[WSBARP] "Lost mortgage" analysis

[Craig Gourley]

Unless the lender affirmatively accelorates the loan then each payment is a separate default and sol only runs on that payment.  Just went through a similar case.

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________________________________
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> on behalf of Craig Blackmon <craig at lawofficeofcraigblackmon.com>
Sent: Monday, September 16, 2019 5:10:45 AM
To: WSBA Real Property List Serve <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] "Lost mortgage" analysis

'Mates, I just picked up a "lost mortgage" case and could use a little input to make sure I am on the right track.

Facts: Loan in 2006, default in 2008. NOD and NOTS served and filed in 2009, with sale then discontinued in 2010.. and nothing since. But lender (apparently) continues to pay property taxes.

My analysis: Client no longer liable on Note due to 6 year SOL. But under the DOT, client remains liable (by way of lien) for last six years of missed payments, plus outstanding principal.

Can anyone lend a hand? If I am way off base, perhaps a call?

Thank you, thank you, thank you...

Craig
Craig Blackmon, Attorney at Law
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