Legal Question in Real Estate Law in Washington
Itemized disclosure of amounts owed
I have a 2nd mortgage that is an owner carry back. I am selling the property and that party has provided an unsubstantiated amount that is far more than the original note. I have found no entity that is willing to request documentation to support this amount. The 2nd is refusing to provide me with the information. I refuse to allow the sale to continue and pay monies I do not owe. Is there any law that would compel them to provide this documentation to me.They are trying to make the sale fall through so they can foreclose on an overdue balloon payment.
1 Answer from Attorneys
Re: Itemized disclosure of amounts owed
Go read the second mortgage. Even the tiny print. In there it will say that real estate transactions require good faith and fair dealing, and that a party who fails to deal fairly can (and usually) is liable for the other party's attorney fees in the event of litigation.
You can write them and request the payoff. They are supposed to respond. If they do not, write again, certified and keep copies.
You need local counsel who is versed in real estate transactions. Look up Helmut Kah in Woodinville.
You can find any attorney at www wsba dot org.
Hope this helps. Elizabeth Powell
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