During careers that span over a decade, our partners have extensive experience representing
some of the largest financial institutions and mortgage servicers in the country.
With their combined resumes and vast experience, the partners of Marinosci Law Group,
PC ("MLG"), firmly believe that the best way to provide quality legal
representation and outstanding customer service is to be in a position to offer
clients "one stop shopping". That is why not only our lawyers but our
support staff have years of experience in all areas of default, including foreclosure,
bankruptcy, eviction REO closing and title and why we are ready, willing and able
to handle whatever may arise during the foreclosure process.
“HANDS ON” PARTNER PARTICIPATION:
HOME RETENTION/LOSS MITIGATION:
We understand that Home Retention and Loss Mitigation are of great importance to
our clients. After years of working with lenders and borrowers, we believe that
the law firm representing you, the lender, can be an integral part of the success
of keeping a borrower in their home. With a nation in the midst of a “foreclosure
crisis” we believe that aiding in home retention and loss mitigation is not
only our job but our responsibility. We have built our firm on this philosophy.
We intend to work closely with our clients to implement and discover creative and
effective processes to insure that all potential home retention and loss
mitigation opportunities are presented to both the lender and borrower at the earliest
phase of the process. In a time where recklessly speeding through the foreclosure
is “common practice” for many law firms, it is no wonder that viable
home retention and loss mitigation solutions are missed.
As we, your lawyers, are often the first line of communication with a borrower in
foreclosure, we believe we have the ability to be a “liaison” between
borrower and lender so that a mutually beneficial solution can be reached, short
Here is how we will assist in Home Retention/Loss Mitigation:
- A Home Retention/Loss Mitigation letter will be sent immediately upon receipt of
a referral. This letter will outline and educate a borrower on many of the most
popular resolutions such as workouts, loan modifications, short sales, deeds-in-lieu
of foreclosure, and forbearance agreements. The letter will contain the name(s)
and contact information for our Home Retention/Loss Mitigation specialist(s) who
will be responsive and available when a borrower calls.
- We intend to work with our clients to obtain prior-authorization to enter into forbearance/repayment
agreements directly with a borrower while we have them “live” on the
- All Home Retention/Loss Mitigation “leads” will be presented to our
clients in a timely fashion for optimal results.
- We intend to work with our clients on setting up a “hot transfer” telephone
line, where upon receipt of a telephone call from a borrower, we have the ability
to “transfer” them to a live, representative at the Lender’s office
to discuss a resolution.
- Upon receipt of notification by a borrower’s counsel that they “intend”
to file bankruptcy, we immediately discuss other alternatives. Many times, a borrower
and their counsel believe that the filing of a bankruptcy action is the “only”
way to stop a foreclosure. In many instances, we have found that once we discussed
other possible solutions, a bankruptcy filing was avoided.
- As with all other areas of our firm, COMMUNICATION is the foundation of our practice.
In speaking with so many borrowers, a common complaint is that “no one will
return a call” or they get lost in automated voice systems. Our team is acutely
aware of the need to be responsive and the benefits it produces. We intend to continue
to build our reputation on the fact that we are accessible and that you will always
receive a response from our office no later than 24 hours from when your
call is placed, whether you are a client or a borrower.
- We are also developing innovative “website” options that will allow
a borrower to obtain information about Home Retention/Loss Mitigation directly from
our firm website. A borrower will be able to submit “workout” proposals
directly to our firm via our website. Capturing this type of information early on
is key to keeping a borrower in their home. We are also able to provide our clients
with secure access to our website to obtain up-to-date case status, which will include
information on any pending Home Retention/Loss Mitigation efforts.
Because of our commitment to being the BEST, we have implemented cutting-edge technology.
