[WSBARP] Foreclosure of Tenant in Common Interest?

[Eric Nelsen]

I ran into this once before with two equal TICs, only one of whom took out the loan and signed the DOT. The result was that the foreclosure was against the signer's one-half TIC interest only. The bank was actually somewhat surprised that's all they ended up with. Our firm represented the non-signer, and it took some work with the Trustee to convince them that they weren't permitted to foreclose on the entire property.

Your later post implied that there are multiple parcels involved, though--not a TIC situation?

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1417 31st Ave South
Seattle WA  98144-3909
phone 206-625-0092
fax 206-625-9040

Please Note that We Have Moved. We have moved our Seattle office to Mount Baker Ridge (a small commercial community just above the I-90 tunnel). Our new address is 1417 31st Avenue South, Seattle WA 98144. All other contact information remains the same.

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
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:image001.jpg at 01D1F3B0.0379C280]Robert R. Rowley | Attorney at Law
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Telephone: (509) 252-5074
Mobile: (509) 994-1143
Facsimile: (509) 928-3084
Email: rob at rowleylegal.com<mailto:rob at rowleylegal.com>
Web Site: www.rowleylegal.com<http://www.rowleylegal.com/>

Practice concentrated on business, real estate and general legal matters in Washington and Idaho.

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