[WSBARP] Condo Foreclosure Basics

[Scott O]

Read 60-01/Parsons and BAC/Fulbright. Those two cases cover the different scenarios. 

Scott Osborne
scotto at foster.com
scott.osborne2 at gmail.com

Sent from my iPhone

> On May 1, 2015, at 10:48 AM, Pete Middlebrooks <pete at jcmiddlebrooks.com> wrote:
> 
> Jim,
>  
> I ought to be able to respond with specificity since I helped draft the Washington Condominium Act.
>  
> But I no longer represent associations and foreclosing lenders.
>  
> I suggest you give Hugh Lewis or Jim Strichartz call – they are about as knowledgeable as any lawyers in the State.
>  
> Pete
>  
> <image002.jpg>
>  
> Law Office of James C. Middlebrooks
> Pete Middlebrooks (Attorney)
> 3050 Belmonte Lane, Everett, WA 98201
> Email: Pete at jcmiddlebrooks.com
> Pete Tel.: 425-252-2693
> 
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>  
> From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Jim Doran
> Sent: Friday, May 1, 2015 10:30 AM
> To: 'WSBA Real Property Listserv'
> Subject: Re: [WSBARP] Condo Foreclosure Basics
>  
> Thank you.  I’ll look in more detail later.
>  
> For now, the client’s great fear is that she takes the property subject to the Bank of America deed of trust and will lose her $15,000 because she does not intend to pay Bank of America.
>  
> Can B of A foreclose my client out of the property without having to redeem it?
>  
> Client has not made the $15,000 payment to the Sherriff and has another hour and a half to do so.  Why do these things always come up at the last minute?
>  
> James R. Doran
> Attorney at Law
> 100 E. Pine Street – Suite 205
> Bellingham, WA 98225
> (360)393-9506
> jim at doranlegal.com
> www.doranlegal.com
>  
> From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Richard Holland
> Sent: Friday, May 1, 2015 10:18 AM
> To: WSBA Real Property Listserv
> Subject: Re: [WSBARP] Condo Foreclosure Basics
>  
> 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
> www.doranlegal.com
>  
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