[WSBARP] Amending Promissory Note and Underlying Deed of Trust terms

[Jim Doran]

Joe:

MY client, for whatever reason, does not have access to the discovery disc
that has all the loan history on it.  I think this is a necessary part of
the puzzle.  How can any of us agree upon a figure for the payoff if we do
not see the complete loan history.  My clients insist that there are some
discrepancies.  Apparently, your client does not agree.  The only rational
answer is to examine the loan history.  Wouldn't you agree?

My client has changed lawyers three times and is trying to get the disk and
the password to access it but is having a hard time.  It would truly assist
this endeavor if your client would send us the disk and the password so we
can review the history.  You would probably want to get the same for
yourself.  Then we can realistically compare notes and come to a
determination of what is actually owed.  The Payoff sheet is not the same
as the loan history.  I am sure you understand that we need more than just
the payoff statement.

Thank you.

Jim Doran
James R. Doran
Attorney at Law
100 E. Pine Street -  Suite 205
Bellingham, WA 98225
(360)393-9506
jim at doranlegal.com
www.doranlegal.com


On Mon, Mar 22, 2021 at 4:06 PM Joseph McIntosh <
jmcintosh at mccarthyholthus.com> wrote:

> This sounds like a pre-payment.  The loan contract likely provides the
> pre-payment will go toward unpaid principal, does it not?
>
>
>
> This doesn’t sound to me like you are doing a new secured obligation,
> wherein you might have to address the security instrument
>
>
>
> I might have missed the prior discussion on deed amendment, but
> outstanding secured balances on the same loan get reduced all the time
> without the need to amend or re-do the security instrument.
>
>
>
>
>
>
>
>
>
>
>
> *From:* wsbarp-bounces at lists.wsbarppt.com [mailto:
> wsbarp-bounces at lists.wsbarppt.com] *On Behalf Of *Kaitlyn Jackson
> *Sent:* Monday, March 22, 2021 3:45 PM
> *To:* WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
> *Subject:* [WSBARP] Amending Promissory Note and Underlying Deed of Trust
> terms
>
>
>
> Hi all -
>
>
>
> A while back I think I saw some discussion on the proper procedures and
> common pitfalls for amending promissory notes which have related deeds of
> trust attached to them. I tried to look for the email chain but am coming
> up short. Can someone forward that back to me? Or, maybe, I'm completely
> making this up and I actually only had a night terror about it?
>
>
>
> Anyways, I have a client who needs to provide a partial payout to a
> grantee on a deed of trust ahead of the payment schedule on the promissory
> note -  which will affect the repayment terms.  I just want to make sure
> when I do this that I protect the grantor from any confusing when it's time
> to complete the payoff statements at closing in a few months.
>
>
>
> Any help, guidance, thoughts, epiphonys, horror stories - are appreciated.
>
>
>
> --
>
> Thank you,
>
>
> Kaitlyn R. Jackson | Attorney| DIMENSION LAW GROUP PLLC
> 130 Andover Park East, Suite 300 | Tukwila, WA 98188
>
> t: *206.973.3500 *| f: *206.577.5090*| e: *kaitlyn at dimensionlaw.com|
> <kaitlyn at dimensionlaw.com%7C>* www.dimensionlaw.com
>
>
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