Originate Report November Issue
Originally posted on Originate.report
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ACCELERATING THE DEBT? CONSIDER SLOWING DOWN!
Originally posted on REI-Ink.com Simple timing errors can cost you money. By Randy Newman Limitation of Actions. Or, put colloquially, the Statute of Limitation. Three words that can derail your foreclosure and impair the legal validity of both the mortgage and the underlying promissory note. Not paying attention can be devastating to a lender. So, […]
Best Practices for Credit Bidding at Foreclosure
Originally posted on RealtyTimes.com You currently hold the first mortgage on a rental property in California. The borrower is behind in payments to you and has disregarded all communications from you. You decide to file a notice of default to start the foreclosure process. Three months lapse, the sale has been set, the date of […]
About Us
Total Lender Solutions (“TLS”) was founded in 2005 as National Foreclosure Service to assist institutional, and private lenders in secured asset recovery in California and Nevada. In August 2016, TLS expanded to Arizona with the acquisition of Western Regional Foreclosures.
2018 was a busy year for TLS with the acquisition of Prime Pacific Foreclosures in Ukiah, CA, and the commencement of operations in Texas to serve lenders making secured loans in the Lone Start State.
Randy Newman, Founder
Randy has been involved in real estate and default servicing since 1982. As an attorney in New York and New Jersey, Randy represented hundreds of buyers, sellers, owners, and lenders in connection with the sale, purchase, finance, lease, and foreclosure of residential and commercial real property throughout the United States.
Randy holds a BBA in Accounting from Hofstra University and a J.D. from the Benjamin N. Cardozo School of Law. He is currently licensed as a real estate broker in California, an attorney in New York and New Jersey, and has been certified by the United Trustee’s Association (UTA) as a Trustee Sale Officer at the highest level.
Randy was previously an adjunct assistant professor of business law, and currently teaches Real Estate Principles, Real Estate Practice, and Aspects of Real Estate Law.
Over 30 Years of Industry Experience
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Frequently Asked Questions
What are the reasons for starting a foreclosure?
Foreclosures can be started due to a breach of the borrower’s obligations under the note or deed of trust. The two types of breaches are monetary or non-monetary. Examples of monetary breaches include the failure to make the monthly payment or the balloon payment when they are due. Examples of non-monetary breaches include the failure to maintain insurance or allowing the property to deteriorate.
Foreclosures can be started due to a breach of the borrower’s obligations under the note or deed of trust. The two types of breaches are monetary or non-monetary. Examples of monetary breaches include the failure to make the monthly payment or the balloon payment when they are due. Examples of non-monetary breaches include the failure to maintain insurance or allowing the property to deteriorate.
When can I start a foreclosure?
It will depend on what the note and deed of trust state. In most cases for a monetary default, the foreclosure can usually begin after the grace period ends (however in some consumer loans, there is federal law requiring a 120-day waiting period following default before the lender can commence the foreclosure). In the case of a non-monetary default, the loan documents usually require the lender to give the borrower notice of the breach and an opportunity to cure the default.
It will depend on what the note and deed of trust state. In most cases for a monetary default, the foreclosure can usually begin after the grace period ends (however in some consumer loans, there is federal law requiring a 120-day waiting period following default before the lender can commence the foreclosure). In the case of a non-monetary default, the loan documents usually require the lender to give the borrower notice of the breach and an opportunity to cure the default.
How much does a foreclosure cost?
All the trustee’s fees are set by statute and are based on the unpaid principal balance of the loan at the time we start the process. In addition to the trustee’s fees, the costs involved include a trustee’s sale guarantee (title product), recording, posting and publishing fees, and mailings. Please call us for an estimate of the costs and fees for your particular matter.
All the trustee’s fees are set by statute and are based on the unpaid principal balance of the loan at the time we start the process. In addition to the trustee’s fees, the costs involved include a trustee’s sale guarantee (title product), recording, posting and publishing fees, and mailings. Please call us for an estimate of the costs and fees for your particular matter.
In which states can TLS conduct foreclosures?
TLS can conduct non-judicial foreclosures in all of Arizona, California, Nevada, and Texas.
