[WSBARP] voluntary lien on real property

[James Van Damme]

You are correct its a mobile home on a rented mobile home park lot. Thank
you everyone for your insight.  The title has not been eliminated.  I will
have them do a loan  agreement w/ future advances clause and file the UCC.

Jim

On Mon, Mar 23, 2015 at 12:02 PM, Jennifer Johnson <jmhanigan at cni.net>
wrote:

>  Is it just a mobile home on a rented lot in a mobile home park?  If so,
> it is personal property, not real property.  You can do a loan agreement
> and/or a promissory note with a future advances clause, and secure the loan
> by filing a UCC financing statement.
>
> Jennifer
>
> Jennifer M. Johnson | Attorney
> Hanigan Law Office, P.S.
> P.O. Box 39 / 68 Main Street
> Cathlamet, WA 98612
> (360) 795-3494
>
>
>
>
>
>
>
> On 3/23/15 10:44 AM, "Bickel, Dwight" <Dwight.Bickel at fntg.com> wrote:
>
> The only real property lien that is appropriate is a Deed of Trust to
> secure the agreement for repayment.  A Promissory Note is not needed,
> because the amount due is not known.  A written agreement defining the
> reimbursement would be needed.  The amount due must be capable of
> determination at the time of default.  It should be signed, acknowledged
> and recorded at the time of the agreement to perfect the lien position and
> its enforceability against now unforeseen other creditors.  Waiting until
> the sale would be foolish, not only risking loss of priority, but also
> risking a sale to persons who have no knowledge prior to the appearance of
> the last-minute recording in the public records.
>
>
> *From:* wsbarp-bounces at lists.wsbarppt.com [
> mailto:wsbarp-bounces at lists.wsbarppt.com
> <wsbarp-bounces at lists.wsbarppt.com>] *On Behalf Of *James Van Damme
> *Sent:* Sunday, March 22, 2015 8:35 PM
> *To:* wsbarp at lists.wsbarppt.com
> *Subject:* [WSBARP] voluntary lien on real property
>
>
> PC's mother is elderly and is moving to a retirement home and they are
> planning on selling her mobile home.  In the meantime the PC is paying the
> mother's monthly lot rent.  PC wants to be repaid from the proceeds.
>
>
>
> I could not find any specific statutory liens covering the situation.  Is
> the proper procedure to execute a promissory note secured by a deed of
> trust?  Should  PC then file the deed or wait until the home is sold.
>
>
>
> Thank you
>
> James Van Damme
>
>
>
>
>
>
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