[WSBARP] Deed of Trust deed in lieu

[Rob Bartlett]

Interesting approach, but doesn’t the merger doctrine merge the deed of trust into the deed in lieu of foreclosure?

--Rob

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Robert R. Cole
Sent: Friday, February 19, 2021 4:33 PM
To: Rob Spitzer <robert.spitzer at foster.com>; WSBA Probate & Trust Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Deed of Trust deed in lieu


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)

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.

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<mailto:rob.spitzer at foster.com>


From: wsbarp-bounces at lists.wsbarppt.com<mailto: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><mailto: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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