Since the firm’s founding over 35 years ago, foreclosure work has always played a role in our firm’s real estate practice. Foreclosure, of course, is a legal process where a debtor is somehow in default under the terms of financing arrangements secured by real estate. Those defaults, as they be called, may include:
- Failure to make payments
- Failure to provide insurance
- Committing waste
- Breach of contract
- Failure to pay taxes
- Failure to keep property insured
- Sale without authorization
The creditor is typically secured by a Promissory Note from the debtor as well as a Deed of Trust which is the technical name for a mortgage that creates a lien on the property. Our office represents both lenders and property owners. Over these many years we have represented:
- Credit unions
- Local banks
- Seller finance owners
- Collection companies
- Trust and estates
- Pension Plans
- Private lenders
- Commercial lenders
- Mortgage foreclosure specialists
- Real Estate Contract Holders
Judicial Versus Non-Judicial Foreclosures
Washington State law provides an option for creditors who experience a debtor default. They may proceed typically (in court) or non-judicially (not in court). The decision is made by the debt holder (creditor) not the debtor (typically property owner).
Our attorneys have vast experience in both procedures and are able to counsel a creditor and initially advise them, given their specific circumstances, a better manner of proceeding. Much goes into that analysis and our attorneys are great at communicating the benefits and deterrence of the various processes available.
In a judicial proceeding the creditor involves the Washington Superior Court in foreclosing the property. That is a long process and used less often today because of its cost and the length of time it takes to accomplish. If a creditor opts to proceed judicially, one can assume that there was a very specific reason for doing so.
In our practice by far the vast majority of our creditors opt to move forward non-judicially as the cost is more reasonable and the length of time to complete considerably shorter. Our office plays a role under either method in moving either method of foreclosure forward properly and professionally.
We also represent debtors in this area of practices. As we have such broad-based experience in representing creditors, we know all the strategies that debtors may use to protect themselves when they are faced with defending a foreclosure action.
Who Do You Represent?
Our office accepts both creditor clients as well as debtor clients. Of course, however not in the same action.
We Welcome the Opportunity to Consult with You on Your Foreclosure Matter
Our foreclosure attorneys at McFerran Law always have slots open in their daily schedule to meet with clients on new real estate matters. In many cases that one initial consultation can address all the needs of a client on a particular real estate, business, probate or tax deferred exchange matter.
We do not provide free consultations (except in the 1031 tax deferred exchange practice area). We pride ourselves that a single initial one-hour consultation will provide most clients all the information they need to move forward with their legal matter. We don’t have to research, investigate or learn about real estate law matters. Our attorneys can answer on the spot in that initial consultation most real estate questions you may have as they have over 35 years of experience. They only do real estate and matters related to real estate!
McFerran Law has a Special $150 New Matter Consultation Rate
Our foreclosure attorneys can meet with you by phone, Zoom or in our office for an up to a one-hour time period to go over, in detail, your legal matter and generally provide you valuable legal information to assist you in your individual situation. If your matter will require additional services, your attorney will generally be able to provide you an estimate for such services as well.