No bad commercial loan has ever been made, but over time they may go bad. Borrowers go out of business. The statistics do not lie about how many businesses fail in America. That’s just the game. The best thing to do with certain substandard risk is insure against future loss, but it is the Bank’s business judgment on how best to do it. We happen to think efficient legal action to liquidate the collateral is the safest and soundest decision.
This is a “plain vanilla” commercial mortgage foreclosure, which means that it assumes the borrower does not fight at all and the required procedure through judgment is followed and not upset by any other interested parties. And also assumes a single note and mortgage and a clean minutes of foreclosure title policy. The flat fee includes a complimentary loan document and file materials review and analysis.
Budget letters for more complex mortgage foreclosures may be made by request by emailing Tom Howard directly: Email Link Here.
Costs of suit, the publications required by the statute, the sheriff’s sale fees, fees to update the title work, service of process, and mileage, is not included.
This product starts the automated process under continuous development by the Collateral Base. We work to streamline and simplify the bank litigation process to the extent that it can be in situations where cases have no interested parties, or defendants, that upset the statutory rubric required for satisfying the due process of law of judicially reassigning legal title to real estate in Illinois.
This product is NOT available for Cook County, and currently is only available to financial institutions within 100 miles of our main office in Peoria, Illinois. No attorney client relationship is formed by selecting and checking out with this product. All attorney client relationships arising from reserving this procedure shall be governed by an engagement letter that arises from requesting the service of this procedure.