Collection Services for Lenders
Fortra has a proven track record of successfully resolving collections issues for delinquent accounts and handling judgments in eviction cases.
The Collections Process at Fortra
Fortra has helped countless investors, lenders, loan servicers, foreclosure trustees, brokers, real estate agents, creditors, businesses, officers, and directors resolve a vast array of legal and compliance issues in state, federal bankruptcy, and administrative actions. Our loan enforcement services for lenders extend to judgment enforcement and collection efforts to help recover outstanding loan balances. Fortra Law’s litigation team handles all aspects of post-judgment recovery with precision and persistence.
How Do I Start a Case?
Clients can reach out any time to Fortra’s litigation team to start a case. We have a thorough understanding of the non-conventional lending space and the real estate landscape. We know the ins and outs of your business and are intimately familiar with the unique challenges you face daily, allowing us to provide an unprecedented level of individually tailored support.
What Documentation Do I Need to Start a Case?
Clients should have legible copies of the promissory note, other contract, payment history, any judicially issued judgments, if applicable, or account statements. Note that our team has the requisite experience and resources to pursue collection in cases where there is no court-ordered money judgments. Additionally, in eviction cases, clients will need the rental application and itemization of the security deposit for the property.
What Exactly Does the Collection Process Entail?
The initial step involves recording abstracts so your unsecured judgment automatically attaches to any real estate owned by your debtor. Then we’ll locate the debtor and their assets. Fortra uses a broad range of techniques to find the debtor using the information provided by our clients. If our team is able to determine the debtor’s employment entity or retrieve their financial account(s) information, we will immediately facilitate either a wage garnishment or bank levy. Alternatively, if the debtor’s mailing address or telephone number is known, we will make direct contact with the debtor to obtain prompt payment of the outstanding balance. Depending on the balance owed, a judgment debtor examination can be had, where the debtor must identify the location of his assets for you to collect.
What if There is No Judgment? Can I Still Make the Debtor Pay?
Fortra’s attorneys are skilled in negotiation approaches with debtors to assist clients in obtaining payment without a formal judgment. After we have established the debtor’s location, we will analyze the charges they owe and provide them any needed clarifying details to support the validity of your claim and our bilingual collection team is well-versed in structuring effective resolutions to common tenant-landlord issues and mitigating debtors’ objections.
What if Negotiations are Unsuccessful?
Where applicable, Fortra will promptly report the existence of the unpaid debt balance to all three of the main credit bureaus (Experian, TransUnion and Equifax). Our legal team will maintain regular written and verbal communication until the statute of limitations expires and will thoroughly review the account for potentially establishing a judgement via small claims court. Factors such as the size of the debt and chance of successful collection following a judgment dictate whether small claims court is a viable alternative.
Contact Our Banking & Finance Team
Loan Document Services
Fortra Law’s Banking & Finance team delivers precise, compliant, and custom-tailored loan documents. From single-family to commercial portfolios, we ensure your agreements meet every state and federal requirement. Click here to see a full list of common loan products we service and ancillary loan documents we advise and prepare.
Services include:
- Loan document draftingÂ
- Structuring and compliance review before document creation
- Ancillary document preparation (guarantees, intercreditor, and subordination agreements)
- Custom flat-fee pricing based on deal complexity
Closing Coordination and Support
Our experienced team of attorneys and processors guides lenders through the entire loan closing process, ensuring every document, signature, and settlement item is properly executed.
Services include:
- Entity, title, and insurance review
- Coordination with title and escrow for clear closing conditions
- Review of settlement statements and executed loan documents
- Final approval and authorization to close
Secondary Market and Post-Closing Documentation
Fortra Law’s Banking & Finance team delivers precise, compliant, and custom-tailored loan documents. From single-family to commercial portfolios, we ensure your agreements meet every state and federal requirement. Click here to see a full list of common loan products we service and ancillary loan documents we advise and prepare.
Services include:
- Loan sale, participation, and hypothecation agreements
- Modification, extension, and assumption agreements
- Securitization and CLO preparation
- Broker, servicing, and investor agreements
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Why Choose Us
Fortra Law is the nation’s largest law firm dedicated almost exclusively to the private/non-conventional lending space and is the leading legal resource for specialty lenders, asset-based lenders, private lenders, and non-bank institutions. Our legal departments include Banking & Finance, Corporate & Securities, and Litigation & Bankruptcy, offering lenders a vertically integrated suite of services while our Fortra Conference Line provides networking and educational opportunities to the industry at large. Reach out today to see how we can partner together.
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