[WSBARP] Foreclosure of Tenant in Common Interest?

Wed Aug 10 11:00:13 PDT 2016

Rob: Does the lender have title insurance?  If so, they could tender a claim that the Deed of Trust is unenforceable because of the lack of consent of all the tenants in common.  However, may not be covered since lender would have known of the defect at closing.  But worth a shot.
May be best to just sue on the Note.  Without the signatures of all the owners, it seems it would be impossible to foreclose against the entire property.  Tenants in common own an undivided % in the entire property. -Greg

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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Rob Rowley
Sent: Wednesday, August 10, 2016 8:23 AM
To: WSBA RPPT <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Foreclosure of Tenant in Common Interest?

Any thoughts, or stories or recommendations for the judicial foreclosure of a commercial property where the beneficiary has a note and deed of trust signed by one of the tenants in common in the property.  Tenant in common owns 50% of the commercial building and the note has matured.  I suspect that when the deed of trust was being executed that the lender at the time intended to have all of the tenants in common execute the deed of trust, but they didn't.

Thanks for the input.

[cid:image002.jpg at 01D1F2F6.5E7CF860]Robert R. Rowley | Attorney at Law
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