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Archive for the ‘Land Use’ Category

Foreclosure v. Short Sale – Part 3 02.14.2011

Last week we discussed how a foreclosure on your home in Clark County or King County might play out and how working with a real estate attorney can be valuable. This week we’ll briefly focus on the short sale process – a remedy that might be worthwhile to explore if your Battle Ground or Snoqualmie home is at risk.

In order for a short sale to be a reasonable solution to your financial situation you must keep three key elements in mind. First, you must have a buyer willing to purchase the home at a reasonable price. Second, your lender must be willing to negotiate and accept an amount less than the amount you owe on the home. Third, you must ensure that the lender waives any right to come after you for a deficiency on the amount owed. If you don’t have all three of these elements in place, it does not make sense to put the time and effort into trying to complete a short sale.

Generally, the first step in working a short sale is to find a buyer. Once the buyer is in place and understands that your home is offered as a short sale home, contact your lender to negotiate the short sale agreement. It is likely that the dealings with the lender will take some time and will require repeated communications on your part. Remember, you are the driving force behind the short sale, so don’t be discouraged when you are asked to put forth effort to ensure the transaction goes through. Once you have the bank and lender lined up, work with the title company to close the deal. Again, DO NOT forget to ensure that the lender can’t come after you for a deficiency once the short sale is complete.

Selling your home by short sale can be complicated and frustrating. It might be in your best interest to work with a real estate agent that is savvy to the short sale process. If you don’t know a real estate agent, we can make a referral for you. We work with several, including Kale Dunning of Dunning and Associates . Also, give us a call at either of our offices, Battle Ground or Snoqualmie. Our attorneys are experienced with the short sale process and can guide you through the details. We can turn your complex issue into a simple solution!

Foreclosure v. Short Sale – Part 1 02.08.2011

While statistics show that home foreclosures across the country are in a slight decline, the actual numbers of homeowners with distressed property are still staggering. At the end of December 2010 Clark County was the third-worst ranked county in Washington for percentage of homeowners in some stage of foreclosure with just under 3,900 homes in trouble. King County had a better percentage than Clark County but still had nearly 4,100 homes in the foreclosure process. Not good numbers – especially for the families going through the foreclosure process.

What type of notice should you expect during the legal process of foreclosure? Initially, you will likely get a notice of delinquency from your lender regarding missed payments. If you do not come current with your payments, the next notice you will likely receive will be a letter notifying you that you are in default and that your loan will be accelerated (meaning you’ll owe the entire balance of the loan and not just the missed monthly payments) if you do not cure the delinquency. Finally, you will receive a notice of Trustee’s Sale designating a time at which your home will be sold in a non-judicial foreclosure process.

What can you do to save your home? First and foremost, you can pay the delinquent amounts owed to cure the default. If you don’t have the funds to cure the default, you can attempt to negotiate a loan modification or you can pursue a short sale. If your lender has initiated a non-judicial foreclosure, you’ll have up until 11 days prior to the Trustee’s Sale to work something out with your lender. If you are unable to cure your default or obtain a modification prior to that time, there is likely not much to be done to stop the sale of your home unless there are issues surrounding the notices your were legally entitled to receive prior to the Trustee’s Sale.

Tomorrow we’ll briefly discuss the financial consequences of foreclosure . . .

As always, if you have any specific questions regarding foreclosure, please give us a call at either our Battle Ground or Snoqualmie office. We are well-versed in real estate law and can likely guide you through the specifics or your legal situation.

Foreclosure v. Short Sale – Intro 02.07.2011

Every week we get calls into both our Battle Ground or Snoqualmie offices from prospective clients interested in the pros and cons of home foreclosures and short sales. As real estate lawyers and land use lawyers, we are prepared to guide folks through each of these processes.

This week, we are going to blog a short series on the issues and the law regarding home foreclosures and short sales. While this series will by no means answer every question you might have about these two options for owners who are no longer able to make their mortgage payments, our hope is to give you the basic information you might need to decide which direction might suit you best in your circumstances.

Check back in during the week to learn a little bit about Washington law and about the foreclosure or short sale process.