Potestivo & Associates Honored by LPS for Excellence in Foreclosure and Bankruptcy for 3 years in a row.
ROCHESTER HILLS, Mich., August 23, 2010 – Potestivo & Associates P.C., a legal services provider to the default servicing industry, is proud to announce that the firm has been honored by Lender Processing Services, Inc. (LPS) with the ‘Three Time Summit Award’ for best performance in both Foreclosure and Bankruptcy. The award was presented by LPS on August 19th during its annual Attorney Summit, held this year in Denver, CO.
“We are very excited to accept this award from LPS,” said Brian Potestivo, founder and president, Potestivo & Associates. “We are very proud of our team here and even more proud to be able to continue to offer our clients superb, award-winning service.”
The “Summit” Award is presented to firms who have maintained “GREEN” status in both the Foreclosure and Bankruptcy Attorney Performance Report (APR) Scorecards for 12 consecutive months. An award of distinction, the Summit Award represents a pinnacle of “Best in Class” performance across both Foreclosure and Bankruptcy. Since maintaining “GREEN” status for 3 years or 36 months, Potestivo & Associates was the recipient of the ‘Three Time Summit Award’ and the only firm in Michigan to achieve this status.
For more information, about Potestivo & Associates’ legal services, please contact Michaelene Grauf or visit www.potestivolaw.com.
About Potestivo & Associates, P.C.:
For over 20 years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
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LEGISLATIVE UPDATE - August 18, 2010 Protecting Tenants at Foreclosure ActAmendments to Protecting Tenants at Foreclosure Act of 2009
As many of you may already know, on July 21, 2010 President Obama signed legislation that made significant changes to the Protecting Tenants at Foreclosure Act of 2009 ( hereinafter “PTFA”). One change extends the sunset date of the law from December 31, 2012 until December 31, 2014. Another change is to the factors for determining whether a lease must be honored by the immediate successor in interest (hereafter 'Successor') of a dwelling or residential real property. Previously, a Successor did not have to honor the lease of a bona fide tenant unless it was entered into before the “notice of foreclosure”. This was widely held to mean that the lease would have to be honored if it was executed before the first notice of foreclosure was issued. This is no longer the case. The amendment to the PTFA now states that “the date of a notice of foreclosure shall be deemed to be the date on which complete title to a property is transferred to a successor entity or person as a result of an order of a court or pursuant to provisions of a mortgage, deed of trust or security deed”. Therefore, a lease entered into before “complete title” to the property passes might have to be honored. The determination of when complete title passes after a foreclosure sale is based on state law and will therefore vary from state to state.
In Michigan, complete title passes after the expiration of the redemption period. “When the amount due under the mortgage is paid to the mortgagee by the purchaser at the sheriff’s sale, the lien is destroyed, and the purchaser becomes the owner of an equitable interest in the mortgaged premises which ripens into a legal title if not defeated by redemption as provided by law”. Dunitz v Woodford Apartments Co, 236 Mich 45; 209 NW 809 (1926). Therefore, as long as the lease was entered into before the redemption period expires, it will likely have to be honored pursuant to these PFTA changes if the tenants themselves are bona fide. We have not had too much exposure to the changes as of yet so it is hard to predict the exact impact this change will have on foreclosures in the State of Michigan. However, because Michigan has a long redemption period (6 months), we will undoubtedly see at least a small increase in the number of leases this change affects.
In Illinois, title passes upon delivery of the sale deed to the purchaser at foreclosure sale. 735 ILCS 5/15-1509(b). The sale deed is delivered after the sale is confirmed and the purchase price and costs are paid. 735 ILCS 5/15-1509(a). However, complete title arguably does not pass until Illinois' special right of redemption expires.
