[WSBARP] Release vs Recon

[John McCrady]

>From a title company perspective, that procedure is not valid.  That being said, we have insured through such a procedure on a purely risk basis.  As an aside, we do see out of state lenders, and even out of state attorneys, think the laws of their jurisdiction are applicable to all jurisdictions.)
I would look at the age of the deed of trust and the amount of the loan, along with how long ago the loan would have been paid off by its terms.  I would also look at whether there is a new insured deed of trust that would have paid off the one in question.
If all the considerations line up to my liking I would agree to insure around the invalidly released deed of trust.


John McCrady
Counsel
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
j.mccrady at pstitle.com<mailto:j.mccrady at pstitle.com>

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Rich Holland
Sent: Tuesday, September 19, 2023 4:11 PM
To: WSBA Real Property (wsbarp at LISTS.WSBARPPT.COM) <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Release vs Recon

Out of state lender who is ... difficult ... to communicate with sends a full release of mortgage for an obligation where said obligation is secured by a deed of trust rather than a mortgage.  As trustee would you insist on a clear written request to reconvey (which will be asked for but, again, - difficult communication) or is the full release of mortgage sufficient?

Rich on his phone
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