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<p class="MsoNormal"><span style="color:#1F497D">Many institutional lenders do a single instrument “loan modification”, which modifies the secured debt and says the real property continues to act as security. The instrument includes all deed formalities (e.g.
full legal description, notarized signature of the grantor, etc.) and gets recorded, with reference to the original deed recording no. I think this is a pretty safe way to preserve rights as against the homeowner, and third parties relying upon record title.
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<p class="MsoNormal"><b>From:</b> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Law Office of Shaun Watchie Perry<br>
<b>Sent:</b> Wednesday, December 23, 2020 8:59 AM<br>
<b>To:</b> wsbarp@lists.wsbarppt.com<br>
<b>Subject:</b> Re: [WSBARP] Extension of Note and Deed of Trust<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p>Hi Nestor, I am always a little nervous about just doing the note extension. I do a boot and suspenders approach which I learned as a lender's counsel years ago. I always do a modification of deed of trust together with the note modification agreement,
record the deed of trust modification and obtain an endorsement from the title company. It is a small price to pay to make sure your client does not have to worry about someone leap frogging ahead of him in priority and lets. Just my 2 cents.<span style="font-size:12.0pt"><o:p></o:p></span></p>
<p>Thanks, Shaun<o:p></o:p></p>
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<p class="MsoNormal"><b><i>Ms. Shaun Watchie Perry | Attorney at Law <br>
Law Office of Shaun Watchie Perry <br>
1325 Fourth Avenue, Suite 940 | Seattle, WA 98101 <br>
Tel +206.729.7442 | Fax + 206.260.1411 | <a href="http://www.swp-law.com">www.swp-law.com</a></i></b>
<o:p></o:p></p>
<p>This e-mail is intended only for the use of the individual or entity to whom it is addressed and may contain confidential, privileged information. If the reader of this e-mail is not the addressee, please be advised that any dissemination, distribution or
copying of this e-mail is strictly prohibited. If you receive this communication in error, please call immediately 206-729-7442 and return this e-mail to the above e-mail address and delete from your files.
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<p class="MsoNormal">On 12/23/2020 8:28 AM, Craig Sjostrom wrote:<o:p></o:p></p>
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<p class="MsoNormal">If the DOT secures the note and extensions (they usually do), then just do an extension agreement on the note and leave the DOT alone. Not only do you save the recording, but you keep the priority of the original DOT.<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">Craig<o:p></o:p></p>
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<p class="MsoNormal"><span style="color:black">CONFIDENTIALITY NOTICE: This e-mail message contains information belonging to the Law Office of Craig Sjostrom, which may be privileged, confidential and/or protected from disclosure. The information is intended
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<p class="MsoNormal"><span style="color:black">> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:black">> Law Office of Craig Sjostrom, 1204 Cleveland Ave., Mount Vernon, WA 98273 Phone (360) 848-0339 Fax (360) 336-3488 email
<a href="mailto:cdsjostrom@comcast.net">cdsjostrom@comcast.net</a></span><o:p></o:p></p>
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<p class="MsoNormal"> <o:p></o:p></p>
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<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">
<wsbarp-bounces@lists.wsbarppt.com></a> <b>On Behalf Of </b><a href="mailto:nestor@pplsweb.com">nestor@pplsweb.com</a><br>
<b>Sent:</b> Wednesday, December 23, 2020 8:17 AM<br>
<b>To:</b> 'WSBA Real Property Listserv' <a href="mailto:wsbarp@lists.wsbarppt.com">
<wsbarp@lists.wsbarppt.com></a><br>
<b>Subject:</b> [WSBARP] Extension of Note and Deed of Trust<o:p></o:p></p>
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<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">Client has a note and DT that expires and is allowing an extension. The note and deed of trust on its face says due date of 1/1/21. Is it best to do a new renewal note and a new Renewal Deed of Trust and record the same?<o:p></o:p></p>
<p class="MsoNormal">Client wants to save the $$ and not record a renewal DT.<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"><span style="color:black">Nestor Gorfinkel, Attorney at Law</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:black">Licensed in Florida & Washington</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:black">Florida Civil-Law (International) Notary</span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:black"> </span><o:p></o:p></p>
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<pre>_______________________________________________<o:p></o:p></pre>
<pre>WSBARP mailing list<o:p></o:p></pre>
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