Collection Services for Lenders
Are you dealing with delinquent accounts or struggling to enforce a judgment? Recovering outstanding debt can be time-consuming and complex, especially when borrowers fail to cooperate. Fortra Law has a proven track record of resolving collections matters for accounts in default and enforcing judgments in eviction cases, providing strategic, results-driven representation to help lenders maximize recovery and efficiently resolve outstanding obligations.
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Overview
The Collections Process at Fortra Law
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.
Frequently Asked Questions
Do You Work Outside of California?
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.
Related Services
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Fortra Law helps lenders protect their interests, recover collateral, resolve disputes, and navigate complex borrower matters. Explore related services that support loan enforcement, asset recovery, bankruptcy proceedings, and lender litigation strategies.
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