[WSBARP] 3rd Party Mortgage Cure?
Rod Harmon
rodharmon at msn.com
Mon Jun 15 09:15:44 PDT 2020
I like Rob’s solution of a special power of attorney. I would include in it explicit language authorizing the lender to disclose to the attorney-in-fact anything about the loan and its foreclosure that the lender would disclose to the borrower. You have to keep in mind that you are dealing with low-level bureaucrats whose main goal is not getting fired for walking outside the lines. They need a piece of paper with the borrower’s signature on it authorizing the lender to do what you want it to do. And, if what they are given is not on a lender-drafted form, they probably will want to get the approval of a higher up.
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 Rob Rowley
Sent: Monday, June 15, 2020 8:02 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] 3rd Party Mortgage Cure?
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.
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Robert R Rowley
Attorney & Counselor at Law
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[cid:image006.png at 01D642F5.263D7170] rob at rowleylegal.com<mailto:rob at rowleylegal.com>
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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<https://nam11.safelinks.protection.outlook.com/?url=http%3A%2F%2Fholmeslawgroup.com%2F&data=02%7C01%7C%7Ce20aa953f1d941a48dd808d8113ed3fc%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637278308823816517&sdata=FTrXQo2tSKtQ%2F5iq6bHh3NNxN7jhIiCVaKGBebK%2Bamo%3D&reserved=0>
Sent: Monday, June 15, 2020 7:46 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto: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<mailto:marc at holmeslawgroup.com>
(206) 357-4224 (ofc)
(206) 849-0853 (cell)
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 Kary Krismer
Sent: Monday, June 15, 2020 9:28 AM
To: wsbarp at lists.wsbarppt.com<mailto: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<mailto:erik at egmrealestate.com>
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