[WSBARP] lenders at a logerheads on release of security

[Josh Grant]

That is what I thought.  I just talked to the new lender, and they did say they are trying to get an exception “from corporate”, that they have heard that other lenders in Washington have done this “but we don’t”.  So maybe they will make an exception.  It is a lender out of Oregon.

From: Mark Higgins 
Sent: Friday, January 09, 2015 11:28 AM
To: WSBA Real Property Listserv 
Subject: Re: [WSBARP] lenders at a logerheads on release of security

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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