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<p>Kirsch v. Cranberry is similar, but unpublished.</p>
<p>K. Garl Long<br>
</p>
<br>
<div class="moz-cite-prefix">On 01/12/2017 10:01 PM,
<a class="moz-txt-link-abbreviated" href="mailto:greg.listserv@jgsalyards.com">greg.listserv@jgsalyards.com</a> wrote:<br>
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<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
moz-do-not-send="true" 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
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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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