[WSBARP] Statute of Limitations on 2nd Deed of Trust

[marc holmeslawgroup.com]

Yes, that's my understanding and I was hoping someone might now something I didn't.

I have a client who would like to get a 2nd mortgage charge off removed from his credit report but is worried about the lienholder figuring out his finances have improved considerably in the intervening years.  Any opinions on whether contacting the lienholder is worth the risk?



Marc Holmes, JD
Holmes Law Group PLLC
2303 W. Commodore Way, Suite 306
Seattle, WA 98199
marc at holmeslawgroup.com<mailto:marc at holmeslawgroup.com>
(206) 357-4224 (ofc)
(206) 849-0853 (cell)

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Craig Gourley
Sent: Tuesday, March 5, 2019 5:04 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Statute of Limitations on 2nd Deed of Trust

In most cases, unless the 2nd has run its term the lender must affirmatively accelerate the loan, or the SOL runs on each defaulted payment.
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________________________________
From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> on behalf of marc holmeslawgroup.com <marc at holmeslawgroup.com<mailto:marc at holmeslawgroup.com>>
Sent: Tuesday, March 5, 2019 4:48:02 PM
To: WSBA Real Property Listserv
Subject: [WSBARP] Statute of Limitations on 2nd Deed of Trust

When does the 6 year statute of limitations begin to run on a 2nd position deed of trust where the borrower defaults on both the 1st and 2nd at the same time (same lender on both) and the 1st is subsequently foreclosed.

The notice of trustee sale for the 1st expressly stated the default commenced on a date over 8 years ago.  This is on a primary residence where the borrower did a strategic default and moved out shortly after ceasing payment.


Marc Holmes, JD
Holmes Law Group PLLC
2303 W. Commodore Way, Suite 306
Seattle, WA 98199
marc at holmeslawgroup.com<mailto:marc at holmeslawgroup.com>
(206) 357-4224 (ofc)
(206) 849-0853 (cell)

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