[WSBARP] Amendment of a Deed of Trust
Mark Anderson
marka at mbaesq.com
Mon Oct 7 14:05:15 PDT 2024
Thanks for the well-wishing, Shaun. So far, the only communication we've had with the lender is through a "Loan Processor 1" who works in the "Special Loans Department" of @yourmortgageonline.com. I suspect much is being lost in the translation.
There is no substitution of collateral, just a reduction in the scope of the collateral. I thought a partial release of lien/partial reconveyance would work but it sounds like the Loan Processor is trying to say something different – something that contains the "new" legal description of the property being used as security.
Mark B. Anderson
ANDERSON LAW FIRM PLLC
821 Dock St Ste 209 PMB 4-12
Tacoma, Washington 98402
+1 253-327-1750
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From: Shaun Watchie Perry <shaunwperry at swp-law.com>
Sent: Monday, October 7, 2024 1:49 PM
To: Mark Anderson <marka at mbaesq.com>
Cc: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Amendment of a Deed of Trust
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)
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto: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<mailto: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.
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PLEASE NOTE THAT EFFECTIVE SEPTEMBER 1, 2022, I HAVE MOVED MY OFFICE AND CAN BE REACHED AT THE FOLLOWING NEW ADDRESS:
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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<tel:206.260.1411> | Email: shaunwperry at swp-law.com<mailto:shaunwperry at swp-law.com> | Web Page: www.swp-law.com<http://www.swp-law.com/>
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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<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto: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<mailto: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.
103 E. Indiana Avenue, Suite A
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto: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<mailto: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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Olympia, WA 98502
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto: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<mailto: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<mailto:marka at mbaesq.com>
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