February 19, 2015 – A mortgage lender foreclosed on a condominium on which the Condominium Owner’s Association had previously recorded a lien a year and a half earlier. In an unusual twist, a third party purchased the condo at the trustee’s sale for more than what was owed on the mortgage, leaving a surplus. Under the Deed of Trust Act (RCW 61.24), any creditor can make a claim on these funds, and the Court then decides who has priority to claim the remaining funds. Attorney Peter Wilburn moved the Court to collect the funds for the Association, prevailing over the objections of the deceased owner’s estate’s attorney and successfully secured $11,258.56 for our Association client.
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