[WSBARP] Foreclosure Fairness Act

[Bryce Dille]

I've had several and you go thru the same hoops as a commercial lender and if the borrower goes to a legal assistance foundation lawyer your chances are good they will request mediation unless the property is really upside down when comparing value to loan balance.

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Jeanne Dawes
Sent: Monday, February 06, 2017 2:36 PM
To: WSBA Real Property Listserv (wsbarp at lists.wsbarppt.com)
Subject: [WSBARP] Foreclosure Fairness Act

Clients are parent-lenders for son and daughter-in-law, when they purchased a home a number of years ago.  This is not a seller-financed transaction.  Lenders have never had any interest in home, except as beneficiaries under Note and Deed of Trust.  About three years ago, son and daughter-in-law divorce, daughter-in-law is awarded home, stops making payment on Note.  Stops paying property taxes.  Tax foreclosure will begin this year.  Parents have decided to begin a nonjudicial foreclosure proceeding.

I've been advised by the WA Commerce Dept. that a private lender is not exempt from the mediation notice requirements of the Foreclosure Fairness Act, but that most likely mediation would not be available in this situation.  So, it appears we must comply with providing the 30-day letter required under RCW 61.24.031(1)(b) & (c),  before we can start the nonjudicial foreclosure action.  I'm wondering if anyone else has dealt with this private lender situation when lender is not the seller, and what happens if the borrower requests a meeting or mediation.



Jeanne J. Dawes
Attorney at Law
Gore & Grewe, P.S.
103 E. Indiana Avenue, Suite A
Spokane, WA 99207-2317
Voice:  509-326-7500
Fax:      509-326-7503
jjdawes at goregrewe.com<mailto:jjdawes at goregrewe.com>
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