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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">I think that the date of the last payment would be the date that the SoL would begin to run. Aren’t there cases out there on revolving lines of credit that answer this question?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Catherine C. Clark<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Law Office of Catherine C. Clark PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">2200 Sixth Avenue, Suite 1250<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Seattle, WA 98121<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Phone: (206) 838-2528<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Direct Dial: (206) 274-7941<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Cell: (206) 409-8938<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Fax: (206) 374-3003<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Email: cat@loccc.com<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">NOTICE: The information contained in this electronic information transmission is confidential. If you are not the intended recipient, or the
employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any use, dissemination, distribution or copying of this communication is prohibited. If you received this communication in error, please immediately notify
the sender by telephone at (206) 838-2528. Thank you.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Jim Doran<br>
<b>Sent:</b> Friday, January 13, 2017 1:50 PM<br>
<b>To:</b> WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBARP] Quiet Title Action<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt">I have done a quiet title action against Bank of New York Mellon and had them served and they defaulted. The borrower now owns the home per a Court Order Quieting Title. That was nearly 8 months ago and we
have still not heard from the Bank.<o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt">For what it's worth.<o:p></o:p></p>
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<p class="MsoNormal">James R. Doran<o:p></o:p></p>
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<p class="MsoNormal">Attorney at Law<o:p></o:p></p>
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<p class="MsoNormal">100 E. Pine Street - Suite 205<o:p></o:p></p>
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<p class="MsoNormal">Bellingham, WA 98225<br>
(360)393-9506<o:p></o:p></p>
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<p class="MsoNormal"><a href="mailto:jim@doranlegal.com" target="_blank">jim@doranlegal.com</a><o:p></o:p></p>
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<p class="MsoNormal"><a href="http://www.doranlegal.com" target="_blank">www.doranlegal.com</a><o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">On Thu, Jan 12, 2017 at 10:01 PM, <<a href="mailto:greg.listserv@jgsalyards.com" target="_blank">greg.listserv@jgsalyards.com</a>> wrote:<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">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" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">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" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">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" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Over the past year the servicer has become aggressive and client wants them to stop.<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">My Take:<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">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" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">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" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">I would appreciate someone having experience with this type of case sharing their wisdom.<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="color:maroon">J. Gregory Salyards,</span></b><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><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</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">Mail: 16006 S. Springwater Rd., Oregon City, OR 97045<br>
T: <a href="tel:(503)%20406-8775" target="_blank">503.406.8775</a></span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">C:
<a href="tel:(503)%20421-7516" target="_blank">503.421.7516</a><br>
F: <a href="tel:(503)%20715-5691" target="_blank">503.715.5691</a></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" target="_blank">greg@jgsalyards.com</a></span></u><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><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.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
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_______________________________________________<br>
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