[WSBARP] Deed of Trust Foreclosure - Foreclosure Loss Mitigation Form

[Rob Rowley]

Lest we forget DFI.

Residential Seller Financing (wa.gov)
<https://dfi.wa.gov/residential-seller-financing>



Attorney Robert R Rowley

W: (509) 252-5074

M: (509) 994-1143

F: (509) 928-3084

rob at rowleylegal.com





*From:* wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
*On Behalf Of *Jeff at bellanddavispllc.com
*Sent:* Thursday, April 7, 2022 9:29 AM
*To:* 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
*Subject:* Re: [WSBARP] Deed of Trust Foreclosure - Foreclosure Loss
Mitigation Form



John,



I agree with you, especially when you look at (8)(b) defining
“Seller-financed sale.”  I guess then in the Foreclosure Loss Mitigation
Form, I just add under the “Additional Optional Explanatory Comments” that
the section does not apply because it is a seller-financed sale.



Jeff



*W. Jeff Davis*

*BELL & DAVIS PLLC*
P.O. Box 510

720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129
Fax: (360) 683.1258
email: jeff at bellanddavispllc.com
www.bellanddavispllc.com

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*From:* wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
*On Behalf Of *John McCrady
*Sent:* Thursday, April 7, 2022 9:13 AM
*To:* WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
*Subject:* Re: [WSBARP] Deed of Trust Foreclosure - Foreclosure Loss
Mitigation Form



I have always interpreted this section as not applying to your situation.



(7)(a) This section applies only to deeds of trust that are recorded
against residential real property of up to four units. This section does
not apply to deeds of trust: (i) Securing a commercial loan; (ii) securing
obligations of a grantor who is not the borrower or a guarantor; or (iii)
securing a purchaser's obligations under a seller-financed sale.



If I am wrong I would love to be corrected.



John McCrady

Counsel

Puget Sound Title Company

5350 Orchard Street West

University Place WA 98467

253-476-5721

j.mccrady at pstitle.com







*Beginning July 26, 2021, recording fees for most documents recorded in
Washington will increase by $100
<https://www.piercecountywa.gov/DocumentCenter/View/105275/Recording-Fee-Schedule-Effective-Jul-25-2021->.
Please be sure to collect recording fees accordingly. Due to the above
increase, our Reconveyance fees will also be increased by $100.00*



*WARNING-FRAUDULENT FUNDING INSTRUCTIONS *

Email hacking and fraud are on the rise to fraudulently misdirect funds.
Please call your escrow officer immediately using contact information found
from an independent source, such as the sales contract or internet, to
verify any funding instructions received.  We are not responsible for any
wire sent by you to an incorrect bank account.





*From:* wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
*On Behalf Of *Jeff at bellanddavispllc.com
*Sent:* Thursday, April 07, 2022 8:55 AM
*To:* 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
*Subject:* [WSBARP] Deed of Trust Foreclosure - Foreclosure Loss Mitigation
Form



Listmates:



Clients want to foreclose on two vacant, housing lots, subject to their
“seller” financing deed of trust.  In the past, we could check  boxes
saying that RCW 61.24.031 notice did not apply as it was seller financing
or that it was not owner occupied.   In looking at the current version of
RCW 61.24.031, that was amended in 2021, none of those options appear.  So
do all the protections applicable to owner occupied primary residence now
apply to vacant lots under seller financing?



Jeff



*W. Jeff Davis*

*BELL & DAVIS PLLC*
P.O. Box 510

720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129
Fax: (360) 683.1258
email: jeff at bellanddavispllc.com
www.bellanddavispllc.com
<https://f.xdref.com/?id=237G2kVu051478&from=wsbarp-bounces@lists.wsbarppt.com&to=j.mccrady@pstitle.com&url=http://www.bellanddavispllc.com/>

The information contained in this e-mail message may be privileged,
confidential, and protected from disclosure. If you are not the intended
recipient, any dissemination, distribution, or copying is strictly
prohibited. If you think that you have received this e-mail message in
error, please e-mail the sender at info at bellanddavispllc.com  or call
360.683.1129.
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