With offices in California, Indiana, Illinois, Michigan, Delaware (also serving Pennsylvania), Georgia, Minnesota, Ohio, Texas and the District of Columbia, the firm is uniquely qualified to represent special servicers in multiple locations.
What we can do for you:
Our attorneys have assisted special servicers with a variety of issues, including:
- Pre-foreclosure issues: We have experience preparing collateral review letters, in which, among other things, we analyze the loan documents to ensure that all interests and claims have been properly assigned to the trust. We also analyze the title commitment and other related documents, and make recommendations on any defects.
- Default notices: We draft default notices and are sensitive to the timing issues associated with the distribution of such notices.
- Forbearance agreements: We draft forbearance agreements that address the waiver of redemption rights, consents to receivership, forbearance fees, deeds in lieu and other types of complicated concessions that a special servicer may require.
- Receivership orders: We craft receivership orders that allow the receiver to sell property, if so desired by the special servicer, and also give the receiver the authority to reject or assume executory contracts within the receivership context.
Not all special servicers operate in the same way. Some prefer the creation of a special purpose entity to pursue the foreclosure lawsuit. Others prefer that the lawsuit be in the name of the trust, acting by and through its special servicer. We have experience with both.
The Special Servicer Team is trained in the areas of loan documentation, workout, litigation, foreclosure, and bankruptcy. Accordingly, when properties are thrown into bankruptcy, the same lawyers who managed the foreclosure are available to assist the special servicers in the bankruptcy.
Having represented some of the largest special servicers across a number of states, the members of the team are well aware of the foreclosure laws in Delaware, Indiana, Illinois, Michigan, Minnesota, Ohio, Kentucky, Pennsylvania and Georgia. Our lawyers also have significant litigation experience, and have litigated issues with regard to Pooling and Servicing Agreements, ownership of loans entering foreclosure, and other similar standing/ownership issues.
In addition, our attorneys remain actively involved in the special servicing community. Barnes & Thornburg is a member of the Commercial Mortgage Securities Association, and has been a participant in the -Trigild Conference- and the -Fishing for Solutions Conferences- for a number of years.
Why Choose Barnes & Thornburg
As the number of home and business owners defaulting on their loans continues to rise, the need for special servicers has become more prominent. As a result, special servicers around the country are in demand of sophisticated legal counsel who fully understand the intricacies and the nuances of the industry. At Barnes & Thornburg, we have the experience, the knowledge, and the resources of a full-service law firm to help special servicers with virtually any issue that might arise. Let us work with you.