[WSBARP] voluntary lien on real property

[Jennifer Johnson]

I stand corrected!  Thank you, Chris.

You would go through DOL to have the lender shown as the legal owner on the
title, just like you would have on a car title when the car is financed.

Jennifer

Jennifer M. Johnson | Attorney
Hanigan Law Office, P.S.
P.O. Box 39 / 68 Main Street
Cathlamet, WA 98612
(360) 795-3494







On 3/25/15 10:15 AM, "Christopher Thayer" <CThayer at pivotallawgroup.com>
wrote:

> The mobile home has a certificate of title, just like a car.  So you don¹t
> file a UCC-1 financing statement.  You need to go through the DOL.
>  
> Christopher L. Thayer
> Managing Partner
> PIVOTAL LAW GROUP, PLLC
> More about me and my practice: www.PivotalLawGroup.com/Team/Thayer/
> <http://www.pivotallawgroup.com/Team/Thayer/>
> Email: CThayer at PivotalLawGroup.com <mailto:CThayer at PivotalLawGroup.com>
> Tel:(206)340-2008/Dir:(206)805-1494/Fax:(206)340-1962
>  
>  
>  
>  
> From: wsbarp-bounces at lists.wsbarppt.com
> [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of James Van Damme
> Sent: Wednesday, March 25, 2015 9:33 AM
> To: WSBA Real Property Listserv
> Subject: Re: [WSBARP] voluntary lien on real property
>  
> 
> 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 <tel:%28360%29%20795-3494>
>> 
>> 
>> 
>> 
>> 
>>  
>> 
>> 
>> On 3/23/15 10:44 AM, "Bickel, Dwight" <Dwight.Bickel at fntg.com
>> <http://Dwight.Bickel@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
>>> <http://wsbarp-bounces@lists.wsbarppt.com>
>>> [mailto: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 <http://wsbarp@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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