Foreclosure Defense/ Loss Mitigation

 

What we will do for you when it comes to your Foreclosure Defense:

 

1. Initial Consultation and counseling of client’s rights and options regarding their 

foreclosure action.

2. Initial review/evaluation of Complaint and preparation/service and filling of an

Answer with applicable affirmative defense and possibly counterclaims, if 

applicable.

3. Correspondence with the court and opposing counsel, if applicable.

4. In lieu of filling an Answer, circumstances may permit a Pre- Answer Motion for

Dismissal.

5. Preparation/Service of discovery demands, if applicable.

6. Review and analysis of Lender’s Discovery response, if applicable.

7. Initiation of Motion for Affirmative Relief, if applicable.

8. Motions Seeking Summary Judgment, if applicable.

9. Court Appearances, if applicable.

 

What we will do for you when it comes to your Loss Mitigation Defense:

 

1. Initial Consultation and counseling of client’s rights and options:

discussion regarding the options and alternatives in loss mitigation in

preparation for negotiating with your lender(s) to obtain one or more of the

following: a loan modification offer, short sale, short refinance, suspension of

a foreclosure sale date, deed in lieu of foreclosure, cash-for-keys, or loan

forbearance offer.

 

2. Qualified Written Request (QWR): Preparation and submission to

each lender a formal written request pursuant to Section 6 of the Real

Estate Settlement Procedures Act (RESPA). This QWR must be

acknowledged by the Lender within twenty (20) business days. The

QWR will request all documents generated prior to, and during, the loan

application process, and all documents signed prior to, at, or since, the

mortgage loan closing, facilitating Law Firms’ review. During the 60-day

period from a lender’s receipt of the QWR, that lender may not provide

information to any consumer reporting agency regarding any overdue

payments, owed by a borrower, relating to such period or the matters

raised in the QWR.

 

3. Forensic Loan Audit: If the proper documentation related to the loan

application and closing process is obtained from Client(s) or through the

QRW, a full review of the underlying transaction will be undertaken, in an

attempt to uncover potential violations of RESPA, Truth in Lending Act (TILA),

and other state and federal laws.

 

4. Hardship Interview: Interview with Client(s) to determine reasons and

circumstances causing Client’s past, present and/or future inability to meet

monthly mortgage payment obligations required under the original mortgage

documents.

 

5. Financial Analysis of Clients’ Positions and Payment Capabilities:

In-depth review of current financial position of Client(s) as it pertains to income

and expenses present and anticipated, to formulate a proposed modified

payment which Client(s) can afford on an ongoing basis.

 

6. Comprehensive Compilation, Review and Analysis of Client’s

Support Information:  The compiled documentation will be utilized to

substantiate financial portrait of Client(s) to be submitted to the lender to put

Client(s) in the best position for a modification of the underlying loan.

 

7. Submission of Modification Package to Lender: After completing the

analysis of all relevant factors; hardship; financial projections, property value,

market conditions, etc., Law Firm will prepare and submit a proposal, with

detailed documentation, to the lender.

 

8. Negotiation with Lender and Resubmission of Loan Modification

Package: Assuming that the lenders don not accept the initial proposed terms

of modification, or have questions or obligations, Law Firm will negotiate to try

to finalize either the initial proposal or a revised proposal that is acceptable to

Client(s). After negotiation, Law Firm will revise the proposal to include

negotiate changes, and may be asked to formally resubmit the proposal with

any and all revisions.

 

9. Review of Final Offers From Lenders: The Lender will typically forward a

set of the modification documents  to Client(s) which will need to be forwarded

to Law Firm to be reviewed by Law Firm to determine that they conform to the

agreed upon modification. Once Client(s) has accepted a trial modification,

Law Firm’s loss mitigation services will end unless Client(s) continues to pay

for said services.

 

What we will do for you once you have been retained for services:

 

1. The local attorney receives notification of the file and has 72 hours to

contact the client and conduct a welcome/compliance call

2. The local attorney will supervise the process through

3. During this same time, the file goes to our internal opening department

4. The opening department will send out a welcome letter, and will contact the

client within 48 hours of receipt of the file. The opening department will collect

remaining docs from the client….

5. The opening department will contact the client every 7 -10 days until the file

is complete

6. The file is then assigned to a paralegal

7. The paralegal has 48 hours to contact the client to introduce themselves

and go over the file in detail prior to submission

8. The paralegal will contact the client every 7 -10 days until the file is finalized

 

Leave a Reply

Privacy Policy