All related matters are linked so that we have instant access to all aspects of
the process with only one keystroke. Our case management software is fully integrated
with all of the leading industry web-based applications such as NewTrak, Vendorscape,
Quandis, LenStar, NewInvoice, I-Clear etc. This integration allows us to keep our
clients fully informed as to case status and guarantees that our clients are not
"left in the dark". We are also developing a secure login for our clients
to access our firm website to obtain up to the minute status on any case we are
Our technology allows us to create custom-made quality control reports so that we
have the ability to constantly refine and analyze our processes. Changes can be
made quickly to keep up with the ever-changing needs of the industry. Because of
our advanced technology, our staff members have the time and capacity to concentrate
on what is really important, our clients.
MLG believes that exceptional legal representation does not need to “break
the bank”. We are flexible in our negotiations with our clients and are committed
to providing affordable legal services. We are mindful not just of the “fee”
but of the related costs of the foreclosure process. We are constantly looking for
cost-saving opportunities. For example, we are currently in discussions with a vendor
that can reduce the cost of certified mail by $1.30 by using a digital return receipt
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A bankruptcy filing creates a delay for our clients. This delay can be quite costly
and can last for extended periods of time. If not handled properly, a brief delay
can turn into an eternity. We thoroughly review all filings for issues of “non-dischargeability”
and compliance with all aspects of the Code.
Throughout the duration of the case we take steps to protect the collateral. By
analyzing valuation issues, we can move to “except” debts from discharge
and oppose modifications.
Loss Mitigation is as urgent and necessary in a bankruptcy matter as it is in a
Here is how we intend to assist in Loss Mitigation (Bankruptcy):
- Upon receipt of notification from a borrower’s counsel that they “intend”
to file bankruptcy, we immediately discuss other alternatives. Many borrowers and
their counsel believe that the filing of a bankruptcy action is the “only”
way to stop a foreclosure. In many instances, we have found that once we have taken
the time to discuss other possible solutions, a bankruptcy filing was avoided.
- If a bankruptcy petition has already been filed, we continue to work towards a resolution.
We will not wait for debtor’s counsel to contact us. It is our experience
that we will not hear from debtor’s counsel until the day before a scheduled
motion for relief hearing. At that point there is usually very little that can be
done and relief is either granted or the hearing is continued to see if a “workout”
can be reached, which causes an unnecessary delay. Instead, we initiate communication
at the outset and make ourselves readily available to debtor’s counsel to
facilitate a stipulation.
- Upon the filing of a bankruptcy petition we never lose site that “reaffirmation”
is possible. We actively pursue same with debtor’s counsel.
- We understand that often debtor’s counsel is unresponsive to our loss mitigation
efforts and that more than one attempt may be needed. Our case management software
ensures calendaring options to assist in consistent follow up.
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We understand that once a client takes a property into its REO portfolio that time
is of the essence to get that property sold. If the property is occupied, an eviction
action must be commenced immediately to achieve this objective. In today’s
foreclosure climate, evictions are becoming more and more difficult as the state
court judges become more sympathetic to tenants. Our experience has told us that
we must find creative and effective solutions to the eviction problem. It is our
goal to get a property vacant prior to any court hearing. We have turned our attention
to what we can do to facilitate a resolution short of the courtroom. We have been
quite successful in our loss mitigation efforts and can boast that 75-80% of our
eviction matters are resolved without a courtroom appearance.
Here is how we intend to assist in Home Retention/Loss Mitigation (Eviction):
- Upon receipt of the referral, correspondence is sent to the property address advising
the occupants that ownership of the property has changed and that they will need
to re-locate. The letter also notifies the occupants that they may be eligible for
“re-location assistance”. The letter provides a “short window”
by which the occupant must contact our office to discuss this option. This letter
serves dual purposes. First, upon calling our office we are able to obtain accurate
occupant information which aids in expediting our eviction process. If we do not
have accurate occupant information at the outset our action can be delayed later
in the process and in some instances an action must be re-started. Second, and more
importantly, it initiates discussion about possible resolution of the matter short
of eviction proceedings.
- We aggressively pursue “cash for keys” and/or Agreements for Judgment.
We will continue to work these options while simultaneously proceeding with the
eviction action. We have fostered successful working relationships with our local
brokers which has aided in a large percentage of “cash for keys” agreements.
