Comprehensive Foreclosure Representation

Our attorneys have initiated foreclosure proceedings on behalf of lenders for hundreds of real estate properties across Maryland, Virginia, West Virginia, the District of Columbia, Delaware, and Pennsylvania. We also handle foreclosures related to various types of tangible and intangible personal property interests under the Uniform Commercial Code (UCC), including limited liability company membership interests.

Protecting Your Interests

Foreclosing on real estate properties can expose lenders to significant legal risks, including lender liability suits and potential liens that may pass with the property if proper procedures are not followed. We help you avoid these issues by managing the entire foreclosure process, including:

  • Complete Paperwork Management: Ensuring the chain of paperwork is thorough and accurate.
  • Establishing Foreclosure Rights: Confirming the note holder’s right to initiate foreclosure actions.
  • Notice Requirements: Providing proper notice prior to the sale of foreclosed properties.
  • Mediation Attendance: Representing you in court-required mediations.
  • Identifying Liability Issues: Spotting potential liability issues when assuming title to real estate-owned properties.
  • Title Insurance: Advising on title insurance issues and asserting title insurance claims when necessary.
  • Ratification Orders: Obtaining required court ratification orders.
  • Audit and Title Instrument Drafting: Drafting necessary audits and closing on the passage of title instruments.
  • Deficiency Judgments: Evaluating the costs and benefits of pursuing deficiency judgments 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 properties. Our team provides up-to-date guidance on jurisdictional and statutory requirements, ensuring compliance with all relevant laws. This includes:

  • Jurisdictional Requirements: Advising on the effectiveness of "as-is" clauses and disclosure obligations in legal ads.
  • UCC Compliance: Navigating the complex rules of the UCC to pass good title to acquired properties and avoid jeopardizing deficiency judgments.
  • Liability Avoidance: Helping you avoid liabilities associated with the sale of foreclosed properties.

Strategic Foreclosure Alternatives

In some cases, foreclosure may not be the best course of action. Our attorneys can help you explore alternatives such as:

  • Deed in Lieu of Foreclosure: Arranging for the property owner to transfer the deed to avoid foreclosure.
  • Loan Modifications: Working with property owners to bring payments up to date or develop other cost-effective solutions.
  • Receiverships: Having a trusted party appointed as receiver to manage and sell the encumbered property.