<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=utf-8"><meta name=Generator content="Microsoft Word 15 (filtered medium)"><style><!--
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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;position:relative;top:0pt;mso-text-raise:0pt'>Lenders make foreclosure decisions for many reasons. Each bank carefully monitors and categorizes non-performing loans, defaulted loans, loans in foreclosure and other real estate owned. The number of loans in each of these 4 category is measured every month. Sometimes decisions are made based on timing, and you can get a different answer before or after the next regulatory exam or accounting period.<o:p></o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;position:relative;top:0pt;mso-text-raise:0pt'>What if the bank holds too much foreclosed property (they call other real estate owned) and they have an exam or audit next month? Sometimes banks prefer a trustee sale or sheriff sale if they think a cash buyer is likely. What if the bank needs to realize, or defer, the loss for accounting purposes? What if the decision maker like a bank branch manager gets a bonus if the branch other real estate owned drops to a certain level? Sometimes servicers spend their foreclosure budget before year end. Some banks don't realize they can take a non-merger deed in lieu and reserve the right to foreclose any later discovered liens not disclosed in the trustee sale or litigation guaranty title reports. Sometimes banks listen to lawyers who have limited experience.<o:p></o:p></span></p><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;position:relative;top:0pt;mso-text-raise:0pt'>If a lender does take a deed in lieu they require a written agreement - you may get a different answer by proposing a lender friendly agreement with the PR listing the facts in a signed Declaration. From an old bank director and lawyer.<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'><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 style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;position:relative;top:0pt;mso-text-raise:0pt'>From:</span></b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;position:relative;top:0pt;mso-text-raise:0pt'> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com> <b>On Behalf Of </b>Robert R. Cole<br><b>Sent:</b> Tuesday, September 22, 2020 5:31 PM<br><b>To:</b> WSBA Probate & Trust Listserv <wsbarp@lists.wsbarppt.com><br><b>Subject:</b> [WSBARP] foreclosure vs deed in lieu<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p>Can someone tell me why Lenders don't take a deed in lieu, especially after Borrower's death, even when there is no other loan, and a PR willing to give it, and no Medicaid to be reimbursed? It has happened to me numerous times. Is it due to insurance issues or other back office matters??? What are they afraid of?<span style='font-size:11.0pt'><o:p></o:p></span></p><div><p class=MsoNormal style='punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>-- <br><br><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;position:relative;top:0pt;mso-text-raise:0pt'><o:p></o:p></span></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal>Very Truly Yours,<o:p></o:p></p><p class=MsoNormal>Robert R. Cole<o:p></o:p></p><p class=MsoNormal>Law Office of Cole & Gilday, P.C. <o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal>10101 - 270th St. NW <o:p></o:p></p><p class=MsoNormal>Stanwood, WA 98292 <o:p></o:p></p><p class=MsoNormal>(360) 629-2900 (Telephone) <o:p></o:p></p><p class=MsoNormal>(360) 629-0220 (Fax) <o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal>This message contains confidential and privileged information that is intended only for the named recipient(s). Unless you are the named recipient or authorized agent thereof, you are prohibited from reading, copying, distributing or otherwise disseminating such information. If you receive this communication in error, please notify the sender immediately.<o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p></div></div></body></html>