When the project profits disappear and your investment becomes threatened,
our senior lawyers have been through enough business cycles to understand
how to pick up the pieces and create value. That experience has given
us an excellent grounding, both for knowing what is important from a
documentation perspective and for dealing with problem loans that inevitably
arise.
Workouts
We are workout aficionados. We have assisted our lender clients in
many complicated workout arrangements involving forbearance arrangements,
additional advances under "new money" terms, earn-up provisions, layered
debt and equity payment priorities, deeds in lieu of foreclosure, and
supervision or receivership of troubled assets. Our partners have been
speakers on loan workouts at continuing education seminars in Washington
and California. Because of our high volume of subordinate lending, we
have had to be creative in negotiating workout terms with senior lenders,
borrowers, guarantors, investors, and loan participants. It is very
satisfying to be able to fashion a workout arrangement that rehabilitates
a troubled project and provides full payment to the lender. For more
information on workout assistance, e-mail Mike
Schumacher or call him at 206-623-1745.
Foreclosures
We also have handled thousands of foreclosures, both judicial and non-judicial,
ranging from single family residences to large commercial projects.
Some of our foreclosures have involved complications such as borrower
attempts to restrain the foreclosure, junior lienholder challenges,
bankruptcy threats, complicated credit bid situations, piecemeal foreclosures,
issues relating to subrogation rights and equitable subordination, and
competitive and hostile bidding at the foreclosure sale.
We have pursued judicial foreclosures to the point of deficiency judgment,
supplemental proceedings, and execution against personal assets. Our
team of experienced paralegals run high volume foreclosure operations
in Washington and Oregon, and we can achieve incredible efficiencies,
but still with attorney supervision and under carefully designed procedures.
For more information on foreclosures, e-mail Gary
Fallon or call him at 206-623-1745.
Bankruptcy
As a result of foreclosure or other reasons, some loans end up in bankruptcy,
with the lender either seeking relief from stay and permission to foreclose,
or negotiating a reorganization plan that will hopefully provide full
repayment. We have represented lenders in hundreds of bankruptcies—both
small personal bankruptcies and large commercial bankruptcies. Our Meritas
affiliation with other bankruptcy lawyers in other states is especially
strong and active, and we are well situated to assist our lender clients
whenever and wherever the bankruptcy is filed. For more information
on bankruptcy, e-mail Joe Sakay
or call him at 206-623-1745.
More on our debtor-creditor practice.
