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<p class="MsoNormal"><span style="color:#1F497D">I agree. Note matured and due in full 1/5/2010, assuming Client made no payments after that. S/L for a lawsuit was 1/5/2016. Strip the DOT via quiet title RCW 7.28.300.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">If client made a payment after 1/5/2010, then S/L runs from the date of the last payment instead.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Also check to make sure client didn't make any statement after 1/5/2010 that could be interpreted as a renewal of the debt--an express promise to repay. But given the facts and the receivership/transfer/etc.,
seems unlikely there would be any evidence of such a statement that the bank would be able to find...<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"><span style="font-size:12.0pt;color:#1F497D">Sincerely,<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">Eric<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">Eric C. Nelsen<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">SAYRE LAW OFFICES, PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">1417 31st Ave South<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Seattle WA 98144-3909<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">phone 206-625-0092<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">fax 206-625-9040<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"><b><span style="font-size:12.0pt;color:red">Please Note that We Have Moved.</span></b><b><span style="font-size:12.0pt;color:#1F497D">
</span></b><span style="font-size:12.0pt;color:#1F497D">We have moved our Seattle office to Mount Baker Ridge (a small commercial community just above the I-90 tunnel).
<b>Our new address is 1417 31st Avenue South, Seattle WA 98144. </b>All other contact information remains the same.<o:p></o:p></span></p>
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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>greg.listserv@jgsalyards.com<br>
<b>Sent:</b> Thursday, January 12, 2017 10:02 PM<br>
<b>To:</b> 'WSBA Real Property Listserv'<br>
<b>Subject:</b> [WSBARP] Quiet Title Action<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Client was in construction business back before the financial meltdown. Client had a line of credit (LOC) that was taken out to help finance business. Client in personal capacity was the debtor and business was the guarantor and the LOC
was secured by a Deed of Trust (in 2<sup>nd</sup> position) on client’s residence. LOC note and trust deed on client’s residence were signed by Client, but not wife. Wife was, but is no longer on title to the residence (quitclaimed it to husband years earlier
as his separate property).<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Nationwide financial meltdown occurs. On or about February 2009, Lender/Bank goes into receivership and the FDIC takes over. Client is notified by FDIC of suspension of funding which results in hamstringing client’s operations. A few
months later Client stops making payments and has not made a payment since. The note matures on 1/5/2010 and per terms of note, all unpaid principal and interest is due. In March 2010 FDIC sent Final and Formal Demand on Maturity Letter and demands all amount
owed. In April 2010, Client receives notice from FDIC that loan was sold to “LLC” on 4/1/2010. In September 2010, Assignment of Real Estate Deed of Trust is filed (FDIC to LLC). In August 2010, loan servicer sends Notice of Default and Intent to Accelerate
letter demanding only past due payments. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">In November 2015, the loan servicer sends letter indicating that the “balloon mortgage” matured on January 5, 2010 and that on January 7, 2016, the full unpaid principal balance and accrued interest “will be due”. If not paid by January
7<sup>th</sup>, the “loan will be in default and [mortgage servicer] may take steps to accelerate the debt” and commence foreclosure on the client’s residence.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Over the past year the servicer has become aggressive and client wants them to stop.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">My Take:<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The loan was matured on 1/5/2010. This is the date for SOL to start. The SOL for lender to commence an action to collect on the note was 1/5/2016. This makes the loan servicer’s letter of November 2015 appear bizarre to me. Threatening
to commence action after the SOL has run. Or am I missing something?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">My planned course of action is to strip the DOT off with a quiet title action under RCW 7.28.300.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I would appreciate someone having experience with this type of case sharing their wisdom.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b><span style="color:maroon">J. Gregory Salyards,<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color:maroon">Attorney at Law, LLC</span></b><span style="color:#1F497D"> <br>
</span><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:black">Office: 401 6<sup>th</sup> St., Oregon City, OR 97045<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:black">Mail: 16006 S. Springwater Rd., Oregon City, OR 97045<br>
T: 503.406.8775<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:black">C: 503.421.7516<br>
F: 503.715.5691</span><span style="color:#1F497D"><br>
</span><u><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:black"><a href="mailto:greg@jgsalyards.com"><span style="color:blue">greg@jgsalyards.com</span></a></span></u><u><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D"><o:p></o:p></span></u></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><u><span style="font-size:10.0pt;color:black">Confidentiality Notice</span></u><span style="font-size:10.0pt;color:black">: This e-mail message and all attachments constitutes an electronic communication within the meaning of the Electronic
Communications Privacy Act, 18 U.S.C. 2510. This electronic communication is for the sole use of the intended recipient(s) and may contain confidential and/or privileged information. Any review, use, disclosure or distribution by persons or entities other
than the intended recipient(s) is prohibited. If you are not the intended recipient, please contact the sender by reply and destroy all copies of the original message.<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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