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Mortgage Default Services Group


Residential Foreclosure

Aldridge Pite's foreclosure practice is structured to provide services within all Fannie Mae, Freddie Mac, VA, FHA, and private investor timelines, and comply with all applicable fee guidelines associated therewith. Aldridge Pite and its affiliated non-judicial foreclosure trustee, Clear Recon Corp, represent loan servicers, lenders and investors in non-judicial and judicial foreclosures. The Firm employs proprietary systems and technology to further its ability to provide superior service. The Firm is well-versed in the utilization of Desktop, Vendorscape, and Lenstar, as well as many other mortgage default servicing systems and can, at the option of its clients, bill for services rendered using the NewInvoice, IClear or other online billing systems. Aldridge Pite ensures all statutory compliance and works with its clients to review processes and procedures as case law and statutory schemes change. Specifically, Aldridge Pite's attorneys have extensive experience in the following foreclosure related areas:
  • Non-judicial Foreclosures
  • Judicial Foreclosures
  • Personal Property Foreclosures
  • Title Claim and Curative Actions
  • Payment Disputes
  • Loss Mitigation, Home Retention and Alternatives to Foreclosure
  • Forbearance Agreements
  • Short Sales
  • Deeds in Lieu of Foreclosure
  • Confirmations and Deficiency Actions
  • Resolution of Issues Related to Foreclosures of Manufactured Homes
  • Disposition of Excess Proceeds Resulting from a Foreclosure Action
  • Receiverships
  • Senior Lien Monitoring; Second Mortgage Bidding; and Senior Payoffs/Satisfactions
  • Mediation and Alternative Dispute Resolution
  • Wrongful Foreclosure Defense Litigation Fraud Recovery

Evictions

In light of the many state and federal regulations governing eviction actions, as well as existing federal regulations affecting the eviction process, such as the Servicemembers Civil Relief Act, Aldridge Pite takes a proactive and cautious approach in handling all eviction matters. Having attorneys and paralegals well-versed in how to handle all eventualities in the process, including potential defenses and counterclaims, ensures that a client's eviction action is executed smoothly with minimal legal or reputational risk.

Aldridge Pite's professionals focus on the timely and effective initiation of eviction proceedings and ensure that all steps in the eviction process are completed in a efficient fashion. On each eviction, a member of our staff keeps a timeline tracking the exact date each step in the process should be completed. Through proactive timeline management, our staff knows exactly when to contact the clerk, judicial assistant and/or sheriff to confirm a default or that an order has been entered or the writ has been executed. We are also experienced in "cash for keys" negotiations and properly documenting such agreements. We are also the only firm in Georgia that has successfully obtained legal possession of abandoned properties for our lender clients who have secured property prior to completion of the eviction process.

Bankruptcy

Aldridge Pite's Bankruptcy Department provides comprehensive legal representation for creditors affected by consumer and commercial bankruptcy filings, both locally and nationally. Our bankruptcy attorneys are recognized as leaders in the bankruptcy community and frequently participate in presentations and training programs for clients, industry leaders, trustees and other bankruptcy attorneys. Additionally, we provide custom reporting to our clients to assist in the efficient administration of their bankruptcy portfolios.

Our goal is to ensure that our clients' interests are fully protected within the context of the bankruptcy. Our bankruptcy legal services include, but are not limited to:
  • Complex Chapter 11 representation involving multi-family, office and industrial properties
  • Prosecution and defense of Adversary proceedings
  • Cram Down defense
  • Preparation and filing of Proofs of Claims in every jurisdiction in the United States. (Aldridge Pite maintains national, jurisdictional matrices that provide specific requirements for each court and which note all trustee preferences and any local rules.)
  • Defending Objections to Proofs of Claim
  • Plan analysis and recommendations to determine the treatment of our client's interest in either the plan of reorganization or statement of intentions. If an objection is recommended, our clients are provided with a full analysis.
  • Review and preparation of reaffirmation agreements both locally and nationally
  • Analysis of debtor's bankruptcy statements and schedules to insure that debtor has complied with the requirements of the Bankruptcy Code and Rules with regard to disclosure of assets and liabilities
  • Motions, adversary actions, and other contested matters
  • Dischargeability litigation
  • Responses to QWRs
  • Monitoring and managing clients' bankruptcy portfolios on a national basis
  • Tracking court decisions, local rules and general orders on a national basis
  • Preferential Treatment/Fraudulent Transfer Representation

Loss Mitigation

In order to reduce financial losses sustained by our clients, Aldridge Pite provides loss mitigation and home retention services on pre-foreclosure, active foreclosure and pending bankruptcy cases. We utilize a suite of loss mitigation alternatives, including a variety of home retention options, as well as several non-retention opportunities. The most frequently implemented options are:



Retention Options:

Repayment Plan

This option is offered when the borrower has the ability to repay the arrears over a specified period of time. The Repayment Plan involves a down payment (a portion of the amount in arrears) and spreads the remaining arrears equally over a 6-12 month period. We draft the repayment plans and remit to our client upon receipt of the down payment and executed agreement.

Loan Modification

A loan modification is used when our client is willing to modify the original terms and conditions of the security deed by capping the arrearage and amortizing same over the remaining loan term. This option may include an extension of the original maturity date and a possible reduction of the interest rate. Aldridge Pite collects and analyzes financial information from the borrower and submits the package with a recommendation to our client. With prior approval of our client, we can complete the modification by drafting the appropriate loan modification documents.

Bankruptcy Loss Mitigation

Aldridge Pite also offers loss mitigation options during active bankruptcy. We can solicit a debtor's attorney during an active bankruptcy at the time of post-petition default or dismissal proceedings. Once we receive the attorney's consent to work with the borrower/debtor directly, we collect financial information from borrower/debtor and monitor relief from bankruptcy (i.e. relief from stay, dismissal, motion to incur debt, motion to modify loan). Once approval is granted from our client, we then monitor the bankruptcy status for release and coordinate execution of the appropriate modification documents.

Forbearance Agreements

Non-Retention Options:

Short Sale

Also known as pre-foreclosure sale or pre-sale, this alternative is introduced when our client is willing to accept reduced compensation (i.e. less than total payoff) on the loan. Aldridge Pite collects the pertinent information (e.g. listing agreement, purchase and sales agreement, and appraisal information) from the borrower and then submits viable packages to our client for review and approval. We thereafter act as a liaison between our client and broker.

Deed in Lieu of Foreclosure

This alternative is available when the borrower desires to relinquish the property to our client in lieu of a foreclosure sale. This option is available only under certain circumstances and guidelines. Aldridge Pite furnishes proof of the borrower's attempts to market the property for 90 days and proof of clear title. Note: this option is only available when there is only one mortgage or lien on the property.

Custom-Tailored Programs

Our Firm specializes in creating custom-tailored loss mitigation programs to fit the particular needs of a client's portfolio. In creating these programs, we provide services including:

  • Logic to determine preferred type of solicitation
  • Menus of custom solicitation letters
  • Workout documentation
  • Electronic transmission of workout packages
  • Monitoring and reporting results of loss mitigation
  • Integration with foreclosure and bankruptcy workflows
All custom-tailored programs work in conjunction with the servicer's system and reporting infrastructure. Aldridge Pite maintains a dedicated loss mitigation team trained to perform analysis on every case and loss mitigation opportunity.


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