[WSBARP] Deed of Trust deed in lieu

[Robert R. Cole]

Thanks Rob -- that makes sense.

Very Truly Yours,

Robert R. Cole

Law Office of Cole & Gilday, P.C.

10101 - 270th St. NW

Stanwood, WA 98292

(360) 629-2900 (Telephone)

(360) 629-0220 (Fax)

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On 2/19/2021 4:11 PM, Rob Spitzer wrote:
>
> Hi Bob,
>
> In the Deed in Lieu of Foreclosure, you can convey all rights to the 
> fee of the property in consideration for an agreement not to pursue 
> personal liability on the note secured, and expressly state that the 
> deed of trust is not being reconveyed and the promissory note is not 
> being cancelled. After filing the Deed in Lieu, you can subsequently 
> foreclose the Deed of Trust.  If you need to clear title quickly, 
> contact the junior lienholders and ask if they want a small payment in 
> exchange for the reconveyance of their deeds of trust, to avoid the 
> time and expense of a foreclosure.   If there are a lot of junior 
> liens or can’t negotiate reasonably priced reconveyances, you then 
> need to foreclose to clear title.
>
> Rob
>
> *Rob****Spitzer*
> *Lawyer*
>
> Foster Garvey PC
> /Tel:/206.816.1316
> rob.spitzer at foster.com
>
>
> *From:*wsbarp-bounces at lists.wsbarppt.com 
> [mailto:wsbarp-bounces at lists.wsbarppt.com] *On Behalf Of *Robert R. Cole
> *Sent:* Friday, February 19, 2021 12:13 PM
> *To:* WSBA Probate & Trust Listserv <wsbarp at lists.wsbarppt.com>
> *Subject:* [WSBARP] Deed of Trust deed in lieu
>
> If a noteholder takes a deed in lieu, is there a mechanism to get rid 
> of underlying subordinate liens???
>
> -- 
>
> Very Truly Yours,
>
> Robert R. Cole
>
> Law Office of Cole & Gilday, P.C.
>
> 10101 - 270th St. NW
>
> Stanwood, WA 98292
>
> (360) 629-2900 (Telephone)
>
> (360) 629-0220 (Fax)
>
> This message contains confidential and privileged information that is 
> intended only for the named recipient(s).  Unless you are the named 
> recipient or authorized agent thereof, you are prohibited from 
> reading, copying, distributing or otherwise disseminating such 
> information.  If you receive this communication in error, please 
> notify the sender immediately.
>
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