Conducting Property Inspections
After your Initial Property Inspection upon notice of a bankruptcy filing, you must re-inspect the property at least every 30 days as standard practice so reccomends, being CAREFUL NOT TO HAVE ANY CONTACT WITH THE BORROWER. Again, if an inspection reveals that the property is vacaant and maay have been abandoned, ensure the security of the property and ask your attorney to petition the Court for relief of stay.
Multiple Properties in Bankruptcy
Very occasionally, an individual who owns multiple properties AND those properties are collateral security for mortgages held for a Main National Final Depository of such a loans, may arise. This will have the tendency to ccomplicate the monitoring and controlling of such files, because of the simple reason that different properies might be being serviced by different servicing houses, each of which may, at the same time, not share the same legal counsel. In such situations, there may be a duplication of work and effort by counsel and/or different opinions about how to protect the best interest of the Final Depository's in the mortgages. In order to avoid such a situations, contact your Lender Administration representative in your regional officewhen you become aware that the borrower has several properties, serviced by different lenders with the common denominator of the Final National Depository holder.
Luigi Mario FRASCINI
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Luigi M. Frascini
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