[WSBARP] lenders at a logerheads on release of security

[Josh Grant]

Interesting closing we are attempting to get done.

Sale is of a mobile home and land.  Nice mobile.  Current lender understandably says “We won’t release the title until we get our money”.

New lender says “Oh, I see the title elimination never took place so we won’t fund the sale until the title is eliminated”.

DOL representative says, “you can’t eliminate the title without turning in the title”

I see each lender’s point.

The only suggestion I have thought of is that the seller gets a $50,000 bridge loan to clear off the title.  But I think for several reasons, that may not be as a practical matter doable.

Any other suggestions.

Joshua F. Grant, PS
Attorney at Law
P. O. Box 619
Wilbur, WA 99185
tel 509 647 5578
fax 509 647 2734
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