We Get Foreclosures.
We have conducted thousands of foreclosures in the Mid-Atlantic area.
Foreclosure - Lenders' Attorneys
The attorneys of Rosenberg Martin Greenberg have initiated foreclosure proceedings on behalf of lenders with respect to hundreds of real estate properties under the laws of Maryland, Virginia, West Virginia, the District of Columbia, Delaware and Pennsylvania. They have initiated similar proceeding with regard to numerous types of tangible and intangible personal property interests under the Uniform Commercial Code, including limited liability company membership interests.
For nearly 30 years, we have advised lenders on the most cost-effective strategies for maximum asset recovery when faced with the prospect of foreclosure.
Avoid legal liabilities in bank foreclosures
The involuntary sale of real estate properties by banks or other note holders can expose the latter entities to lender liability suits and/or liabilities or liens that pass with the property if either proper procedures are not followed. Avoid additional legal trouble by working with an experienced lender’s lawyer.
RMG's mortgage lender foreclosure team manages the entire process including:
- Ensuring the chain of paperwork is complete
- Establishing the note holder’s right to commence foreclosure action
- Providing notice prior to sale of foreclosed property
- Attending mediations as required by court rules
- Spotting potential liability issues that the lender could face upon assuming title to real estate owned properties
- Advising on title insurance issues and asserting title insurance claims when appropriate
- Obtaining required ratification orders
- Drafting audits
- Closing on the passage of title instruments
- Determining the costs and benefits of pursuing a deficiency judgment after a loss
Legal advice for managing lender-owned property
As the economic and real estate landscape evolves, so do the legal implications of handling foreclosed property and bank owned homes. For this reason, it is crucial to remain up to date on jurisdictional and statutory requirements such as whether "as-is" clauses in legal ads are effective in the jurisdiction or if an affirmative obligation to make disclosures concerning the real estate is required. Similarly, the Uniform Commercial Code carries its own strict set of statutory rules that must be complied with in order to pass good title to the property acquired by a lender in the event of a UCC foreclosure and avoid jeopardizing the ability to obtain a deficiency judgment, which rules are especially sophisticated when intangible property changes hands.
In addition to overseeing the foreclosure process in court, RMG bank lawyers can also help parties avoid liabilities associated with the sale of the foreclosed property.
Our attorneys consult with you on all relevant points including:
- the cost/benefit of promotional advertising
- appropriate auctioneers
- bidding strategy and terms of sale
We will aggressively monitor every stage of the case from filing, to sale, to ratification.
Avoiding foreclosure auctions
In some cases, foreclosure may not be the best course of action for asset protection. With advice of legal counsel, a “deed in lieu of foreclosure” solution may be possible. Furthermore, lenders may opt instead to work with the property owner, bringing payments up to date, or working out other more cost effective alternatives. Whatever course of action is ultimately chosen, compliance with all applicable state and federal laws are mandatory. Working with an experienced mortgage lending law firm is the best way to ensure that the chosen course of action meets all legal requirements.
Rosenberg Martin Greenberg: a lender's law firm
Rosenberg Martin Greenberg, LLP is a trusted lender's law firm with decades of experience in complex foreclosure proceedings and the fallout that comes with acquisition of real property and other tangible and intangible property. Let us help you navigate this process by helping you find the most cost-effective strategies at every stage of litigation.
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