[WSBARP] Condo Foreclosure Basics

[Jim Doran]

That's good to know and I think I will rub shoulders with the wise ones.

 

I think I got the thread now.

 

James R. Doran

Attorney at Law

100 E. Pine Street - Suite 205

Bellingham, WA 98225

(360)393-9506

 <mailto:jim at doranlegal.com> jim at doranlegal.com

www.doranlegal.com

 

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Pete Middlebrooks
Sent: Friday, May 1, 2015 10:49 AM
To: WSBA Real Property Listserv
Cc: Hugh Lewis
Subject: Re: [WSBARP] Condo Foreclosure Basics

 

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But I no longer represent associations and foreclosing lenders.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

 



 

Law Office of James C. Middlebrooks

Pete Middlebrooks (Attorney)
3050 Belmonte Lane, Everett, WA 98201
Email:  <mailto:Pete at jcmiddlebrooks.com> 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>
[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 <mailto:jim at doranlegal.com> 

www.doranlegal.com <http://www.doranlegal.com> 

 

From: wsbarp-bounces at lists.wsbarppt.com
<mailto: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>
[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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