Hi Everyone,
Here are the relevant links from today’s class.
Here’s a link to the Northwest Trustee Service website and a link to our special guest speaker, Vestus. Thanks again to Christopher Hall for going through the homes up for bid!
Here’s the nice PDF of the foreclosure timeline we reviewed in class.
Here’s the recent WA State Supreme Court Opinion, posted just this past September where a trustee sale was voided. But this case doesn’t sound like it has to do with the MERS or robo-signing fiasco. Instead it sounds like sloppy loan servicing.
Haven’t seen the movie “House of Sand and Fog” yet? Put it in your Netflix movie list. This is a great film about a woman facing foreclosure on a free and clear home for unpaid real estate taxes. Speaking of movies…
There were several questions regarding Homeowner’s Associations and how many month’s worth of dues they can force the lender to pay after foreclosure, and how a HOA can pursue the former homeowner for unpaid HOA dues. There is LOTS to read on this page so slow down and read the whole thing if you’re one of the students who had a high interest in understanding this issue. Take a look at number 11:
(11) Except as provided in subsection (3) of this section, the holder of a mortgage or other purchaser of a unit who obtains the right of possession of the unit through foreclosure shall not be liable for assessments or installments thereof that became due prior to such right of possession. Such unpaid assessments shall be deemed to be common expenses collectible from all the unit owners, including such mortgagee or other purchaser of the unit. Foreclosure of a mortgage does not relieve the prior owner of personal liability for assessments accruing against the unit prior to the date of such sale as provided in this subsection”
Read number (3) to confirm the “six month rule” regarding homeowner’s dues the foreclosing lender is liable for. And here is the condo statute.
and thanks for your excellent feedback! Some of the changes I will encorporate into the next class include:
“Pls go over the foreclosure process before we see the auction”
“Field trip was great, wish Christopher could have come back to class and continued to answer questions.”
“Give us one folder with all the handouts ahead of time” (I agree…with a big class this will work better.)”
“Next time tell us where to stand. The auctioneer kept making us move back but we kept creeping in to hear better.”
“Want to know more of what to do to get the results Vestus talked about.”
“Please provide us with hand warmers.” (LOL)
“Tell us why the auction is in the garage.”
“class could have been an hour longer.”
“more time for Q&A”
“please give us money so we can buy a house at the auction.”
Overall, everyone loved the field trip and felt like it was very beneficial.
THANKS for making this first attempt a grand success.
Encore presentation of this sold out class will be held Dec 3rd in Bellevue. Register here.