The owner of redemption has an additional 30 days after the date the sale is confirmed to redeem if 1) the purchaser at the sale was the mortgagee who was a party to the foreclosure or its nominee and 2) the sale price was less than the judgment amount plus costs. 735 ILCS 5/15-1604. The United States of America (“USA”) also has a special right to redeem, after asserting its interest in the action, which expires either one year from sale confirmation or, if the lien arose under the internal revenue laws, 120 days from sale confirmation. 28 U.S.C.A. 2410(c). We have yet to see how the Illinois judiciary will interpret the meaning of “complete title” however a conservative view will define complete title as passing upon delivery of the sale deed to the purchaser at foreclosure or, if a special right to redeem exists, upon expiration of that special redemption period.
Only time will truly tell how large of an impact these changes to the PTFA will have. One thing is for certain though; we will have much more time to determine its effect. The two year extension from December 31, 2012 until December 31, 2014 is undoubtedly the largest change that this amendment made to the PTFA. We thank you for your time and we will continue to update you as to any further legislative changes. Please do not hesitate to contact our office with any questions or concerns that you may have.
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June 2010 – For the fourth year in a row, Potestivo & Associates, P.C. raises funds for cancer research by creative fundraising events and employee dedication to the cause.
Rochester Hills, Mich. June 28, 2010 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce that through united fundraising efforts firm-wide, they have raised $4,568 for the American Cancer Society’s signature event, Relay 4 Life, held June 26th and 27th at Hart Middle School in Rochester Hills, Mi.
“The annual fundraising we do for the American Cancer Society’s Relay 4 Life is something all of our employees look forward to and continue to get creative with year after year,” says Brian Potestivo, founder and president, Potestivo & Associates. “It brings our employees together for a common goal and the money we are able to donate at the end of the relay, is something everyone can feel proud of”.
The firms various departments put together a wide range of fundraising events such as bake sales, 50/50 raffles, euchre tournaments and themed lunches. During the relay, several employees participated and took on a leg of the relay with family and friends and fellow coworkers. Those who didn’t relay showed support by attending the event and cheering on the walkers.
For more information on Potestivo & Associates other fundraising initiatives or community involvement, please contact Michaelene Grauf or visit www.potestivolaw.com
About Potestivo & Associates, P.C.:
For over twenty years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
# # #
June 2010, Potestivo & Associates hires new Associate Attorney, Kenneth A. Slusser, for the firm’s Rochester Hills office.
ROCHESTER HILLS, Mich., June 17, 2010 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the hiring of new Associate Attorney, Kenneth A. Slusser. Brian A. Potestivo, president and founder, made the announcement. Ken joins the firm’s growing Rochester Hills, Michigan group of attorneys and will represent clients in the Litigation department.
“We are thrilled to have Ken join our team”, said Brian Potestivo, founder and president, Potestivo & Associates, “With 27 years of experience in litigation practice, we know he will be an asset to our clients and team.”
Ken earned his Bachelor of Science from Eastern Michigan University, where he majored in Political Science and minored in History. He then went on earn his J.D. from Wayne State University.
Prior to joining Potestivo & Associates, Ken was an attorney and member of the Board of Directors at Johnson, Rosati, LaBarge, Asseltyne & Field in Farmington Hills who he was with since 1993.
About Potestivo & Associates, P.C.:
For over 20 years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene S. Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
# # #
May 2010, Potestivo & Associates, P.C. adds new supervising attorney and three new associate attorneys to their team.
ROCHESTER HILLS, Mich., May 3, 2010 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the hiring of attorneys Kenneth VanNorwick, Ashley Rasmussen, Anna Kahriman, and Cory Bainbridge. Brian A. Potestivo, president and founder, made the announcement. They join the firm’s growing Rochester Hills, Michigan and Chicago, Illinois group of attorneys and will represent clients in the Landlord and Tenant, Loss Mitigation, Foreclosure, and Bankruptcy departments.
“We are pleased to have these four great attorneys join our team”, said Brian Potestivo, founder and president, Potestivo & Associates, “We look forward to the insight and dedication we know they will contribute to our firm as well as our clients.”
