[WSBARP] foreclosure vs deed in lieu

Fri Sep 25 07:31:39 PDT 2020

On Wed, Sep 23, 2020 at 3:45 PM Kate Love <KateL at law-hawks.com> wrote:

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> The lights are on but no one is home.  You are wasting your time.
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> undereducated and undertrained and undersupervised staff)
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> and underpaid - trust me on this 😉
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> Kate F. Love
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> WSBA No. 51314
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> Hawkes Law Firm P.S.
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> main line 206 367 5000
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> fax line    206 367 4005
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> katel at law-hawks.com
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> <https://www.google.com/maps/search/19944+Ballinger+Way+NE+Ste+%23100+%0D%0A+%0D%0A+Shoreline,+WA+98155?entry=gmail&source=g>
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> <https://www.google.com/maps/search/19944+Ballinger+Way+NE+Ste+%23100+%0D%0A+%0D%0A+Shoreline,+WA+98155?entry=gmail&source=g>
> www.hawkeslawcenter.com
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> 19944 Ballinger Way NE Ste #100
> <https://www.google.com/maps/search/19944+Ballinger+Way+NE+Ste+%23100+%0D%0A+%0D%0A+Shoreline,+WA+98155?entry=gmail&source=g>
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> Shoreline, WA 98155
> <https://www.google.com/maps/search/19944+Ballinger+Way+NE+Ste+%23100+%0D%0A+%0D%0A+Shoreline,+WA+98155?entry=gmail&source=g>
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> ------------------------------
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> *From:* wsbarp-bounces at lists.wsbarppt.com <
> wsbarp-bounces at lists.wsbarppt.com> on behalf of rob at hctc.com <rob at hctc.com
> >
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> *Sent:* Wednesday, September 23, 2020 10:26 AM
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> *To:* 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>;
> cole-gilday at stanwoodlaw.net <cole-gilday at stanwoodlaw.net>
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> *Subject:* Re: [WSBARP] foreclosure vs deed in lieu
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> Rick is of course right as always, but my experiences – including
> successful litigation with this as the centerpiece with a six figure result
> – is that most of the larger banks (usually through their
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> undereducated and undertrained and undersupervised staff) often just
> don’t have any idea what they are doing. They have certain boxes, and if
> something
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> doesn’t fit in a box, then they just can’t deal with it. A retiring Wells
> Fargo regional administrator who was responsible for these things explained
> this to me when I was really frustrated about a different case. Smaller
> banks, like the one Rick was a director
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> for, pay attention. Larger banks, not so much.
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> Rick’s bank used a sharp carving knife. Big banks use a dull chainsaw for
> the same cuts.
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> Recall all of the times in the fairly recent past when a very large bank
> has been fined a huge amount of money for greed and incompetence.
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> Sure, they can say they are worried about all sorts of things, but a title
> guaranty belies those worries. Try offering them an indemnification – they
> usually won’t even accept that.  My view is unfortunately cynical, but based
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> on much experience. How can they not make money, especially in today’s
> markets, on deeds in lieu, if they are reasonably careful, as a general
> policy, over foreclosures often delayed by years by their own
> inefficiencies?
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> I think I should retire.
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> Rob
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> <https://www.google.com/maps/search/236+West+Birch+Street+%0D%0A+%0D%0A+Shelton,+WA+98584?entry=gmail&source=g>
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> <https://www.google.com/maps/search/236+West+Birch+Street+%0D%0A+%0D%0A+Shelton,+WA+98584?entry=gmail&source=g>Robert
> D. Wilson-Hoss
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> Hoss & Wilson-Hoss, LLP
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> 236 West Birch Street
> <https://www.google.com/maps/search/236+West+Birch+Street+%0D%0A+%0D%0A+Shelton,+WA+98584?entry=gmail&source=g>
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> Shelton, WA 98584
> <https://www.google.com/maps/search/236+West+Birch+Street+%0D%0A+%0D%0A+Shelton,+WA+98584?entry=gmail&source=g>
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> 360 426-2999
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> www.hossandwilson-hoss.com
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> rob at hctc.com
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> *From:* wsbarp-bounces at lists.wsbarppt.com <
> wsbarp-bounces at lists.wsbarppt.com>
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> *On Behalf Of *Rick Hoss
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> *Sent:* Wednesday, September 23, 2020 9:15 AM
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> *To:* cole-gilday at stanwoodlaw.net; 'WSBA Real Property Listserv' <
> wsbarp at lists.wsbarppt.com>
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> *Subject:* Re: [WSBARP] foreclosure vs deed in lieu
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> Lenders make foreclosure decisions for many reasons.  Each bank carefully
> monitors and categorizes non-performing loans, defaulted loans, loans in
> foreclosure and other real estate owned.
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> The number of loans in each of these 4 category is measured every month.
> Sometimes decisions are made based on timing, and you can get a
> different answer before or after the next regulatory exam or accounting
> period.
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> What if the bank holds too much foreclosed property  (they call other real
> estate owned) and they have an exam or audit next month?  Sometimes banks
> prefer a trustee sale or sheriff sale
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> if they think a cash buyer is likely. What if the bank needs to realize,
> or defer, the loss for accounting purposes? What if the decision maker like
> a bank branch manager gets a bonus if the branch other real estate owned
> drops to a certain level? Sometimes
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> servicers spend their foreclosure budget before year end. Some banks don't
> realize they can take a non-merger deed in lieu and reserve the right to
> foreclose any later discovered liens not disclosed in the trustee sale or
> litigation guaranty title reports.
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> Sometimes banks listen to lawyers who have limited experience.
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> If a lender does take a deed in lieu they require a written agreement -
> you may get a different answer by proposing a lender friendly agreement
> with the PR listing the facts in a signed
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> Declaration. From an old bank director and lawyer.
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> *From:*
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> wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
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> *On Behalf Of *Robert R. Cole
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> *Sent:* Tuesday, September 22, 2020 5:31 PM
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> *To:* WSBA Probate & Trust Listserv <wsbarp at lists.wsbarppt.com>
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> *Subject:* [WSBARP] foreclosure vs deed in lieu
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> Can someone tell me why Lenders don't take a deed in lieu, especially
> after Borrower's death, even when there is no other loan, and a PR willing
> to give it, and no Medicaid to be reimbursed?  It has happened to me
> numerous times.  Is it due to insurance
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> issues or other back office matters???  What are they afraid of?
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> --
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> Very Truly Yours,
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> Robert R. Cole
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> <https://www.google.com/maps/search/10101+-+270th+St.+NW++%0D%0A+%0D%0AStanwood,+WA+98292?entry=gmail&source=g>
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> Law Office of Cole & Gilday, P.C.
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> 10101 - 270th St. NW
> <https://www.google.com/maps/search/10101+-+270th+St.+NW++%0D%0A+%0D%0AStanwood,+WA+98292?entry=gmail&source=g>
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> Stanwood, WA 98292
> <https://www.google.com/maps/search/10101+-+270th+St.+NW++%0D%0A+%0D%0AStanwood,+WA+98292?entry=gmail&source=g>
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> (360) 629-2900 (Telephone)
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> (360) 629-0220 (Fax)
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-- 
James R. Doran
Attorney at Law
100 E. Pine Street -  Suite 205
Bellingham, WA 98225
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www.doranlegal.com
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