How to save thousands of dollars off your legal bill

Posted on Sunday, August 2, 2009

1. Prepare Transaction Memorandum detailing credit history and structure.

2. Prepare Loan Document Binder and Index

3. Provide detailed break down of all sums due, any funds in escrow, and description of default(s)

4. Provide Index of all other property related information in possession (such as site plans, development orders, etc), all information which might potentially be needed during the course of or following a foreclosure (such as construction contracts, purchase contracts, investors who have inquired about purchasing the property if any, etc), and any payments or deadlines which may occur during the course of foreclosure or shortly thereafter (such as real estate tax payments, insurance payments, or impact fees).

5. Provide a list of all parties who will be communicating on the matter and contact information for each.

6. Request title update and endorsement with hard copies of all schedule B exceptions from original loan closer

7. Verify all parties to the transaction and with an interest in the real property to be served and current addresses for each

8. Provide copies of all pending and post default communications and negotiations with debtor.

9. Encourage early intervention by counsel, obtaining a pre-negotiation letter, and authorization to obtain information from debtor’s project service providers (such as architect, land use counsel, etc).

10. Fully explore all foreclosure alternatives; mediation (or the entire case or individual aspects such as permit extension, securing construction sites, etc.), “friendly foreclosure” settlement, modification, forbearance, deed in lieu, etc. both before and periodically during the foreclosure process.

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