[WSBARP] lenders at a logerheads on release of security

[Mark Higgins]

Isn't this exactly what escrows are for?  Not releasing security without
getting paid, not funding until prior lien is eliminated, and , presumably,
elimination of a title by turning it, in are all matters handled by escrows
all the time, aren't they?​

On Fri, Jan 9, 2015 at 10:35 AM, Josh Grant <jgrant at accima.com> wrote:

>   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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-- 
Mark T. Higgins
Mark T. Higgins, P.C.
P.O. Box 57
Darrington, WA 98241
206-491-2420
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