COLLATERAL ATTORNEY REPRESENTATION

Our firm engages heavily in matters of document custody and collateral services, specifically with regard to the documentation required to consummate a new Co-op or CEMA loan on behalf of the outgoing/payoff lender in a refinance. In this role, we operate as counsel to the payoff lender, reviewing previously-originated loan packages, drafting the necessary documentation to facilitate a successful CEMA or cooperative loan transaction with the new lender, and engaging with the new lender’s counsel to evaluate problems, mitigate risk to the payoff lender, and ensure a proper transfer of shares or mortgage assignment.

In addition to facilitating the legal transfer of shares or mortgage assignments, our collateral attorney services relieve the lender from the task of managing the process and numerous communications with new lenders during the Co-op or CEMA payoff process. We remain as the intermediary, and require lender/servicer engagement only upon direction from our firm.