Kirkland based Real Estate Attorneys

Our firm’s real estate practice relates to our core practice in estate planning, tax planning, trusts and estates, small business and asset protection. Because real estate is such an important part of many clients’ estates, creating an estate plan may require legal restructuring of the ownership of the real estate. For example, new limited liability entities may need to be formed to own and operate investment property, entities themselves owned by clients’ trusts or by other entities owned in turn by clients’ trusts. The logical reasons for such restructured ownership are compelling, but there are, of course, numerous technical details involved in carrying out the necessary transfers. Mr. Weitz and all the attorneys of the firm personally attend to all these details as part of our core practice.

Residential and Commercial Real Estate Purchases

We are also experienced in residential and commercial real estate purchases, sales, exchanges, and leasing for clients seeking representation in such specific transactions whether or not as part of their overall estate plans. Such transactional work goes hand-in-hand with the administration of decedents’ estates, where the sale of the real estate is often necessary. We welcome and regularly represent “stand-alone” real estate clients who are initially seeking representation in only specific transactions, whether that be purchasing or selling a home or leasing office space. Our total commitment to client service applies to every one of our clients.

We also stand ready to extend that commitment at any time to any sort of real estate litigation that best serves our clients’ interests.

Loan Modification/ Foreclosure Protection

There are a number of basic requirements that a homeowner must meet in order to be eligible for a loan modification. For example, a qualified homeowner:

• Must have sufficient income to resume mortgage payments if the loan is modified.
• Must have resolved their hardship that caused them to get behind on their mortgage.

In the current economic and political climate these guidelines change frequently, so it could be helpful to fill out an application in order to find out if there is anything we can do for you:

Click here for Loan Modification Application

Loan Modification Solutions:

There are a number of basic requirements that a homeowner must meet in order to be eligible for a loan modification. For example, a qualified homeowner:

A.       Loan Modification

The lender may take into consideration measures to modify the term(s) of the mortgage (rate and/or balance) which could result in a lower payment.

B.       VA Loan Modification/Refunding

VA refunding is when the VA buys the loan from the lender. Refunding may give the VA the flexibility to consider options to help the homeowner save their home that their current lender either could not or would not consider.

C.       Short Sale (Pre-Foreclosure Sale)

If a homeowner is unable to maintain their loan or if they need to sell the property to avoid a default loss on the property, it is possible that a lender may be able to accommodate them with a short payoff by reducing the outstanding balance of the loan. However, a qualified buyer is required for this option.

D.       Deed-in-Lieu of Foreclosure

If a homeowner is unsuccessful in trying to sell their house and their house has been on the market (at fair market value) for at least 90 days, they may be eligible for a deed-in lieu of foreclosure. In exchange for the deed-in-lieu, the loan servicer, investor, insurer and/or guarantor will waive all deficiency judgment rights.

E.       Repayment Plan

If a loan is two or more months past due, the lender may accept a payment plan for the outstanding balance extended over a period of time to bring their account current.

F.       Special Forbearance (FHA loans only)

If a loan is 90 days to 365 days past due, their lender may consider a special forbearance. A special forbearance is designed to provide the homeowner with more relief than is possible with a regular repayment plan.

G.       Partial Claim (FHA mortgages only)

A partial claim is a subordinate mortgage (2nd mortgage) between the borrower and the Secretary of Housing and Urban Development. The partial claim note will commence payment at the maturity date of the first mortgage and carry no interest and will include the past due payments due on the loan. Only loans that are 120 to 365 days past due may qualify for this option.

Note that these are only a summary of the types of solutions available. Guidelines and qualification requirements vary by lender. Please contact Weitz Law Firm, PLLC to discuss the options that may be available to you, based on the facts of your particular situation.