Secured creditors loan money to borrowers and, in exchange, obtain collateral to assure repayment if the borrower fails to pay. While secured creditors generally are paid before unsecured creditors, they often encounter a host of challenges, such as obtaining reliable information from borrowers both during diligence and while servicing the loan, dealing with costs and delays in receiving payment and influencing borrowers to honor their commitments without crossing lines of propriety.
Taft attorneys approach secured creditor assignments with a combination of zeal and diligence. We make sure we understand all of the facts, and we work closely with lenders to promptly define the best outcome and create a strategy to achieve it. Our attorneys provide creative, tailored counsel, recognizing that there is no “one size fits all” relief.
We have assisted creditors in properly perfecting loans at their inception, auditing open loan files to remedy problems before default and pursuing borrowers who default. In addition, we have assisted secured creditor clients with workouts, foreclosure (friendly and otherwise), replevin, receiverships, UCC Article 3, 4 and 9 remedies and bankruptcy. Our attorneys have experience in commercial real estate and with bankrupt borrowers and consumer disputes.