TLS can conduct non-judicial foreclosures in all of Arizona, California, Nevada, and Texas.
How long does a foreclosure take?
The length of time varies by state. In Arizona the process takes approximately three (3) months. In California and Nevada, the process takes approximately four (4) months. In Texas, the process takes approximately less than two (2) months.
The length of time varies by state. In Arizona the process takes approximately three (3) months. In California and Nevada, the process takes approximately four (4) months. In Texas, the process takes approximately less than two (2) months.
Will I get all of my money back?
Not necessarily. The culmination of a foreclosure is a public auction where the property is sold to the highest bidder. If no one bids at the sale, the lender becomes the owner of the property.
Not necessarily. The culmination of a foreclosure is a public auction where the property is sold to the highest bidder. If no one bids at the sale, the lender becomes the owner of the property.
What happens at the auction stage of a foreclosure?
We will offer the property for sale to any party that wants to bid. The lender will typically set the price at the total amount owed to the lender to the date of sale, plus the trustee’s fees and costs (but the lender can accept less depending on the property valuation and other factors). the amount that they are willing to accept as payment. If no one bids on the property at the auction, then the property is deeded to the foreclosing lender who becomes the property owner. If someone bids above the amount the owed to the lender, the lender gets paid and that third-party bidder becomes the owner.
We will offer the property for sale to any party that wants to bid. The lender will typically set the price at the total amount owed to the lender to the date of sale, plus the trustee’s fees and costs (but the lender can accept less depending on the property valuation and other factors). the amount that they are willing to accept as payment. If no one bids on the property at the auction, then the property is deeded to the foreclosing lender who becomes the property owner. If someone bids above the amount the owed to the lender, the lender gets paid and that third-party bidder becomes the owner.
What if the borrower wants to come current after the foreclosure has been started?
For a limited period of time after the foreclosure begins, the borrower has the absolute right to bring the loan current (if the loan has not matured) once foreclosure has started. This is called reinstatement. If the borrower wants to reinstate, the borrower has to pay all the missed payments and advances to the lender and pay the trustee’s fees and costs to date. The lender can always choose to accept reinstatement after the appropriate time period expires.
For a limited period of time after the foreclosure begins, the borrower has the absolute right to bring the loan current (if the loan has not matured) once foreclosure has started. This is called reinstatement. If the borrower wants to reinstate, the borrower has to pay all the missed payments and advances to the lender and pay the trustee’s fees and costs to date. The lender can always choose to accept reinstatement after the appropriate time period expires.
Do I have to foreclose?
No, you do not. Foreclosure should always be your last choice when all other avenues have been exhausted and there is no choice. Oftentimes, a simple phone call to the borrower can resolve the problem without the need of foreclosure. Depending on the borrowers’ circumstances, you may be able to enter into a loan modification or forbearance agreement so as to ensure the lender gets paid.
No, you do not. Foreclosure should always be your last choice when all other avenues have been exhausted and there is no choice. Oftentimes, a simple phone call to the borrower can resolve the problem without the need of foreclosure. Depending on the borrowers’ circumstances, you may be able to enter into a loan modification or forbearance agreement so as to ensure the lender gets paid.
LET US HELP YOU WITH YOUR FORECLOSURE PROCESSING
The complexities of the multitude of laws affecting the foreclosure process on both the state and federal levels can be daunting.
With over 30 years’ experience, the experts at Total Lender Solutions are well suited to guide you through the process. As certified trustee sales officers by the United Trustees’ Association, we bring the highest level of expertise to the non-judicial foreclosure process.
Submit your information, or call us today at (866) 535-3736 to see what Total Lender Solutions can do for you.
LET US HELP YOU WITH YOUR DOCUMENT PREPARATION
While most loans do not go into default, having the proper documentation is absolutely paramount.
With the ever-changing regulatory landscape, the experts at Total Lender Solutions can prepare enforceable documents that meet current standards.
Submit your information, or call us today at (866) 535-3736 to see what Total Lender Solutions can do for you.
