Foreclosures and REO Transactions

Loan Workouts, Restructuring, and Foreclosures

When a foreclosure is contested, it can quite easily turn into a court matter. In this situation, it is essential to have legal counsel with the knowledge and experience to navigate the foreclosure process successfully. Our attorneys are accustomed to dealing with complex and sophisticated business matters and have many years of experience handling the myriad of legal and financial issues surrounding foreclosures, including out-of-court workouts and state and federal court litigation over creditors’ and debtors’ rights.

Our foreclosure practitioners have experience working with various financial institutions, insurance companies, leasing and finance companies, and other entities interested in preserving and enforcing their rights as creditors. They routinely advise creditors regarding their rights and solutions to foreclosures, as well as in different types of recovery of real and personal property, secured transactions, and other areas of commercial law.

Partnering with members of our Bankruptcy, Financing, and Litigation groups, when necessary, our foreclosure practitioners are equipped to provide solutions to a wide range of legal concerns, including:

• Confessions of judgment and stipulated judgments
• Deeds-in-lieu of foreclosure
• Lender liability suits
• Lien priority in foreclosure
• Liquidation agreements
• Mortgagor, squatter, and tenant evictions
• Real estate foreclosure
• Real estate receiverships
• Voluntary surrender agreements
• Voluntary foreclosure agreements
• Work-outs, forbearance agreements, and loan modifications

REO & Eviction Representation

The acquisition and disposition of REO property often involve unique legal challenges. Scarinci Hollenbeck provides sophisticated real estate legal counsel to lenders, investors, and servicers concerning REO properties, and the legal issues which accompany these types of properties.

We analyze and assist clients in clearing titles for REO properties, which ensures smooth and efficient REO sale transactions. We also guide clients through the due diligence process, which is critical for such a transaction. Whether providing counsel during an acquisition or disposition, our REO attorneys have the knowledge and experience to assist clients through every phase of the transaction. Backed by a team of talented trial attorneys, our REO attorneys also routinely assist clients with REO litigation, including REO evictions.

Scarinci Hollenbeck has significant experience working with debtors, financial institutions, investors, hedge funds, insurance companies, leasing and finance companies, and various other entities in various matters involving troubled loans and property foreclosures. We also serve as REO counsel for national real estate investors, loan servicing companies, and financial institutions.

Knowing that a strong litigation position often leads to a settlement of the dispute, our attorneys are experienced and practiced negotiators who make every effort to negotiate a favorable and carefully documented workout of creditor-debtor disputes. We have a strong record of success in selling large portfolios of foreclosed properties, negotiating REO property acquisitions, and facilitating workout/deed-in-lieu transactions.

Entities that the firm has represented include:

• Webster Bank, N.A
• Trust Company of New Jersey
• First Bank and Trust Company of Illinois
• Wells Fargo Bank, N.A., through its Wells Fargo
• Business Credit Operating Division Interchange Bank
• Capital Crossing, a division of Lehman Brothers Bank,
• FSB
• Casino Reinvestment Development Authority
• Private Capital Group, LLC
• Copperfield Investments, LLC
• Heritage Estates, LLC
• Selene Finance LP
• The Caneel Group
• First Citizens Bank
• 21^stMortgage Corporation
• Truman Capital Advisors
• Toorak Capital Partners
• RESICAP
• Hudson Homes
• New Jersey Community Capital