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<p class="MsoNormal"><span style="color:#1F497D">Thanks Rich. I am actually seeing a rise in judicial foreclosure actions for regular loans.
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<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Anyone else have an idea of the legal basis for a reverse mortgage lender to seek a deficiency judgment via a judicial foreclosure?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal" style="text-align:justify"><span style="font-size:10.0pt;font-family:"Courier New";color:#1F497D">Marcus J. Fry<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Courier New";color:#1F497D">Lyon, Weigand & Gustafson, P.S.</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif";color:#1F497D">
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<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Rich Holland<br>
<b>Sent:</b> Tuesday, March 17, 2015 10:06 AM<br>
<b>To:</b> WSBA Real Property Listserv<br>
<b>Subject:</b> Re: [WSBARP] Reverse Mortgages and Foreclosure<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="color:#1F497D">Well, as it happens, our firm handles these daily when they go back on the market. While I am speaking from observation and not from legal standing at the moment, I have never seen the bank pursue a deficiency
because it impacts the length of the redemption period and they mostly want the property back where it inevitably seems to end up back with FNMA as seller. Certainly it must happen on occasion but remember not only does the lender have the security but HUD
insures these (there are always two DOTs on title. One in the name of the lender and one in the name of HUD).<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">
wsbarp-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">mailto:wsbarp-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Marcus Fry<br>
<b>Sent:</b> Monday, March 16, 2015 4:45 PM<br>
<b>To:</b> 'wsbarp@lists.wsbarppt.com'<br>
<b>Subject:</b> [WSBARP] Reverse Mortgages and Foreclosure<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><a name="_GoBack"></a>I rarely encounter these, and have never seen one foreclosed upon. If a bank judicially forecloses on a reverse mortgage in WA, they cannot obtain a deficiency judgment against the debtor because it is a reverse mortgage
is a nonrecourse loan, correct?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="text-align:justify"><span style="font-size:10.0pt;font-family:"Courier New"">Marcus J. Fry<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:10.0pt;font-family:"Courier New"">Lyon, Weigand & Gustafson, P.S.</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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