Parker Poe's Foreclosure & Loan Servicing attorneys work with lenders and creditors to collect money owed and protect their interests in real and personal property in North Carolina, South Carolina and throughout the United States. Our clients include some of the largest banks and mortgage servicers in the country, including CMBS servicers and special servicers of distressed loan portfolios.

Our attorneys work closely with other practice groups in the Firm, particularly Banking and Capital Markets, Bankruptcy and Reorganization and Commercial Litigation to provide our clients with seamless assistance at every stage of debt servicing.

Experience Highlights

Foreclosure – We handle commercial and residential property foreclosures throughout North Carolina and South Carolina. In particular, we have experience in contested foreclosures, including those with title issues and validity of debt challenges. In this practice we have:

• Litigated foreclosures through the North Carolina Supreme Court
• Developed relationships statewide with substitute trustees to handle North Carolina "power of sale" foreclosures
• Assisted in resolving title claims with most of the major title insurance companies
• Conducted hundreds of foreclosures to successful resolution

A recent example of our work in this area involved a receivership and foreclosure of a $60 million food distribution facility associated with a national supermarket chain.

Receiverships – In order to maximize the return for our clients, we are often called upon to seek appointment of a state court receiver to operate a property so that its income can be realized and the property sold as a going concern. Parker Poe has substantial experience in this area, particularly with apartment, office and industrial complexes. We are prepared to seek appointment of receivers on an ex-parte, shortened notice basis to protect against a decline in the value of collateral.

A typical example of our work in this area involved the appointment of a receiver to operate two apartment complexes in Charlotte, North Carolina on behalf of a national mortgage lender. The receiver was appointed as part of a foreclosure proceeding, and each apartment complex was successfully sold as a going concern for a sale price in excess of $10 million.

Creditors' Litigation – Our team includes experienced litigators who have represented clients in multiple state and federal courts. We regularly handle:

• Defense of lender liability claims, including breach of contract, bad faith, fraud, violations of federal TILA and RESPA, damage to credit, etc.
• Enforcement of UCC security agreements
• Structured out-of-court liquidations
• Claim and delivery (replevin) actions for personal property collateral
• Garnishment and attachments
• Collection actions
• Guaranty enforcement suits

Experience

• Represented national mortgage lending company in state court receivership and foreclosure of multi-family apartment housing developments securing loans of approximately $22 million.
• Represented special servicer in connection with $15 million multistate foreclosure of franchise restaurants.
• Represented servicer in connection with filing of foreclosure, obtaining appointment of receiver and subsequent sale of hotel securing $13 million loan in South Carolina.
• Represented franchise mortgage servicer in connection with Chapter 11 proceeding of convenience store chain with more than 40 stores in North Carolina and South Carolina; representation included facilitation of multistore auction with purchase prices totaling in excess of $29 million.
• Represented commercial mortgage backed securities (CMBS) servicer in connection with workout of $116 million loan secured by four internet data facilities in two states.
• Represented CMBS servicer in connection with workout of $113 million loan secured by an office building in Manhattan.
• Represented lender in restructuring $40 million debt of real estate development holding company with facilities in six states.
• Represented servicer of multiple subprime securitized mortgage pools in all counties in North Carolina. Representation includes foreclosures of office buildings, apartment complexes, restaurants, warehouses and assisted  living facilities, as well as, R.E.O., litigation and bankruptcy work.
• Represented Virginia private bank in connection with foreclosure of multiple parcels of undeveloped commercial property in Raleigh and Charlotte areas.
• Represented private Midwest equity company in connection with foreclosures, workouts and bankruptcy work for loan portfolio.
• Represented CMBS servicer in connection with Chapter 11 bankruptcy and foreclosure of hotel in Wilmington, North Carolina, securing $10 million loan.
• Represented lender in connection with workout of loan secured by four golf courses in Eastern North Carolina.
• Represented private Texas lender in connection with receivership and foreclosure of $10 million North Carolina office complex.

News

• Business North Carolina Names 13 Attorneys to 2011 Legal Elite
  Firm Partner Catharine Biggs Arrowood “Top Vote-Getter” for Antitrust
  January 21, 2011
• U.S.News & World Report Names Parker Poe as a Top-Tier Law Firm
  Firm Ranked #1 in 22 Legal Areas for 2010
  September 15, 2010
• Darer Honored as "Citizen Lawyer" by NC Bar Association
  June 25, 2007
• Parker Poe Attorneys Honored as The Best Lawyers in America and the "Legal Elite" in North Carolina
  February 28, 2005