Ashley K. Rasmussen, associate attorney in the Landlord and Tenant department, joined the firm on April 5th, 2010. Ashley earned her Bachelor of Science in Business Administration from Central Michigan University, where she majored in General Business and minored in English and Economics. She then went on earn her J.D. from Thomas M. Cooley School of Law with a concentration in Litigation. While in law school, Ashley was the recipient of the Book Award for The District Court Mediation Pilot Program and served on the Student Bar Association.
Prior to joining Potestivo & Associates, Ashley worked on debtor side bankruptcy for a law firm in Grayling, Michigan.
Supervising attorney in our Bankruptcy department, Kenneth A. VanNorwick, joined the firm on April 13th, 2010. Ken earned his Bachelor of Arts from the University of Michigan, where he majored in Political Science and minored in History. He then went on earn his J.D. from DePaul University, College of Law.
Prior to joining Potestivo & Associates, Ken worked in several law firms furthering his knowledge in Creditor Rights Law, with a concentration in Bankruptcy.
Anna C. Kahriman, associate attorney in the Foreclosure department, joined the firm on April 13th, 2010. Anna earned her Bachelor of Arts from Alma College, where she majored in Political Science and Philosophy and held an internship with the National Organization for Women. Anna then went on to earn her J.D. from DePaul University College of Law where she also interned with the Cook County Public Defender’s office. Anna is also an active member of the District Advisory Community for Educational Excellence (DACEE) of South Berwyn District 100.
Prior to joining Potestivo & Associates, Anna gained experience in consumer bankruptcy, and real estate.
Cory R. Bainbridge, associate attorney in our Landlord and Tenant and Loss Mitigation departments, joined the firm on May 3rd, 2010. Cory earned his Bachelor of Arts from Michigan State University, where he majored in Human Resource Management. Cory then went on earn his J.D. from University of Detroit Mercy where he was a clinician in the Urban Law Clinic and also completed an internship at the 16th Judicial Circuit Court in Macomb County.
Prior to joining Potestivo & Associates, Cory worked as a solo practitioner at Bainbridge Law, PLLC focusing on family law, estate planning, and landlord tenant/real property matters.
About Potestivo & Associates, P.C.:
For over 20 years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene S. Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
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March 17th, 2010 – Potestivo & Associates, P.C. signs into contract the first ROOF Agreement in the City of Detroit for an initial 3 month term.
ROCHESTER HILLS, MICH. March 18th, 2010 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the signing of the first ROOF Agreement, which was introduced in November of last year. The agreement’s purpose is to aid foreclosed upon homeowners in keeping a “ROOF” over their heads while they get back on their feet and reducing the number of vacant homes in the City of Detroit.
The ROOF Agreement (Retaining Occupancy on Foreclosure) was born under the collaboration of Potestivo & Associates and the DOOFPR (Detroit Office of Foreclosure Prevention and Response) and was formally introduced at a summit in November of 2009. The property for the first ROOF Agreement is located on Kensington Street and has an initial term of three months (90 days) at which point the occupant can request a month to month extension of the Agreement.
“We couldn’t be happier that we are seeing our first Detroiter benefit from the ROOF Agreement”, says Brian A. Potestivo, President and Founder of Potestivo & Associates, P.C., “we knew that ROOF was a step in the right direction with helping individuals during rough times and also helping the City of Detroit.”
Under the ROOF Agreement the occupant must pay for all utilities, heat, water, electricity, etc., and a monthly fee will be instituted depending on the occupant’s ability to pay.
For more information about Potestivo & Associates legal services or the ROOF Agreement, please contact:
Angela S. Veda
248.853.4400 x1102
aveda@potestivolaw.com
About Potestivo & Associates, P.C.:
For almost twenty years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
# # #
February 22, 2010 - Potestivo & Associates, P.C Associate Attorney Neil F. Narut conducts continuing education lectures in Chicago on Foreclosure
February 22, 2010 – Neil F. Narut, an Associate Attorney at Potestivo & Associates, P.C. scores high marks on his February 18th lectures at a seminar sponsored by Chicago Title Insurance Company.
