[WSBARP] Amendment of a Deed of Trust
Shaun Watchie Perry
shaunwperry at swp-law.com
Mon Oct 7 13:49:04 PDT 2024
Ahhh...the plot thickens The Lender is willing to do this without any
substitution of collateral? Very cool.
Usually a partial release of DOT will do the trick without going through
the trouble of amending the DOT, in my experience. Very strange. Then
you have to also think of the note, and whether that needs to be
amended. Why are you being stuck having to draft this? Maybe ask the
lender specifically what they want in writing OR do they have forms they
have used in the past. I would think that they could get a title
insurance endorsement that would insure what the deed of trust is now
covering after partial reconveyance and which would show the updated
legal description.
If the Lender really wants a new DOT, The Lender would want a date down
endorsement to make sure there are no other liens that could jump up
in-between the old deed of trust and the new one as amended. I can't
think why they would want to do do a new deed of trust unless they are
worried about the original one for some reason. Maybe they want a 1-4
rider added and due on sale. Who knows. Good to get them to lay it out.
Its hard to read lenders' minds when they are not being very clear.
Good luck, Mark!
-Shaun
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On 2024-10-07 1:27 pm, Mark Anderson wrote:
> Client is the property owner. They short platted their property into
> two parcels: one with a residence and one that is vacant. They have
> gotten the lender to agree to release the DOT lien from the vacant lot.
>
> Mark B. Anderson
> ANDERSON LAW FIRM PLLC
> 821 Dock St Ste 209 PMB 4-12
> Tacoma, Washington 98402
> +1 253-327-1750
> +1 253-327-1751 (fax)
> marka at mbaesq.com
> www.mbaesq.com [1]
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> From: wsbarp-bounces at lists.wsbarppt.com
> <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Shaun Watchie Perry
> Sent: Monday, October 7, 2024 12:22 PM
> To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
> Subject: Re: [WSBARP] Amendment of a Deed of Trust
>
> Mark, I just saw that you don't represent the lender. If this a family
> or friend/acquaintance deal, I would recommend that your client
> suggest the lender do this. Whether the lender does it, is up to the
> lender.
>
> ---
>
> _PLEASE NOTE THAT EFFECTIVE SEPTEMBER 1, 2022, I HAVE MOVED MY OFFICE
> AND CAN BE REACHED AT THE FOLLOWING NEW ADDRESS:_
>
> _LAW OFFICE OF SHAUN WATCHIE PERRY_
>
> _PO BOX 348_
>
> _GRAPEVIEW, WA 98546-0348_
>
> _(TELEPHONE, FAX, EMAIL, and WEB PAGE remain the same):_
>
> _Tel +206.729.7442 | Fax + 206.260.1411 [2] | Email:
> shaunwperry at swp-law.com | Web Page: www.swp-law.com [3]_
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> On 2024-10-07 12:17 pm, Shaun Watchie Perry wrote:
>
> Mark, You can purchase a date down endorsement from title company if
> you do an amended deed of trust that will insure the amendment back to
> original priority date. Talk to the title officer/company that
> originally insured and see about the cost of obtaining such an
> endorsement. They are not that expensive and well worth the peace of
> mind. I usually run my amendment past them, and have them specifically
> reference the amendment in the endorsement so there is no question.
>
> Shaun
>
> ---
>
> _PLEASE NOTE THAT EFFECTIVE SEPTEMBER 1, 2022, I HAVE MOVED MY OFFICE
> AND CAN BE REACHED AT THE FOLLOWING NEW ADDRESS:_
>
> _LAW OFFICE OF SHAUN WATCHIE PERRY_
>
> _PO BOX 348_
>
> _GRAPEVIEW, WA 98546-0348_
>
> _(TELEPHONE, FAX, EMAIL, and WEB PAGE remain the same):_
>
> _Tel +206.729.7442 | Fax + 206.260.1411 [2] | Email:
> shaunwperry at swp-law.com | Web Page: www.swp-law.com [3]_
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> On 2024-10-07 11:51 am, Nestor Gorfinkel wrote:
>
> Be careful if considered a novation then priority is lost.
>
> Cordially,
>
> Nestor Gorfinkel, Attorney at Law
>
> Licensed in Florida & Washington State
>
> Florida Civil-Law (International) Notary
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> From: wsbarp-bounces at lists.wsbarppt.com
> <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Jeanne Dawes
> Sent: Monday, October 7, 2024 1:00 PM
> To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
> Subject: Re: [WSBARP] Amendment of a Deed of Trust
>
> I would not restate (i.e. replace and supersede) as I believe you
> could loose your security position.
>
> _Jeanne_
>
> _Jeanne J. __Dawes_
>
> Attorney at Law
>
> Gore & Grewe, P.S.
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> 103 E. Indiana Avenue, Suite A
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> Spokane, WA 99207-2317
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> From: wsbarp-bounces at lists.wsbarppt.com
> <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Bryce Dille
> Sent: Monday, October 07, 2024 9:44 AM
> To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
> Subject: Re: [WSBARP] Amendment of a Deed of Trust
>
> I just think you need to preface your amendment that it replaces and
> supersedes the previous speed of trust with it's recording number with
> the new legal description and it should pass muster however I would
> contact the local title company to verify that only the legal
> description in the amended deed of trust is subject to the deed of
> trust.
>
> Bryce H. Dille
>
> Dille Law, PLLC
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> 1800 Cooper Point Road SW Bldg 11
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> From: wsbarp-bounces at lists.wsbarppt.com
> <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Mark Anderson
> Sent: Monday, October 7, 2024 9:36 AM
> To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
> Subject: [WSBARP] Amendment of a Deed of Trust
>
> Parties want to amend an existing deed of trust to remove one of two
> parcels from the legal description. At first I thought a partial
> reconveyance would suffice - one that would list only the parcel being
> released. Lender wants the document to reflect the new legal
> description of the encumbered property - the parcel that remains
> subject to the deed of trust. That leads me to believe that they want
> an amendment to the deed of trust (although they are not being really
> clear about this). I suppose I could create something out of whole
> cloth, but the collective experience of this group should at least get
> me started in the right direction.
>
> Could any of you provide an example of a document that amends a deed of
> trust? Or some other document that would meet the lender's apparent
> intent here?
>
> Thanks.
>
> Mark B. Anderson
> ANDERSON LAW FIRM PLLC
> 821 Dock St Ste 209 PMB 4-12
> Tacoma, Washington 98402
> +1 253-327-1750
> +1 253-327-1751 (fax)
> marka at mbaesq.com
> www.mbaesq.com [4]
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