Lowell Dale Young, LLC

Real Estate

A good share of my practice is helping home owners avoid foreclosure. My office assists clients in saving their homes through "under water" refinancing, loan modification, short sales and DIL (deed in lieu) transactions, or in a few cases, to advise them to walk away.

First, let us explain what, in this state, we are trying to avoid. Foreclosures in the state of Washington almost never involves a Court or a Judge or a Jury. Your can even loose your house without you or your lender having a lawyer (not recommended). Taking your title away & telling you to get out is done outside our judicial system. That is why it is call nonjudicial foreclosure. A trustee is in charge in foreclosures, but you should be aware,trustees work for your foreclosing lender.

The prequel to this out of court Foreclosure process is usually several increasingly threatening letters from your lender pointing out you're in default and pointing out your home is subject to foreclosure. Next, if that doesn't work, comes the official Notice of Default which also says your are in default, and warns you you have only 30 days to bring your loan current and pay costs. This notice is mailed to you by certified mail-also by first class mail & handed to you or posted on your door.

30 days later comes the more serious Notice of Trustee's Sale. It tells you your house will be put up for auction in as little 90 days & tells you when and where. Along with it is with the Notice of Foreclosure that gives more detail of what you have to do to catch up and stop the sale. These are sent the same 3 ways, certified mail, first class mail & delivery to your door. Plus, the Notice of Trustee's Sale is published in the newspaper.

If there is no agreement made with your lender, such as modification of your loan terms, or a bankruptcy, the trustee's sale is next. Even though this is a public auction, the foreclosure lender is usually the only bidder as often more is owed on your house than it's worth.

No homeowner should assume the ostrich position and let this foreclosure sale go through. Many lenders would rather strike a deal have you stay in your house and eventually pay off your loan, one way or the other.

The deals are usually federal programs and are nicknamed HARP, HAMP, & HAFA. HARP stands for Home Affordable Refinance Program. The operative letter is R/ for refinance. HARP makes it possible to refinance even if you have no equity in your home. You can get a new loan with a lower balance and more affordable monthly payments.

HAMP stands for the Home Affordable Modification Program. This is not a refinance, instead you can modify your existing loan by dropping your interest rate and monthly payments, and adding your past due payments at the end of your loan to get you current again. Your mortgage should now be affordable.

HAFA stands for Home Affordable Foreclosure Alternatives. This program allows you to avoid foreclosure, although you will have to sell your home yourself in what is known as a short sale. There is no foreclosure, on your credit report, you may control when you move out and your moving expenses can be paid for. Since your house is worth under the market price, your lender ends up being shorted. It has to accept the market value of your home as a loan payoff not your loan balance. In most cases the lender ends up having to swallow it's loses, rather than pursing you for the difference.

Qualifying for HARP, HAMP and/or HAFA, without a professional guiding you, is very difficult. My office and staff and association with any necessary resources, will increase your chances substantially. Call the Law Office of Lowell Dale Young as soon as you have troubled loan. Ask for Dale and do not delay. Otherwise for you HARP, HAMP, or HAFA will hardly ever happen.

Call me to help you with your Real Estate needs. I have the experience that you're looking for.

• Advice to home buyers and sellers
• Boundary line issues
• Preparation of purchase agreement
• Review & completion of purchase agreement
• Easements
• Title issues
• Real Estate contracts

The benefits of using an Attorney in Real Estate transactions:

While having an attorney represent you is not a legal requirement, but due to the complexities involved in real estate it can help mitigate your risk. Obtaining legal counsel will help increase your chances of properly completing the transaction. Remember, it only takes one defect to render the transaction incomplete or improper. Something as little as filing an incorrect document could run the risk of invalidating the entire transaction.

In addition to the complexities of real estate transactions, various problems arise regarding boundary disputes, easements, and title issues. A perfect home can be quickly ruined by disgruntled neighbors quarrelling over boundary line issues. An attorney can help resolve such disputes, and help decrease the chances of future problems.

Obtaining an experienced, competent real estate attorney will help protect your interests and insure that your real estate transaction goes as smoothly as possible.