[WSBARP] Junior DOT Foreclosure

[Rod Harmon]

That is all true, but what difference does it make if the senior dot is not foreclosing.  Like Greg suggested, the junior should foreclose, take possession, and sell, paying off the first at closing.

Rod Harmon

RODNEY T. HARMON
       Attorney at Law
         P.O. Box 1066
      Bothell, WA   98041
     Tel:   (425) 402-7800
     Fax:  (425) 458-9096
    www.rodharmon.com<http://www.rodharmon.com>
   rodharmon at msn.com<mailto:rodharmon at msn.com>




From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Matt Johnson
Sent: Thursday, January 11, 2018 1:24 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Junior DOT Foreclosure

That is how I thought it would work, but the recent decision in Centrum v. Union Bank, 406 P.3d 1192 (Div. 1 12-18-2017) has me thinking otherwise.

It seems to say if a beneficiary of a subordinate lien forecloses on that position, they lose the right to cure any default in a senior lien as provided by statute because they are no longer a beneficiary of a subordinate lien. The promissory note is a personal obligation upon the debtor and the holder does not have to allow the junior to cure the default.

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Gregory L. Ursich
Sent: Thursday, January 11, 2018 12:34 PM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] Junior DOT Foreclosure

Matt: why not foreclose on your second position, take ownership and then payoff the first?  As the new owner, the first position lender will have to deal with you. -Greg

[ibdr2]

Gregory L. Ursich | Shareholder
Skyline Tower, Suite 1500 | 10900 NE 4th Street | Bellevue, WA 98004
P: 425.450.4258 | F: 425.635.7720
vCard<https://nam04.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.insleebest.com%2Fuploads%2Fvcards%2Fgursich.vcf&data=02%7C01%7C%7C6f0cdc3d3eb34c83665c08d5593b1904%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636513032711673320&sdata=Wx%2Br10Fo4kvhMTrYGaxwIpLq59%2Fe8SSfOwEdS7Q4foU%3D&reserved=0> | website<https://nam04.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.insleebest.com%2F&data=02%7C01%7C%7C6f0cdc3d3eb34c83665c08d5593b1904%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636513032711673320&sdata=f%2BdfwzcSh%2Bub36%2BI7wCKpb1NBtj2AA%2Bc2X1ckXfauJE%3D&reserved=0> | gursich at insleebest.com<mailto:gursich at insleebest.com>

This electronic mail transmission is privileged and confidential and is intended only for the review of the party to whom it is addressed.  If you have received this transmission in error, please immediately return it to the sender.  Unintended transmission shall not constitute waiver of the attorney-client or any other privilege.

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Matt Johnson
Sent: Thursday, January 11, 2018 12:21 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] Junior DOT Foreclosure

junior

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of John M. Riley III
Sent: Thursday, January 11, 2018 11:28 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] Junior DOT Foreclosure

Do  you represent the junior lienholder or a third party interested in the property?

John Riley


**Please Note: The offices of Witherspoon Kelley will be closed on Monday, January 15th. Thank you.

John M. Riley III
Attorney | Witherspoon * Kelley
JMR at witherspoonkelley.com<mailto:JMR at witherspoonkelley.com> | Attorney Profile <https://nam04.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.witherspoonkelley.com%2Fjohn-riley-1&data=02%7C01%7C%7C6f0cdc3d3eb34c83665c08d5593b1904%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636513032711673320&sdata=uPr53VUuPhWxw3IOfbprCKRHhzxsJ2hmkgv%2B%2Bj0S28g%3D&reserved=0> | vCard<https://nam04.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.witherspoonkelley.com%2Fs%2Fjmr.vcf&data=02%7C01%7C%7C6f0cdc3d3eb34c83665c08d5593b1904%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636513032711673320&sdata=pUUIBW22EEP8SpSuXBojIFXbLvzCaV69rh0k2d0l0oA%3D&reserved=0>
[WK]


422 W. Riverside Ave, Ste 1100
Spokane, WA 99201
(509) 624-5265 (office)
(509) 458-2728 (fax)
witherspoonkelley.com


Confidentiality Notice: The information contained in this email and any accompanying attachment(s) is intended only for the use of the intended recipient and may be confidential and/or privileged. If any reader of this communication is not the intended recipient, unauthorized use, disclosure or copying is strictly prohibited, and may be unlawful. If you have received this communication in error, please immediately notify the sender by return email, and delete the original message and all copies from your system. Thank you.
From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Matt Johnson
Sent: Thursday, January 11, 2018 11:02 AM
To: wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Junior DOT Foreclosure

If a first place DOT won't sell there position and refuses to foreclose even though they are technically in default. There is ample equity and income to satisfy both debts. The debtor has completely aborted its obligations under the junior lienholder's note.

Is there any way to force a first place lienholder's interest into a foreclosure or execution proceeding?

I do not see any obvious way to do this through foreclosure either non-judicial or judicially.

If we obtain money judgment directly on the obligation, could we execute on the whole property satisfying creditors according to priority? Perhaps appoint a receiver?

Regards,

Matthew R. Johnson | Attorney at Law
Schedule an Appointment<https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fgravislaw.acuityscheduling.com%2F&data=02%7C01%7C%7C6f0cdc3d3eb34c83665c08d5593b1904%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636513032711673320&sdata=GCh1M6A%2FPYB9ee%2FutElwpx1bmijuC1z%2FXRpsA3hub4Y%3D&reserved=0>
Partner - Gravis Law, PLLC
P.O. Box 182 | 350 E. Main St.
Dayton, WA 99328
O-(509) 382-2030
F-(866) 419-9269
Website <https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.gravislaw.com%2F&data=02%7C01%7C%7C6f0cdc3d3eb34c83665c08d5593b1904%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636513032711673320&sdata=oxIl%2BuPW6yKmRpuvuIpZSK5Fra%2FAFsuOvwbRaXTe0Oc%3D&reserved=0> - LinkedIn<https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.linkedin.com%2Fpub%2Fmatthew-r-johnson%2F2b%2F997%2F87a&data=02%7C01%7C%7C6f0cdc3d3eb34c83665c08d5593b1904%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636513032711673320&sdata=OU0hBfK2JghujP%2FKs8gd1938QuA4CknwAvEM68DlS4Q%3D&reserved=0>


NOTICE:  This email (including any attachments) is covered by the Electronic Communications Privacy Act (EPCA), 18 U.S.C., Sec. 2510 - 2522, is confidential and privileged.  This email is solely for the personal and confidential use of the recipient(s) named above.  Receipt by anyone other than the individual recipient(s) is NOT a waiver of attorney-client privilege.  Any violation of the ECPA is subject to the penalties stated therein. If you have received this message in error, please notify me immediately by reply e-mail to matt at gravislaw.com<mailto:matt at gravislaw.com> and immediately delete the original message.

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20180112/cf1c06a6/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 2843 bytes
Desc: image001.jpg
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20180112/cf1c06a6/image001.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 7508 bytes
Desc: image002.png
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20180112/cf1c06a6/image002.png>