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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><span style='font-size:12.0pt;color:#1F497D'>Thank you. I’ll look in more detail later.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;color:#1F497D'>For now, the client’s great fear is that she takes the property subject to the Bank of America deed of trust and will lose her $15,000 because she does not intend to pay Bank of America.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;color:#1F497D'>Can B of A foreclose my client out of the property without having to redeem it?<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;color:#1F497D'>Client has not made the $15,000 payment to the Sherriff and has another hour and a half to do so. Why do these things always come up at the last minute?<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal><span style='font-size:12.0pt;color:#1F497D'>James R. Doran<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;color:#1F497D'>Attorney at Law<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;color:#1F497D'>100 E. Pine Street – Suite 205<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;color:#1F497D'>Bellingham, WA 98225<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;color:#1F497D'>(360)393-9506<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;color:#1F497D'><a href="mailto:jim@doranlegal.com">jim@doranlegal.com</a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;color:#1F497D'>www.doranlegal.com<o:p></o:p></span></p></div><p class=MsoNormal><span style='font-size:12.0pt;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> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com] <b>On Behalf Of </b>Richard Holland<br><b>Sent:</b> Friday, May 1, 2015 10:18 AM<br><b>To:</b> WSBA Real Property Listserv<br><b>Subject:</b> Re: [WSBARP] Condo Foreclosure Basics<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:#1F497D'>BoA will have the right to redeem by paying to your client what they paid plus some interest etc. It’s in the statute but I am on mobile at the moment. It’s possible that they won’t of course but I would advise your client not to get too excited just yet.<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>Jim Doran<br><b>Sent:</b> Friday, May 01, 2015 10:01 AM<br><b>To:</b> 'WSBA Real Property Listserv'<br><b>Subject:</b> [WSBARP] Condo Foreclosure Basics<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:12.0pt'>I have client that just bought a condo at a Sherriff’s sale for $15,000 which were the dues owed by the owner. The underlying debt is with Bank of America for $120,000 but the property has a value of $70,000. B of A did not show up at the sale. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'>What happens? Client gets the property subject to the Bank of America deed of trust, right? <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'>So, the deadbeat prior owner won’t pay, that’s for sure. My client doesn’t want to pay $120,000 to B of A. So I expect there will be a foreclosure by bank of America on the new owner.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'>What is the function of the “Redemption Rights” in the Bank? Does the Bank have to buy the place back from my client for what she paid at the sale? <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'>A quick overview of how this works would be appreciated. Just the framework.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'>Thanks, <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'>James R. Doran<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt'>Attorney at Law<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt'>100 E. Pine Street – Suite 205<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt'>Bellingham, WA 98225<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt'>(360)393-9506<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt'><a href="mailto:jim@doranlegal.com">jim@doranlegal.com</a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt'><a href="http://www.doranlegal.com">www.doranlegal.com</a><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>