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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='color:#1F497D'>BofA only has to redeem IF it was foreclosed upon. You need to review the court file to see who the condo association foreclosed against. Most banks now, when served with foreclosure documents on a condo unit, will pay the back six months of assessments (representing the condo association’s six month super-priority lien), and then get dismissed out of the judicial foreclosure, thereby preserving its lien status. This means that your client just paid $15k to be able to stay in the unit until BofA brings its own foreclosure action. Redemption rights only apply to liens that are wiped out in the foreclosure. By definition, if BofA ponied up the 6 months of assessment and was dismissed out of the lawsuit, BofA’s lien wasn’t wiped out. <o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal><span style='color:white'><o:p> </o:p></span></p></div><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> 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>