[WSBARP] 3rd Party Mortgage Cure?

Mon Jun 15 08:02:22 PDT 2020

Typically, the cure has to be tendered to the trustee and not the bank
branch and is spelled out in great detail with the cure.  Trustee has to
accept a cure up to 11 days prior to sale.  Almost always will accept a
cure within the 11 days and sometimes (not always) the day before the sale.

If the borrower is competent and cooperative I have seen many real estate
investors/third parties obtain a special power of attorney allowing the
investor/third party to directly contact the lender and trustee without
issue.

*Robert R Rowley*
Attorney & Counselor at Law
 (509) 252-5074   (509) 994-1143
 (509) 928-3084 <fax:(509)%20928-3084>   rowleylegal.com
<http://www.rowleylegal.com/>
 rob at rowleylegal.com
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*Practice concentrated on business, real estate and general legal matters
in Washington and Idaho. *

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*From:* wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
*On Behalf Of *marc holmeslawgroup.com
*Sent:* Monday, June 15, 2020 7:46 AM
*To:* WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
*Subject:* Re: [WSBARP] 3rd Party Mortgage Cure?

The recorded Notice of Trustee’s Sale will provide the amount in default
and required to cure, the deadline to cure, and the contact info for the
trustee.  I’d contact them and see if they can’t make arrangements to
receive the payment.

Alternatively, have the sister take a copy of it with her into a US Bank
branch with a check to cure the default.  I’d be surprised if she can’t
find a sympathetic teller and branch manager to help figure it out.

Marc Holmes, JD
Holmes Law Group PLLC

2303 W. Commodore Way, Suite 306

Seattle, WA 98199
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 *Kary Krismer
*Sent:* Monday, June 15, 2020 9:28 AM
*To:* wsbarp at lists.wsbarppt.com
*Subject:* Re: [WSBARP] 3rd Party Mortgage Cure?

I had a listing a couple years ago where getting a payoff out of the bank
was extremely difficult because my client had foreclosed out the borrower.
Being the owner of the property was not good enough for the bank to give
that information out, even though we were under contract.  I finally
located someone at the bank high enough up to put pressure on the payoff
department to act.  I don't think I would have succeeded if I had not
represented the owner (e.g. represented a third party).

I'm not sure the NTS will give you the information you need due to
subsequent charges and fees.  But you could overpay to be on the safe
side.  Overpaying may not matter in the long run, which leads to the next
point.

I'd be worried about this being a recurring problem.  If the client cannot
just pay off the mortgage such as perhaps buying at foreclosure, they could
be just throwing money away if the payment issues cannot be resolved.  If
there's not a long term plan I would advise against the initial cure.

Kary L. Krismer

John L. Scott, Inc.

206 723-2148

On 6/14/2020 2:15 PM, Erik Marks wrote:

Client's brother owns home with one mortgage on it, LTV of about 25%.
Clearly there is significant equity.   Client recently found out the
mortgage is in foreclosure, with the sale date in late July.  Client does
not know why brother is neither paying mortgage, nor dealing with the
foreclosure process; he does not talk about it.  Mental health issues are
suspect, but those cannot be solved in time to stop the sale.

Client wants to find out cost to cure, and pay it.  And thereafter make
ordinary monthly payments on the loan, until she can help her brother get
things sorted out.

The challenge is that client is not the borrower, and borrower has not
asked/authorized lender to work with client.  So, my question to the group
is: do you think the lender (US Bank) will cooperate to allow a 3rd Party
to cure the mortgage default?  And any suggestions how to get in contact
with US Bank to discuss, other than calling in through the 1-800 front door
phone lines?

Thank you for any insights you may have.

-- 

*Erik G Marks*

*Attorney at Law*
2255 Harbor Ave SW

Suite 203

Seattle, WA 98126

office: 206-264-4598
cell: 206-612-8653

*erik at egmrealestate.com <erik at egmrealestate.com>*

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