Jordan Ramis pc. Attorneys at law

Collateral Rights

Judicial Foreclosure Action

Problem

  • Our client was attempting to enforce its collateral rights from a business borrower that had three different parcels of real property covered by two loans.
  • The owners of the company were engaged in a bitter divorce, were subject to tax liens filed by the State of Washington, and had individual judgment creditors as well.  

Solution

  • Jordan Ramis filed a judicial foreclosure action to determine the priority rights and obtained a judgment against the primary asset, the business site, subordinated the judgment creditors, and facilitated our client obtaining the property at the sheriff’s sale.
  • The secondary property was subject to a first deed of trust that was foreclosed out.  The third was a vacation property in a separate county that we also moved to sell by the sheriff.
  • The business property was sold to a third party and a sheriff’s deed was issued on the vacation site, allowing our client to sell it within 60 days.

Results

  • Our client was able to recover the bulk of the principal they were owed from the two sales.