[WSBARP] Foreclosure Question

[Gregory L. Ursich]

James: The 1st DOT is not affected at all by foreclosure of the 2nd. The new owner will have to start paying #1 to keep them from foreclosing. #3 will be wiped out by the foreclosure unless they bid at the sale. That is the short and sweet answer.  Happy to help. -Greg

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of James W. Spencer
Sent: Friday, November 5, 2021 10:25 AM
To: 'wsbarp at lists.wsbarppt.com' <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Foreclosure Question

Greetings All:

Since I (almost) exclusively work on the T&E side of things, I have a question for you dirt attorneys about what, practically, happens at foreclosure for the various property creditors.

In the case at hand, there are three deeds of trust against the real property. Significant equity, so paying off all three should be no problem. The second DOT holder is initiating foreclosure. Do DOT holders 1 and 3 need to do anything? Is there something like escrow at a Trustee's sale that will ensure that all three promissory notes are satisfied?

Your insights are appreciated. DOT holder 3 may need legal assistance if that is the best advice, so referrals (including self) are also appreciated.

Thank you,
James

James W. Spencer
Attorney at Law
Brothers & Henderson, P.S.
2722 Eastlake Avenue East, Suite 200
Seattle, Washington 98102
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