[WSBARP] Condo Foreclosure Basics

[Richard Holland]

BoA will have the right to redeem by paying to your client what they paid plus some interest etc.  It's in the statute but I am on mobile at the moment.  It's possible that they won't of course but I would advise your client not to get too excited just yet.

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Jim Doran
Sent: Friday, May 01, 2015 10:01 AM
To: 'WSBA Real Property Listserv'
Subject: [WSBARP] Condo Foreclosure Basics

I have client that just bought a condo at a Sherriff's sale for $15,000 which were the dues owed by the owner.  The underlying debt is with Bank of America for $120,000 but the property has a value of $70,000.  B of A did not show up at the sale.

What happens?  Client gets the property subject to the Bank of America deed of trust, right?

So, the deadbeat prior owner won't pay, that's for sure.  My client doesn't want to pay $120,000 to B of A.  So I expect there will be a foreclosure by bank of America on the new owner.

What is the function of the "Redemption Rights" in the Bank?  Does the Bank have to buy the place back from my client for what she paid at the sale?

A quick overview of how this works would be appreciated.  Just the framework.

Thanks,

James R. Doran
Attorney at Law
100 E. Pine Street - Suite 205
Bellingham, WA 98225
(360)393-9506
jim at doranlegal.com<mailto:jim at doranlegal.com>
www.doranlegal.com<http://www.doranlegal.com>

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