Foreclosures and Workouts (Bus.)
We handle both Commercial and Residential Foreclosures, and Workouts.
Clients of Melvin & Melvin, PLLC benefit from our focus on real estate law and litigation, together with our thorough understanding of local property markets and commercial mortgage lending practices. We work with both lenders and borrowers in real estate workouts and enforcement proceedings.
On behalf of borrowers, we can help you understand your legal, practical and financial options when your cash flow will not support the cure of mortgage arrearages or assure steady performance of future payment obligations. In some situations, you might have defenses against a foreclosure action based on nondisclosure, bait-and-switch tactics at closing, or other conduct of the lender.
Commercial foreclosures can be quite complex and involve, for example, the rights of tenants, assignments of rents, UCC liens on equipment, furniture, goods and other items of personal property not connected to real estate. Separate UCC sales of collateral pledged to secure the commercial loan or collection of rents directly from tenants is fairly typical. Collection of guaranties and recovery of other forms of collateral are also usually involved. Frequently, these matters are subject to commercial litigation in state court and/or in Chapter 11 bankruptcy proceedings.
By handling a variety of foreclosures you learn that each is unique in its own way. There are no “cookie cutter” foreclosures. Each foreclosure must be approached with an open mind, “out of the box” thinking and creative problem solving.
Melvin & Melvin, PLLC has experienced foreclosure attorneys who will guide you through the maze of what is the foreclosure process. Our attorneys will proceed aggressively to recover the collateral or obtain payment or restructuring of the loan. Our attorneys in this area are respected in their field and skilled in maximizing recovery through various forms of creative workouts.