LET US HELP YOU WITH YOUR UCC Sales
When personal property is the only collateral in a foreclosure, the lender can use the provisions of the Uniform Commercial Code (“UCC”) to sell that personal property at an auction.
Total Lender Solutions assists lenders to conduct public sales in a commercially reasonable manner so the interests of both the lender and borrower are protected.
Submit your information, or call us today at (866) 535-3736 to see what Total Lender Solutions can do for you.
Extraordinary Dedication
To Our Clients’ Interests
To Our Clients’ Interests
Education
Total Lender Solutions takes education very seriously. With the industry constantly changing, we are committed to keeping our clients and others up to date with the most up to date changes in the law.
By offering in-house seminars, we are committed to educating about the foreclosure process and other topics in the industry.
The educational seminar on foreclosures is only part of what TLS offers. We can come to your office and offer your team a presentation on many different subjects.
- TOPICS WE HAVE PRESENTED ON:
- FORECLOSURE PROCESS
- PROPER LOAN DOCUMENTATION
- LENDING PROCESS
- DEEDS IN LIEU OF FORECLOSURE
- UCC FORECLOSURES
- COMPLIANCE WITH MUNICIPAL ORDINANCES
2020 Event Schedule
CMA WINTER SEMINAR – CALIFORNIA MORTGAGE ASSOCIATION
January 22nd-24th in Fashion Island Hotel, Newport Beach, CA.
ACUCC VENDOR FAIR – ARIZONA CREDIT UNION COLLECTORS COUNCIL
February 13th in Phoenix, AZ.
NCUCA – NATIONAL CREDIT UNION COLLECTIONS ALLIANCE
April 15th-17th in Bellagio Las Vegas, NV.
CMA – CALIFORNIA MORTGAGE ASSOCIATION
April 23rd-24th in Westin St. Francis, San Francisco, CA.
SOUTHWEST LENDING & COLLECTIONS – BY CCUL- CORNERSTONE CREDIT UNION LEAGUE
May 13th-15th in Hilton Palacio del Rio, San Antonio, TX.
CMA – CALIFORNIA MORTGAGE ASSOCIATION
July 16th-17th in San Diego Mission Bay Resort, San Diego, CA.
ATA – ARIZONA TRUSTEE ASSOCIATION
August 27th-29th in (To Be Determined), AZ.
TRIGILD
October 13th-15th in Hotel Del Coronado, San Diego, CA.
CMA – CALIFORNIA MORTGAGE ASSOCIATION
October 21st-23rd in Aria Resort & Casino, Las Vegas, NV.
CCUCC- CALIFORNIA CREDIT UNION COLLECTORS COUNCIL
October 22nd-24th in (To be Determined).
NAGGL
November 2nd-4th in The Cosmopolitan of Las Vegas, Las Vegas, NV.
UTA – UNITED TRUSTEE’S ASSOCIATION
November 8th-10th in Peppermill Resort Spa Casino, Reno, NV.
AAPL – AMERICAN ASSOCIATION OF PRIVATE LENDERS
November 15th-17th in Caesers Palace, Las Vegas NV.
Sharing Expertise Through Education and Outreach
Affiliations
We are excited to be affiliated with these industry organizations:
Our Offices
California
Arizona
CALIFORNIA OFFICE:
Total Lender Solutions
10505 Sorrento Valley Road, Ste 125
San Diego, CA 92121
866.535.3736
858.630.5570 (fax)
ARIZONA OFFICE:
Tolesoaz Corp
dba Total Lender Solutions
One West Deer Valley Road,
Suite #103
Phoenix AZ 85027
623.581.3262
Randy S. Newman
Designated Broker
License #BR663002000
Our Offices
California
Arizona
CALIFORNIA OFFICE:
Total Lender Solutions
10505 Sorrento Valley Road, Ste 125
San Diego, CA 92121
866.535.3736
858.630.5570 (fax)
ARIZONA OFFICE:
Tolesoaz Corp
dba Total Lender Solutions
One West Deer Valley Road,
Suite #103
Phoenix AZ 85027
623.581.3262
Randy S. Newman
Designated Broker
License #BR663002000