[WSBARP] 1st and 2nd Mortgage in non-judicial foreclosure

[Tom J. Westbrook]

Hello,

 

Client bought home and to qualify the lender gave him a 1st as to $300k+
and a 2nd as to 90k+. It was one loan application and all done at same
time. Lender calls the 2nd a HELOC and claims that if they foreclosure
non-judicially they can still go after the 2nd judicially. Anyone have a
case on point for this? I know we see this often and to me it is one loan
even though lender elected to cover it with two Prom Notes – both are
still covered by same DOT. 

 

Sincerely,

 

Tom

 

Thomas J. Westbrook

Attorney at Law

 

Thomas J. Westbrook, PLLC

PO Box 1

Littlerock, WA 98556

 

Olympia Office:

Evergreen Plaza Building

711 Capitol Way S.

Suite 101

Olympia, WA 98501

 

Telephone: 360-357-7400     

Facsimile:  360-357-7414

Email:         tjw at w3net.net

Skype: thomas.westbrook

 

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