[WSBARP] Quiet Title Action

[Scott Thomas]

I sent a message in response to an annexation question on this listserv,
but which I mistakenly appended to the message from Mr. Salyards RE: quiet
title actions.  Sorry for any confusion

On Fri, Jan 13, 2017 at 8:09 AM, Scott Thomas <scott.glen.thomas at gmail.com>
wrote:

> 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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>
>
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