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

[Roger Hawkes]

Jim: Anticipating your soon instruction, I am already disregarding this email😊

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Jim Doran
Sent: Tuesday, March 23, 2021 8:37 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Amending Promissory Note and Underlying Deed of Trust terms

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<mailto:jim at doranlegal.com>
www.doranlegal.com<http://www.doranlegal.com>


On Mon, Mar 22, 2021 at 4:06 PM Joseph McIntosh <jmcintosh at mccarthyholthus.com<mailto: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> [mailto: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<mailto: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|<mailto:kaitlyn at dimensionlaw.com%7C> www.dimensionlaw.com<http://www.dimensionlaw.com/>

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