ROCHESTER HILLS, MI. February 22nd, 2010 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to share news of two well received lectures on Foreclosure conducted by Neil F. Narut, Associate Attorney in the Firms Chicago office.
Chicago Title Continuing Legal Education Seminar, February 18, 2010 “Overview of Mortgage Foreclosures in Illinois – Judicial Process Through REO” left a group of over 100 attorneys very pleased with the knowledge and insight they gained from attending the seminar. A vast amount of attendees reported excellent remarks for lecturer, Neil Narut, which included praise of content and details covered.
“We have confidence in Neil and the knowledge he shares anytime he is invited to give lectures”, says Brian A. Potestivo, President and Founder of Potestivo & Associates, P.C., “we know that it will be time well spent for the attendees and they will leave with greater understanding of the topic.”
For more information about Potestivo & Associates legal services, please contact:
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
# # #
December 9 2009, Potestivo & Associates hires new associate attorney,
Audrey K. Myers to join growing Chicago, Illinois office.
ROCHESTER HILLS, Mich., December 9, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the hiring of a new associate attorney, Audrey K. Myers. Brian A. Potestivo, president and founder, made the announcement. Audrey Myers joins the firm’s growing Chicago, Illinois office and will represent clients in foreclosure, eviction and litigation.
“We are pleased to add Audrey to the Chicago team,” said Brian Potestivo, “she brings a diverse background of legal and real estate experience.”
Prior to joining Potestivo & Associates, Audrey Myers focused her practice in the areas of family law, worker’s compensation and held a position with the Illinois Environmental Protection Agency. Myers is also a licensed Real Estate agent in the state of Illinois.
Audrey Myers earned her B.A. in Business from Illinois Wesleyan University. With a Major in Business Administration and Minor in Hispanic Studies, Myers graduated Magna Cum Laude. Myers then went on to get her law degree from DePaul University College of Law. Being from a small town in Midwestern Illinois, Myers enjoys the contrasts of working in a big city like Chicago.
About Potestivo & Associates, P.C.:
For almost 20 years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
# # #
December 1st, 2009 – Potestivo & Associates, P.C. launches successful introduction of ROOF Agreement, with the support of Mayor Dave Bing, at a summit held on November 11th, 2009
Rochester Hills, Mich. December 1st, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the successful introduction of the ROOF Agreement to several large servicers and lenders at a summit held last month.
The ROOF Agreement (Retaining Occupancy on Foreclosure) was born under the collaboration of Potestivo & Associates and the DOOFPR (Detroit Office of Foreclosure Prevention and Response). The goal of the agreement is to salvage Detroit neighborhoods and greatly reduce the number of vacant homes by keeping foreclosed homes occupied by either the owner or tenant. The ultimate goal is to put an end to the dropping value of Detroit homes and neighborhoods due to vacant and deteriorating properties. Mayor Dave Bing attended the summit to speak of his support of the Agreement and all efforts to improve the challenges facing the City of Detroit’s housing crisis.
“We feel strongly that the ROOF Agreement will be very positive for the Detroit housing market and community”, says Brian A. Potestivo, President and Founder of Potestivo & Associates, P.C., “and its our hope it will be introduced in cities all over the country.”
The ROOF Agreement allows a property to be occupied for a 3 month term after foreclosure takes place. The occupant must pay for all utilities, heat, water, electricity, etc., and a monthly fee will be instituted depending on the occupant’s ability to pay. At the end of 3 months, and if the property is not sold, options to renew would be available.