- We maintain diligent contact with the occupants of the property throughout the eviction
process with the hope that we can obtain Agreements for Judgment prior to hearing.
- At the conclusion of the foreclosure, if a former owner/and or existing tenant is
inquiring about re-purchasing the property, all information is immediately forwarded
to the client for review. We will advise the client of the possible reasons why
the offer should be accepted (i.e. condition of the property, decline in fair market
value, climate and trends of the housing market in our area).
- Through our REO experience we have access to a large, national investor network.
Our investors are often actively seeking properties for purchase. Many of these
investors will purchase properties that are occupied, especially those with paying
tenants. Our website will list our eviction/reo properties, including photos, so
our investors may review same. All leads/offers will be forwarded to the client
for immediate review to avoid eviction actions.
One major obstacle we have seen is the lack of information a client has on the condition
of any given property. Often there are Housing Code Violations filed by the city
or town and this can hinder the eviction process. Tenant attorneys are raising these
issues in separate actions against the client and delaying the eviction. In addition,
the lack of knowledge of the condition of a property can make informed decision
making by a client nearly impossible. It is essential that the client have all relevant
information the moment it takes ownership. A client can then take pro-active steps
to protect its interest in the property and properly winterize and secure. Also,
housing code violations can be fixed before they give rise to litigation during
We work in conjunction with local brokers to obtain as much information as we can
about the property upon receipt of the referral. We initiate contact with the local
city or town department of inspections and standards to determine if there are any
violations of record. These simple steps can save a client time and money.
A second obstacle is obtaining accurate occupant information. As mentioned above,
the lack of information about who is residing in a property can cause great delay
in an eviction action. Again, we work hand in hand with the local brokers to obtain
this information and if we still have difficulty, we enlist the assistance of local
sheriffs/constables who will conduct an investigation into same for a nominal fee.
It is only with cooperation between your lawyers and local brokers that a quick
resolution can be achieved. We pride ourselves on the relationships we have formed
which continue to serve us well.
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We are equipped to handle your asset from the moment you take it in house until
the moment it is successfully sold. We believe it is our job to facilitate a quick,
seamless sale. We have teamed up with Liberty Title & Escrow to ensure we can
provide exceptional closing services. We currently have a team devoted entirely
to title curative issues. We currently have six full time employees in the title
curative department. We also have attorneys on staff (Marinosci Law Group, PC) to
assist in the clearing of title issues.
Liberty begins the title clearing process as soon as the title order is received
in order to ensure clear title by the time the asset goes under contract. Our staff
members are trained to detect a title issue that may prevent a successful closing.
We work with all local foreclosure attorneys to facilitate timely and proper recordation
of all foreclosure documents.
Liberty calls upon its relationships with national underwriters that issued prior
title policies to cover or indemnify over any title issue that may arise in the
Liberty and Marinosci Law Group, PC. highly recommend the “cradle to grave”
model for foreclosure. With its combined experience, network and knowledge, we can
expedite title curative issues so that the transition into the REO department is
seamless. The law firm having the “knowledge” through Liberty of exactly
“what” issues will hinder a successful closing, will be sure to pass
along to its REO department a “flawless” foreclosure long after other
firms have closed their file and moved on to the next foreclosure, leaving the REO
firm out in the cold.
Marinosci Law Group, PC are committed to the use of innovative, creative
and one-of-a-kind marketing techniques to assist its clients with their REO portfolio.
It is the firm’s goal to reduce the number of REO properties in our clients’
portfolios. We have enlisted the assistance of our auctioneers and local real estate
network, with which we have long-standing, working relationships, to market properties
both pre-auction and post-auction. We have established creative on-line and off-line
marketing strategies in order to optimize third party sales the day of the auction
and post-foreclosure. With greater exposure and focused marketing, it is our goal
to reduce the amount of properties in REO and maximize the dollars received by our
clients with the successful sale of the property.
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