[WSBARP] CCR question

Tue Mar 17 10:02:14 PDT 2015

Jeanne,

Also note that the six-month priority in RCW 64.34.364 applies only to
condos, and does not overrule a prior inconsistent provision giving
lenders full priority in a declaration recorded prior to July 1, 1990.
Also note that FHFA as conservator for Fannie and Freddie has filed a
federal court suit in Nevada challenging the validity of all association
liens that prime the interests of Fannie and Freddie under federal law.

Jim

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Jim Strichartz

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From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Karen Gibbon
Sent: Monday, March 16, 2015 6:44 PM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] CCR question

Jeanne, 

It is my understanding that this has to do with FNMA underwriting
requirements so that loans can be sold on the secondary market.

The super-priority in Washington applies to 6 months of assessments.
Generally the mortgage lender will pay the 6 months of assessments and
get dismissed from the case.    Note that the state Supreme Court
overruled the Court of Appeals in BAC Home Loans v. Fulbright (and
Summerhill).  So if the lender fails to appear/respond and is defaulted,
it can redeem the property during the redemption period.     The
redemption amount is usually much higher than the amount for 6 months of
assessments.  

Karen L. Gibbon
Law Offices of Karen L. Gibbon, P.S.
3409 McDougall Avenue, Suite 202
Everett, WA 98201

Telephone: (425)212-3277 ext 1
Facsimile: (425)212-3280
Email: kgibbon at gibbonlaw.com

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From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Jeanne Dawes
Sent: Monday, March 16, 2015 5:26 PM
To: WSBA Real Property Listserv (wsbarp at lists.wsbarppt.com)
Subject: [WSBARP] CCR question

Dear Listmates:

What is the rationale for subordinating the homeowner's association
lien/assessments to that of a first mortgage lender?  Is it because
lender's will not lend if there is no subordination, or can the CCR's
not subordinate the lien, and create a preference for unpaid (defaulted)
homeowner lien assessments that would have priority over subsequently
recorded mortgages?

Jeanne J. Dawes

Attorney at Law

Gore & Grewe, P.S.

103 E. Indiana Avenue, Suite A

Spokane, WA 99207-2317

Voice:  509-326-7500

Fax:      509-326-7503

jjdawes at goregrewe.com <mailto:jjdawes at goregrewe.com> 

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