If you are a lender faced with enacting a foreclosure on defaulted property, it is marginally more beneficial to have a commercial foreclosure partner by your side, rather than enacting the foreclosure on your own. Commercial foreclosures are complex procedures with financially devastating consequences if executed incorrectly.
The professional experts at Total Lender Solutions have helped lenders foreclose on hundreds of commercial properties to protect lender assets. “Many of the lenders who come to us are enacting their first foreclosure,” says Randy Newman, CEO of Total Lender Solutions. “We think guidance and education are invaluable when guiding a lending team to a successful foreclosure.”
Below are some benefits that lenders can expect when working with a commercial foreclosure partner:
Expert Guidance Throughout the Process
A commercial foreclosure partner can guide teams through the foreclosure process when teams do not have the internal resources to enact the foreclosure on their own. When teams have a commercial foreclosure process, they do not have to take time and attention away from their current customers.
Oftentimes, lenders who manage loans secured by commercial real estate must juggle multiple interested parties, including additional lienholders and tenants. A partner can gather the necessary information and work as an extension of your team, freeing you from the stress of the complex foreclosure process.
Related Article: How Does Substitution of a Trustee Work in a Nonjudicial Foreclosure?
Increased Chances of a Positive Outcome
Many lenders’ first priority is to recover as many of their assets as possible. Innumerable factors can potentially minimize the amount that lenders can recover, including unpredictable economic downturns. Yet, one of the most important factors that can minimize asset recovery is a delay in the foreclosure process.
Delays are best combatted when your foreclosure team understands the process and stays on top of the foreclosure process. A commercial foreclosure partner keeps the process running as smoothly as possible.
Related Article: Helpful Hints: When to Start a Commercial Foreclosure
Reduced Stress and Anxiety for Business Owners
Because the stakes are so high and the process of enacting a foreclosure is complicated, many lenders who have already dealt with the stress of having a borrower in default may find the task ahead daunting. A commercial foreclosure partner can take the fear and stress out of enacting a foreclosure.
A partner breaks the upcoming process down into digestible steps, ensuring that your team remains on top of its action steps and compliant along every phase of the process.
Total Lender Solutions: Your Nonjudicial Commercial Foreclosure Partner
The right foreclosure partner is the best way to educate your team about foreclosure law and protect your business. The professional experts at Total Lender Solutions are intimately familiar with the complex world of foreclosure law in:
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 for an initial consultation on your defaulted property.