For more information about Potestivo & Associates legal services or the ROOF Agreement, please contact:
Angela S. Veda
248.853.4400 x1102
aveda@potestivolaw.com
About Potestivo & Associates, P.C.:
For almost twenty years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
# # #
November 5, 2009 - Potestivo & Associates, P.C. Hires New Associate Attorney for Rochester Hills, Mich. OfficeNovember 2009, Potestivo & Associates hires new associate attorney, Paul Poles, who previously held a law clerk position within the firm.
ROCHESTER HILLS, Mich., November 5, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the hiring of a new associate attorney, Paul Poles. Brian A. Potestivo, president and founder, made the announcement. Paul Poles joins the firm’s growing Rochester Hills, Michigan group of attorneys and will represent clients in litigation.
“We are very proud of Paul for passing the bar”, said Brian Potestivo, founder and president, Potestivo & Associates, “We are proud to hire him on as an Associate Attorney and look forward to everything we know he will contribute to the firm.”
Paul Poles graduated Magna Cum Laude from Wayne State University, earning a Bachelor of Science in Business Administration with a concentration in Marketing. He then went on to attend law school at the University of Detroit Mercy. While in law school, he concentrated his studies in real estate law and business law, and received a Book Award for his academic achievements in Evidence.
Before joining Potestivo & Associates, Paul worked at a title and appraisal company for seven years and also held an externship at the Wayne County Prosecutor’s Office in the Asset Forfeiture Unit.
About Potestivo & Associates, P.C.:
For almost 20 years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene S. Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
# # #
November 5, 2009 - Potestivo & Associates, P.C. Hires New Associate Attorney for Rochester Hills, Mich. OfficeNovember 2009, Potestivo & Associates hires new associate attorney, Summer E. Gary, who previously held a law clerk position within the firm.
ROCHESTER HILLS, Mich., November 5, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the hiring of a new associate attorney, Summer E. Gary. Brian A. Potestivo, president and founder, made the announcement. Summer Gary joins the firm’s growing Rochester Hills, Michigan group of attorneys and will represent clients in foreclosure and loss mitigation.
“We extend our congratulations to Summer for passing the bar,” said Brian Potestivo, founder and president, Potestivo & Associates, “We are proud to hire her on as an Associate Attorney and look forward to all she will contribute to the firm.”
Summer Gary earned her Bachelor of Arts at Miami University with a double major in Political Science and Women’s Studies. Summer then went on to make the Dean’s List at Capital University Law School with concentrations in Alternative Dispute Resolution and Criminal Litigation. She was also President of the Christian Legal Society and served on the Student Advisory Board for career services.
Summer also held two legal internships at the Ohio Attorney General’s Office and an externship in the Capital University Legal Clinic.
About Potestivo & Associates, P.C.:
For almost 20 years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene S. Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
# # #
November 2, 2009 - Potestivo & Associates Wins #2 Spot in Crain’s 2009 “Cool Places to Work in Tough Times” RankingPotestivo & Associates ranks high in Crain’s 2009 “Cool Places to Work in Tough Times” based on company benefits, policies, practices and overall employee happiness
ROCHESTER HILLS, Mich., November 2, 2009– Potestivo & Associates P.C., a legal services provider to the default servicing industry, is proud to announce that the firm has been honored by Crain’s Detroit Business as the #2 company in the region in the 51-250 employee category for “Cool Places To Work in Tough Times”.
“This award has and always will mean a lot to us,” said Brian Potestivo, founder and president, Potestivo & Associates. “I firmly believe in creating an enjoyable and positive workplace environment and more importantly, a place where our employees feel valued and appreciated.”
Crain’s received nominations from employees from 191 companies this year and then asked the leaders of those companies to fill out a questionnaire regarding various aspects of the company’s policies and offerings. Companies were also judged based on programs implemented in response to the current economic climate. Areas looked at included everything from work-life initiatives to soliciting employee suggestions.
For more information, about Potestivo & Associates’ legal services or workplace environment, please contact Michaelene Grauf or visit www.potestivolaw.com.
