<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=us-ascii">
<meta name="Generator" content="Microsoft Word 14 (filtered medium)">
<style><!--
/* Font Definitions */
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Tahoma;
panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
{font-family:"Berlin Sans FB";
panose-1:2 14 6 2 2 5 2 2 3 6;}
@font-face
{font-family:"Viner Hand ITC";
panose-1:3 7 5 2 3 5 2 2 2 3;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Calibri","sans-serif";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:purple;
text-decoration:underline;}
p.MsoAcetate, li.MsoAcetate, div.MsoAcetate
{mso-style-priority:99;
mso-style-link:"Balloon Text Char";
margin:0in;
margin-bottom:.0001pt;
font-size:8.0pt;
font-family:"Tahoma","sans-serif";}
span.EmailStyle17
{mso-style-type:personal;
font-family:"Calibri","sans-serif";
color:windowtext;}
span.EmailStyle18
{mso-style-type:personal;
font-family:"Calibri","sans-serif";
color:#1F497D;}
span.EmailStyle19
{mso-style-type:personal-reply;
font-family:"Berlin Sans FB","sans-serif";
color:#1F497D;}
span.BalloonTextChar
{mso-style-name:"Balloon Text Char";
mso-style-priority:99;
mso-style-link:"Balloon Text";
font-family:"Tahoma","sans-serif";}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="blue" vlink="purple">
<div class="WordSection1">
<p class="MsoNormal"><span style="font-family:"Berlin Sans FB","sans-serif";color:#1F497D">I just completed one of these with an estate. I told the creditor we just wanted to make sure there was no deficiency or liability to the executor and would sign an
order to avoid a hearing. They sent me a proposed order that was exclusively an in rem judgment against the property and that took care of it.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Berlin Sans FB","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Viner Hand ITC";color:#1F497D">A<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Viner Hand ITC";color:#1F497D"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal" style="text-autospace:none"><b><span style="font-size:12.0pt;font-family:"Berlin Sans FB","sans-serif";color:black">Andrew Hay<o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-autospace:none"><b><span style="font-size:12.0pt;font-family:"Berlin Sans FB","sans-serif";color:black">Hay & Swann PLLC</span></b><span style="font-size:12.0pt;font-family:"Berlin Sans FB","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt;font-family:"Berlin Sans FB","sans-serif";color:black">201 South 34th Street<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt;font-family:"Berlin Sans FB","sans-serif";color:black">Tacoma, WA 98418<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt;font-family:"Berlin Sans FB","sans-serif";color:black">Phone: (253) 272-2400</span><span style="font-size:12.0pt;font-family:"Berlin Sans FB","sans-serif";color:black"><o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt;font-family:"Berlin Sans FB","sans-serif";color:black">Fax: (253) 267-8947<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt;font-family:"Berlin Sans FB","sans-serif";color:black"><a href="http://www.washingtonlaw.net/"><span style="color:black">www.washingtonlaw.net</span></a><o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt;font-family:"Arial","sans-serif";color:black"> <o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt;font-family:"Arial","sans-serif";color:black"> <o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Arial","sans-serif";color:black">THIS IS A CONFIDENTIAL COMMUNICATION AND IS INTENDED FOR THE DESIGNATED RECIPIENT ONLY. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY THE
SENDER IMMEDIATELY AND DESTROY ALL COPIES</span></b><span style="color:#1F497D"><o:p></o:p></span></p>
</div>
<p class="MsoNormal"><span style="font-family:"Berlin Sans FB","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in">
<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>
</div>
</div>
<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>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<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>
</div>
</div>
<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>
</div>
</body>
</html>