Once a commercial lender has exhausted all means of alternative resolution with a borrower in default, they will resort to their last remaining option, which is foreclosure. If you find yourself in this situation, it’s time to seek a foreclosure solution. In California and many other states, there are two paths to foreclosure: judicial and nonjudicial. Nonjudicial foreclosures are overwhelmingly more common and can be enacted without the interference of the county court.
Foreclosures can be expensive, and lenders may decide to foreclose on their own to save money. This comes with insurmountable risks, especially if lenders are enacting their first-ever commercial foreclosure. Any error in the process can become grounds for the borrower to sue and halt the foreclosure in its tracks. If a lender has arrangements being processed, like already having a buyer lined up, a lawsuit is a financially devastating blow to lenders.
What Does a Foreclosure Service like Total Lender Solutions Do?
The financially and practically responsible lender will consult a foreclosure service like Total Lender Solutions. The foreclosure process can be complicated, especially for multi-unit residential properties, commercial properties, and properties secured by multiple parcels or deeds of trust. Total Lenders Solutions is more than a consultant — we work hand-in-hand with lenders and take care of the foreclosure processing so that lenders don’t have to. Our expertise in compliance ensures that all parties receive correct foreclosure notices, protecting your firm from lawsuits and penalties.
What Other Foreclosure Solutions Does Total Lender Solutions Offer?
Borrowers who are paid in full are entitled to receive ownership of their property through a deed of reconveyance or satisfaction of a mortgage. These documents can be crucial for property owners for many reasons. Total Lenders Solutions can work with lenders to issue the appropriate documentation and keep lenders compliant. Learn more about reconveyances services from Total Lender Solutions.
Total Lender Solutions offers assistance with the UCC sale of defaulted property. Our services can send the appropriate notices and conduct the sale in accordance with state law.
Rapidly changing debt collection laws mean that lenders must remain educated to keep themselves above board. We create educational materials and host speaking engagements to keep your team updated on compliance law.
Keep Your Team Educated About Foreclosure Law
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 ensure that our clients feel confident in reaching a successful outcome. Contact us today.