[WSBARP] Quiet Title Action
Scott Thomas
scott.glen.thomas at gmail.com
Fri Jan 13 08:09:07 PST 2017
Probably not. See , Rhod-A-Zaela v. Snohomish County, 136 Wn.2d 1, 7 (1998)
. But, there may be further restrictions under the city's code that are
not currently in place, such as an amortization period. See, Des Moines v.
Gray Businesses,130 Wn. App. 600 (2005), *review denied*, 158 Wn.2d 1024
(2006). Consider a pre-annexation agreement, which can resolve a variety
of thorny issues. See attached.
On Thu, Jan 12, 2017 at 10:01 PM, <greg.listserv at jgsalyards.com> wrote:
> Client was in construction business back before the financial meltdown.
> Client had a line of credit (LOC) that was taken out to help finance
> business. Client in personal capacity was the debtor and business was the
> guarantor and the LOC was secured by a Deed of Trust (in 2nd position) on
> client’s residence. LOC note and trust deed on client’s residence were
> signed by Client, but not wife. Wife was, but is no longer on title to the
> residence (quitclaimed it to husband years earlier as his separate
> property).
>
>
>
> Nationwide financial meltdown occurs. On or about February 2009,
> Lender/Bank goes into receivership and the FDIC takes over. Client is
> notified by FDIC of suspension of funding which results in hamstringing
> client’s operations. A few months later Client stops making payments and
> has not made a payment since. The note matures on 1/5/2010 and per terms
> of note, all unpaid principal and interest is due. In March 2010 FDIC sent
> Final and Formal Demand on Maturity Letter and demands all amount owed. In
> April 2010, Client receives notice from FDIC that loan was sold to “LLC” on
> 4/1/2010. In September 2010, Assignment of Real Estate Deed of Trust is
> filed (FDIC to LLC). In August 2010, loan servicer sends Notice of Default
> and Intent to Accelerate letter demanding only past due payments.
>
>
>
> In November 2015, the loan servicer sends letter indicating that the
> “balloon mortgage” matured on January 5, 2010 and that on January 7, 2016,
> the full unpaid principal balance and accrued interest “will be due”. If
> not paid by January 7th, the “loan will be in default and [mortgage
> servicer] may take steps to accelerate the debt” and commence foreclosure
> on the client’s residence.
>
>
>
> Over the past year the servicer has become aggressive and client wants
> them to stop.
>
>
>
> My Take:
>
>
>
> The loan was matured on 1/5/2010. This is the date for SOL to start. The
> SOL for lender to commence an action to collect on the note was 1/5/2016.
> This makes the loan servicer’s letter of November 2015 appear bizarre to
> me. Threatening to commence action after the SOL has run. Or am I missing
> something?
>
>
>
> My planned course of action is to strip the DOT off with a quiet title
> action under RCW 7.28.300.
>
>
>
> I would appreciate someone having experience with this type of case
> sharing their wisdom.
>
>
>
> *J. Gregory Salyards,*
>
> *Attorney at Law, LLC*
> Office: 401 6th St., Oregon City, OR 97045
>
> Mail: 16006 S. Springwater Rd., Oregon City, OR 97045
> T: 503.406.8775 <(503)%20406-8775>
>
> C: 503.421.7516 <(503)%20421-7516>
> F: 503.715.5691 <(503)%20715-5691>
> *greg at jgsalyards.com <greg at jgsalyards.com>*
>
>
>
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>
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