Berlin Patten Ebling offers creditor clients representation in Out-of-Court Workouts. An Out-of-Court Workout can be a preferable alternative to litigation or bankruptcy when there is a contractual default.
Consensual agreements negotiated outside of court can be very beneficial for all parties involved. Below are some of the benefits of an Out-of-Court Workout for lenders and creditors:
- Can be a less expensive alternative to litigation;
- Negotiations and implementation of the agreement of an Out-of-Court Workout may take less time than an agreement achieved after litigation has commenced;
- Less court supervision and interference;
- Allows creditor more recovery than it would be entitled to in a bankruptcy filing;
- Allows for creativity in forming an agreement that is satisfactory and conforms to the creditor’s needs, such as special provisions needed for accounting, compliance, or internal policies;
- Enables the default to be cured using beneficial terms to the creditor rather than only receiving value from the creditor’s collateral; and
- Creditor must consent for the workout to be successful!
We are happy to assist mortgage servicers, banks, credit unions, auto-finance corporations, and many other companies throughout Southwest Florida with Out-of-Court Workouts for defaults associated with business loans, residential or commercial real estate loans, or obligations resulting from personal guarantees.
Our legal team will create a custom strategy focused on achieving your desired results in a timely and affordable fashion while providing you our signature Berlin Patten Ebling customer service and accessibility.
Contact us to schedule a consultation in which we can answer your questions and recommend the best steps to take. We serve clients throughout Southwest Florida from offices in Sarasota, Venice and Lakewood Ranch.