Why does FCI servicing require that you foreclose with only their appointed foreclosure lawyers?
It's just their rule. Franco was my lawyer in OH. I wanted to use him and they simply had him fill out a form. Then he was one of their attorneys and I got to use Franco. It wasn't a big deal.
@Scott Taylor - This is self-serving, but you should be comfortable with your lawyer. Find one you like and stick with them. A foreclosure can take a while if there’s an estute defendant.
I've also been using Daniel Singer for loss mit supervision and his office will work directly with the FCI-provisioned attorney to advise us and followup with the local counsel. It's a bit more money but Singer handles the minutia and advises us on tactitical items.
How does FCI handle defaulted land contact deals when a full foreclosure is not required ? I would assume some sort of legal process is also required to gain possession back on the property ?
We have several land contract notes in our portfolio and just wanted to gain the knowledge in the event of default in the future.
Any advice is much appreciated.
@Anthony Dadlani in many cases it can be handled as a simple eviction.
Thank you @Eric Hyde
@Scott Taylor We just transferred some of our loans to FCI for the first time and we haven't had any issues with using our trustees or attorneys. I recall their paperwork saying something about them initiating foreclosure but the explanation I received was that FCI didn't want the investor/lender initiating FC without letting FCI know beforehand so that they could verify that the FC was in compliance. I think FCI is limiting its liability by preventing lenders from initiating illegal FCs. Just my opinion....
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