Foreclosure & Loss Mitigation
Is most of your time spent chasing problem loans? Are you hoping you have the right strategy in place to get money back in the door but not sure you’re approaching your situation the right way? Do you want creative, experienced attorneys to guide you through the default process to present all options and create a cohesive strategy? Our team has a deep understanding of all the options available to lenders in a defaulted loan situation.
Our loss mitigation experts are often called because the client wants to start a foreclosure proceeding. Instead, our team can provide multiple alternatives to make the loan reperform and avoid potentially expensive and emotionally exhausting fights with your borrower.
Some of our loss mitigation alternatives include:
Did your borrower run out of construction funds in the middle of the project and you might inherit a half-completed property? Is the Borrower in a dispute with their tenants and can’t pay you because of it? Our team has seen all kinds of defaulted loan scenarios and have figured out creative, loan specific solutions. We negotiate with your borrowers to come to an amenable solution for everyone.
Did the maturity date of your loan run up and the borrower needs a couple more months to sell or refinance the property? Is there a partnership dispute with your borrower and they need time to resolve the dispute? Our team understands when a forbearance is necessary, the best terms to include in your forbearance agreement, and how to ensure your agreement’s success.
Deed in Lieu of Foreclosure
Do you have a borrower who got in a bit over their head and they just want to hand you the keys to the property? Our team will make sure that you have ironclad agreements, proper insurance in place, and no potential pitfalls with 3rd party creditors who may harm your lien priority.
After exhausting loss mitigation alternatives, it may be the time to move to a foreclosure so you can get the collateral for your loan back. Our law firm acts as foreclosure trustee in California and can file a Notice of Default on your behalf and proceed through the foreclosure process. Most importantly you will have a team of attorneys at your disposal who can expertly guide you through the process, provide you strategic advice on how to best proceed, and if necessary defend you against any type of litigation or bankruptcy that may happen because of the foreclosure. Outside of California we partner with industry experts who can help you in all 50 states.