[WSBARP] Foreclosure of Tenant in Common Interest?

Thu Aug 11 09:26:18 PDT 2016

2 legal parcels, one deed of trust and one note signed by one of three
tenants in common.  One legal lot has no issues as to proper encumbrance.
Other lot properly encumbered by only one of the tenants in common as to a
undivided 50% interest.  Commercial building located on both parcels.

I represent the beneficiary.

*Robert R. Rowley* | Attorney at Law

7 S. Howard St, Suite 218

Spokane, WA  99201

Telephone: (509) 252-5074

Mobile: (509) 994-1143

Facsimile: (509) 928-3084

Email: rob at rowleylegal.com

Web Site: www.rowleylegal.com

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

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*From:* wsbarp-bounces at lists.wsbarppt.com [mailto:
wsbarp-bounces at lists.wsbarppt.com] *On Behalf Of *Eric Nelsen
*Sent:* Thursday, August 11, 2016 9:09 AM
*To:* WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
*Subject:* Re: [WSBARP] Foreclosure of Tenant in Common Interest?

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 <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.

*Robert R. Rowley* | Attorney at Law

7 S. Howard St, Suite 218

Spokane, WA  99201

Telephone: (509) 252-5074

Mobile: (509) 994-1143

Facsimile: (509) 928-3084

Email: rob at rowleylegal.com

Web Site: www.rowleylegal.com

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

<https://www.facebook.com/rowleylegal>
<https://www.linkedin.com/pub/rob-rowley/11/172/b20>
<https://twitter.com/ROBERTRROWLEY>
<http://www.yelp.com/biz/robert-r-rowley-spokane>

NOTICE: The contents of this message and any attachments may be protected
by the attorney-client privilege, work product doctrine or other applicable
protections.  If you are not the intended recipient or have received this
message in error, please notify the sender and promptly delete the
message.  Thank you for your assistance.

DISCLAIMER: You should recognize that responses provided by e-mail means
are akin to ordinary telephone or face-to-face conversations and do not
reflect the level of factual or legal inquiry or analysis which would be
applied in the case of a formal legal opinion. A formal opinion may very
well reach a different conclusion.
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