware of any proposed legislation to
limit the applicability to actual loans?

 

Thank you,

 

Marcus J. Fry

Lyon, Weigand & Gustafson, P.S. 



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