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Dear James, as I understand it the trustee’s sale of the second deed of trust will wipe out only the interest of the third deed of trust holder. If the proceeds of the sale of the second deed of trust exceed the amount of the loan secured by that deed of trust
then the statute requires the excess proceeds to be deposited into the registry of the court for claim by anyone entitled to them, including the holder of the third deed of trust. The trustee’s sale of the second deed of trust does not affect the first deed
of trust and the buyer at the trustee’s sale will take “subject to” the first deed of trust. Yours truly, Doug Owens<br class="">
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<div class="">On Nov 16, 2021, at 12:51 PM, James W. Spencer <<a href="mailto:jamess@brothershenderson.com" class="">jamess@brothershenderson.com</a>> wrote:</div>
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Thank you all for your input on this!<o:p class=""></o:p></div>
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<span style="" class="">James W. Spencer</span><o:p class=""></o:p></div>
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Attorney at Law<o:p class=""></o:p></div>
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Brothers & Henderson, P.S.<o:p class=""></o:p></div>
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<span style="" class="">2722 Eastlake Avenue East, Suite 200</span><o:p class=""></o:p></div>
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<span style="" class="">Seattle, Washington 98102</span><o:p class=""></o:p></div>
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<span style="" class="">Phone: (206) 324-4300 x106</span><o:p class=""></o:p></div>
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pronouns: he/him<o:p class=""></o:p></div>
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<b class="">From:</b><span class="Apple-converted-space"> </span><a href="mailto:wsbarp-bounces@lists.wsbarppt.com" style="color: rgb(5, 99, 193); text-decoration: underline;" class="">wsbarp-bounces@lists.wsbarppt.com</a><span class="Apple-converted-space"> </span><<a href="mailto:wsbarp-bounces@lists.wsbarppt.com" style="color: rgb(5, 99, 193); text-decoration: underline;" class="">wsbarp-bounces@lists.wsbarppt.com</a>><span class="Apple-converted-space"> </span><b class="">On
Behalf Of<span class="Apple-converted-space"> </span></b>James W. Spencer<br class="">
<b class="">Sent:</b><span class="Apple-converted-space"> </span>Friday, November 5, 2021 10:25 AM<br class="">
<b class="">To:</b><span class="Apple-converted-space"> </span>'<a href="mailto:wsbarp@lists.wsbarppt.com" style="color: rgb(5, 99, 193); text-decoration: underline;" class="">wsbarp@lists.wsbarppt.com</a>' <<a href="mailto:wsbarp@lists.wsbarppt.com" style="color: rgb(5, 99, 193); text-decoration: underline;" class="">wsbarp@lists.wsbarppt.com</a>><br class="">
<b class="">Subject:</b><span class="Apple-converted-space"> </span>[WSBARP] Foreclosure Question<o:p class=""></o:p></div>
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Greetings All:<o:p class=""></o:p></div>
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Since I (almost) exclusively work on the T&E side of things, I have a question for you dirt attorneys about what, practically, happens at foreclosure for the various property creditors.<o:p class=""></o:p></div>
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In the case at hand, there are three deeds of trust against the real property. Significant equity, so paying off all three should be no problem. The second DOT holder is initiating foreclosure. Do DOT holders 1 and 3 need to do anything? Is there something
like escrow at a Trustee’s sale that will ensure that all three promissory notes are satisfied?<o:p class=""></o:p></div>
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Your insights are appreciated. DOT holder 3 may need legal assistance if that is the best advice, so referrals (including self) are also appreciated.<o:p class=""></o:p></div>
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Thank you,<o:p class=""></o:p></div>
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James<o:p class=""></o:p></div>
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<o:p class=""> </o:p></div>
<div style="margin: 0in; font-size: 11pt; font-family: Calibri, sans-serif; background-color: white;" class="">
<span style="" class="">James W. Spencer</span><o:p class=""></o:p></div>
<div style="margin: 0in; font-size: 11pt; font-family: Calibri, sans-serif;" class="">
Attorney at Law<o:p class=""></o:p></div>
<div style="margin: 0in; font-size: 11pt; font-family: Calibri, sans-serif;" class="">
Brothers & Henderson, P.S.<o:p class=""></o:p></div>
<div style="margin: 0in; font-size: 11pt; font-family: Calibri, sans-serif; background-color: white;" class="">
<span style="" class="">2722 Eastlake Avenue East, Suite 200<o:p class=""></o:p></span></div>
<div style="margin: 0in; font-size: 11pt; font-family: Calibri, sans-serif; background-color: white;" class="">
<span style="" class="">Seattle, Washington 98102</span><o:p class=""></o:p></div>
<div style="margin: 0in; font-size: 11pt; font-family: Calibri, sans-serif; background-color: white;" class="">
<span style="" class="">Phone: (206) 324-4300 x106</span><o:p class=""></o:p></div>
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<span style="" class="">Fax: (206) 324-3106</span><o:p class=""></o:p></div>
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<span style="" class="">e-mail:<span class="Apple-converted-space"> </span><a href="mailto:jamess@brothershenderson.com" style="color: rgb(5, 99, 193); text-decoration: underline;" class=""><span style="color: blue;" class="">jamess@brothershenderson.com</span></a></span><o:p class=""></o:p></div>
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pronouns: he/him<o:p class=""></o:p></div>
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