Archive | Foreclosure

Condominium super-priority liens, are super

In a recent Division I opinion, the Court of Appeals reiterated that condominium assessments enjoy super status compared to other lien holders. In BAC Home Loans Servicing v. Fulbright, the Court addressed Bank of America’s attempt to protect its security interest in a foreclosed condominium against the claims of a purchaser at a foreclosure sale. […]

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Seller financing? Consider a real estate contract

The Washington Legislature created the Deed of Trust Statute in 1967. RCW 61.24 et. seq. As a result, over the next forty years it became common practice to secure seller-financed real estate transactions with a deed of trust and promissory note. Because the Deed of Trust statute created an efficient, practical and timely method for […]

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Foreclosure Fairness Act

Last week, Washington joined two other states (Nevada and Maryland) giving homeowners facing foreclosure the right to third-party mediation. The Act is designed to give homeowners an opportunity to obtain loan modifications necessary to avoid foreclosure. Lawmakers hope that the required mediation will lead to a reduction in the amount of foreclosures as well as […]

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