Real Estate Default Group

We’re Here To Help You Manage Your Real Estate Default Matters

The Real Estate Default Group (REDG) of Weltman, Weinberg & Reis Co., LPA (WWR) is comprised of a unique combination of experienced professionals in our Foreclosure, Bankruptcy, Compliance, Litigation and Title practice areas. We proactively assist the mortgage lending and servicing community with innovative solutions to real estate default needs in a timely and professional manner.

Foreclosure / Eviction

Our Foreclosure and Eviction team approaches foreclosure or alternatives by focusing on critical objectives of completing the process and producing a marketable title to the real property as quickly as possible. We understand the importance of resolving obstacles to the process and timeline for both judicial and non-judicial states, and the need to communicate timely resolutions to you. Our title and lien summary reports notify you within days as to the status of the title to the real estate.

Bankruptcy

WWR provides comprehensive bankruptcy services for real estate lenders in Chapter 7, 11, 12, and 13 proceedings. Services include objections to confirmation, motions for relief from stay, motions for adequate protection and proofs of claim. We handle complex adversary and defense matters including lien avoidance, title claims, objections to proof of claim and stay violations. WWR partners with your efforts to promote loss mitigation by attending first meetings of creditors and through the judicious use of reaffirmation agreements, forbearance agreements, deeds in lieu of foreclosure and short sales. Our bankruptcy team is prepared to tackle the ever-increasing demands of your real estate default portfolio with:

• Aggressive pursuit of loss mitigation opportunities. By attending the First Meeting of Creditors, we are able to speak directly with borrower(s) and/or their legal counsel where we can facilitate direct contact with the lenders or servicers and educate them on the loss mitigation opportunities available. We can obtain written authorization from the borrower and their bankruptcy counsel authorizing our client to contact the borrower(s) directly in order to discuss loss mitigation opportunities. We advise and encourage debtors and debtors’ counsel to pursue these opportunities;
• Our strong relationship with the debtors’ bar provides open channels of communication with debtors and their counsel that would typically not exist in a bankruptcy scenario;
• Our focus is help to reduce the number of accounts moving to foreclosure after a completed bankruptcy.

Compliance

Our in-house compliance department works diligently to ensure that WWR staff, practices, policies and procedures are up-to-date and in compliance with all state and federal regulations. We adhere to the most current privacy, data security, document destruction and compliance guidelines set forth in our industry.

Litigation & Defense

The Litigation & Defense team experience in litigation, combined with our deep understanding of real estate matters, allows us to effectively represent you and offer advice in order to avoid future litigation. Services include:

• Defense litigation
• Priority disputes
• Federal court litigation and class actions
• Compliance litigation
• Injunctive relief to prevent tear-downs
• Commercial foreclosures and lien disputes,
• Protecting timelines while at the same time minimize your exposure, liability and expenses

Title & REO Closing Services

Thoroughbred Title Agency, Inc. (TTA) is our affiliate, full-service title agency designed specifically to work hand-in-hand with WWR to save you the hassle of dealing with multiple vendors, expedite the process and provide a clear and marketable title. To avoid title curative issues, TTA searches 50+ years or as far back as necessary to ensure a proper transaction. Our association with WWR helps us to understand the sense of urgency to get your sales closed and proceeds delivered and offers an accelerated disposition of property, while granting direct access to specific legal expertise. TTA operates throughout Ohio, Kentucky, Michigan, Indiana and Florida. TTA adds value through:

• Attorneys on staff experienced in title, underwriting, foreclosure and deed preparation
• Accommodation Recordings
• Comprehensive real estate owned title and closing services for any area within our footprint states of Indiana, Kentucky, Michigan, Ohio and Florida
• Utilization of American Land Title Association (ALTA) title products designed to allow for speed of delivery and ease of underwriting
• Prepare and review full examinations of title, resulting in “clean” preliminary reports for REO closings to prevent title curative issues from arising
• Efficient e-transactions, including the ability to initiate title orders and receive preliminary reports online

Innovative Approaches to Default Accounts

The REDG recognizes the need for innovative approaches to the vast number of defaulted accounts that continue to increase every day. One of the ways we help lenders and servicers reduce their default portfolio is through home ownership preservation. Some of the creative real estate solutions include:

• Unique Early-Stage Delinquency Letter Campaigns – results in higher borrower contact rates at a much earlier stage of delinquency
• Pre-Foreclosure Outreach Program – results in making a high percentage of contact with 47% of borrowers that lenders and servicers never reach that end up in foreclosure while significantly reducing first legal expenses
• Program Focused on Investment Held Property – shifts the focus of collection efforts from the property itself to the borrower’s personal assets and real estate to achieve a different result other than taking back the property
• Loss mitigation services to help you reduce the number of accounts going into foreclosure and the number of accounts in default. Since debtors frequently respond to WWR letters and calls, we encourage them to contact your loss mitigation department to swiftly resolve these matters. By attending the First Meeting of Creditors as a part of our routine bankruptcy service, WWR can even discuss loss mitigation directly with the debtor to seek cooperation
• Streamlined Alternatives to Judicial Foreclosure Matters – reduced timelines to save clients money, utilizing Florida statute to show cause for entry of a final judgment of foreclosure and payment during foreclosure

The WWR Real Estate Default Group is confident that our customized programs, operational abilities, and innovative approaches will meet and exceed your expectations. Our group is committed to being better than the best in class. Our robust reporting and auditing capabilities along with our quality assurance initiatives and timeline management demonstrate our commitment to customer service and performance in a results-oriented manner.

Affiliations

• American Legal & Financial Network
• California Mortgage Bankers Association
• DSNews Legal League 100
• Fannie Mae Retained Attorney Network in KY, MI & OH
• Freddie Mac Designated Counsel in FL
• Mortgage Bankers Association
• Texas Mortgage Bankers Association

We invite you to visit www.realestatedefaultgroup.com for more information.