Foreclosures by their very nature are deeply complex; commercial foreclosures doubly so. Unique challenges surround commercial property foreclosures, from franchise issues to how residential tenants must be treated if the property is sold at auction. It’s no wonder that many lenders look to outside partners when they need to initiate foreclosure proceedings. Here’s a quick primer on how to find the best foreclosure processing service partner.
Deep Knowledge of Your State’s Commercial Property Foreclosure Process
Commercial foreclosure processes do vary from state to state, so it’s important for lenders to vet outside partners to ensure that they’re well-versed in their state’s process. At Total Lender Solutions, we operate in four states: California, Arizona, Texas and Nevada. Knowing that each of these four states presents its own unique foreclosure challenges allows us to better serve our clients. In Arizona, for instance, the nonjudicial foreclosure process can be resolved in as little as 91 days–a marked difference from California, where it can take several months. Thoroughly understanding the various procedural requirements for each state is crucial to ensuring that our clients’ foreclosures are resolved quickly, efficiently and successfully.
A Thorough Understanding of Commercial Property Foreclosure Law
Over the past 18 months, the COVID-19 pandemic has prompted a number of changes and revisions to existing foreclosure and eviction laws and guidelines. Keeping abreast of those particular developments, and helping our clients understand them and how they impact ongoing work has been a top priority here at TLS. A strong foreclosure partner must also take the time to make sure that lenders are in compliance with existing laws and regulations. By taking a proactive approach, we’ve helped our partners avoid exposure to lawsuits and penalties.
A Resource to Help Lenders Develop Their Knowledge Base
A good partner helps you through a challenge. A great partner helps you avoid the challenge altogether. When we partner with a lender client, our goal is to help them help themselves by providing a knowledge base to draw upon. One of our goals at Total Lender Solutions is to educate our clients about the commercial property foreclosure process. In addition to providing information on this blog and throughout our website, we offer in-house seminars covering all aspects of our work.
At Total Lender Solutions, we advocate for lenders looking to maximize recoveries on defaulted loans. For over 15 years, our team of highly experienced real estate professionals and legal experts has transformed complicated processes into clear resolutions for institutional and private lenders. We work as a vigorous extension of your team to provide comprehensive solutions and seamless communication, from pre-foreclosure and notice of default to the final sale phase. Our dedication and persistence when it comes to the foreclosure process ensures that our clients feel confident in reaching a successful outcome. Contact us today.
