As the trusted foreclosure counsel of numerous distressed debt funds and private investors, our assistance is commonly requested in the due diligence review of distressed debt. Our team of experienced New York and New Jersey foreclosure attorneys will review the entire collateral file to ensure that the asset you are purchasing actionable. In addition, our staff can offer valuable insight into projected timelines and possible court-imposed roadblocks. While we are happy to tailor our review to our clients’ specific concerns any Pulvers, Pulvers, Thompson & Friedman due diligence review always includes the following services:

Standing – Establishing standing at the commencement of a court action is critical in evaluating both projected timelines and the viability of a pending foreclosure action. Should an action have been commenced without proper standing a restart is a very real possibility and can increase projected timelines by months or years.

Promissory Note Endorsements – A Note can be transferred through a few different avenues. We review all endorsements, allonges and assignments to ensure that our clients’ will have proper possession of the underlying asset upon a completed purchase.

Statute of Limitations – A statute of limitations issue is generally referred to as a “nuclear” problem that can result in a complete loss of an asset. During the due diligence review we will determine when the debt was accelerated and if any statute of limitation issues should be investigated prior to purchase.

Compliance with Court Requirements – Both New York and New Jersey impose various compliance requirements that must be strictly adhered to. We review the collateral file and litigation documents to ensure that all court requirements have been satisfied prior to the purchase of an asset.

Title Review – Our attorneys review the foreclosure certificate (aka title report) and advise our clients of any pending title issues that will need to be cured either prior to commencement or within a foreclosure action.

 

Video: New York Distressed Debt Due Diligence Laws

 

 

Adam Friedman Esq. explains New York Distressed Debt Due Diligence