About Potestivo & Associates, P.C.:
For almost 20 years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
# # #
October 22, 2009 - Potestivo & Associates, P.C. Hires New Associate Attorney for Grand Rapids, Mich OfficeOctober 2009, Potestivo & Associates hires new associate attorney, Brian L. Groen who brings vast default servicing legal management to the team in Grand Rapids, Michigan.
“We are fortunate to have Brian join our team and manage our
Prior to joining Potestivo & Associates, Brian Groen managed all aspects of Michigan referred cases from a national default servicing company at a Grand Rapids based firm, including judicial foreclosure, title claims, and the drafting and editing of various briefs on appeal to the Michigan Court of Appeals.
Brian Groen earned his Bachelor of Science in Criminal Justice with a concentration in Psychology from
For more information about Potestivo & Associates' legal services or to schedule an interview with Brian Groen, please contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
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October 15, 2009 - Potestivo & Associates P.C. Hires Associate AttorneyOctober 2009, Potestivo & Associates hires new associate attorney, Herbert R. Worthy, Jr. who brings extensive real estate law experience to the team in Rochester Hills, Michigan.
ROCHESTER HILLS, Mich., October 15, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the hiring of a new associate attorney, Herbert R. Worthy, Jr. Brian A. Potestivo, president and founder, made the announcement. Herb Worthy joins the firm’s expanding default servicing department and will specialize in the Landlord/Tenant practice area.
“We are excited to have Herb join our team,” said Brian Potestivo, “his background in real estate law is diverse and he brings the experience necessary to benefit our expanding practice.”
Prior to joining Potestivo & Associates, Herb Worthy served as Corporate Counsel for the largest agent of Chicago Title Insurance, where he managed a team of closers, examiners, title processors and closing file processors in addition to representing clients in all legal matters. Herb Worthy also had the opportunity to practice in the area of Private Adoptions and Estate Planning.
Herb Worthy is a graduate of the Detroit College of Law and admitted to the State Bar of Michigan and the United States Supreme Court. Prior to law school, Herb Worthy earned a Bachelor of Arts in Economics from the University of Pittsburgh. Herb Worthy was also involved with the law show “Legally Speaking,” a co-production of the Macomb County Bar Association and Sterling Heights Television. He is an active participant in the Macomb County Bar Association and the Real Property Section of the State Bar of Michigan. Herb Worthy also coaches Developmental Basketball and Science Olympics for his daughter’s school.
For more information about Potestivo & Associates' legal services or to schedule an interview with Herb Worthy, please contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
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September 11, 2009 - Potestivo & Associates, P.C. Expands Home Retention Services Practice AreaSeptember 2009, Potestivo & Associates hires two new Mediation Specialists to expand the firm’s Home Retention Services practice area in response to Michigan’s recent changes to foreclosure law.
ROCHESTER HILLS, Mich., September 11, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the hiring of two new Mediation Specialists, Summer E. Gary and Paul Poles. Brian A. Potestivo, president and founder, made the announcement. Summer and Paul join the firm’s growing Home Retention Services area.
“Recent amendments to the Michigan Foreclosure Statute encourage face-to-face negotiations between the mortgagor and the mortgage holder,” said Brian Potestivo, “our firm serves as the mortgage holders’ onsite designee promoting cost and time efficiencies for all involved parties. Our dedicated Mediation Specialists provide a knowledgeable single-source communication point for the mortgage servicers, borrowers, and community in whole.”
Summer Gary is a graduate of Capital University Law School and served as a legal intern at the Ohio Attorney General’s Office. Paul Poles earned his BS in Business Administration from Wayne State University and went on to graduate from The University of Detroit Mercy School of Law.
About Potestivo & Associates, P.C.:
For almost 20 years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400
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On June 20-21, Potestivo & Associates sponsored a fundraising team for the American Cancer Society’s Relay for Life event, raising $10,552, with company-wide participation through creative fundraising activities and walking/running around the track at Hart Middle School in Rochester Hills, Michigan.
Rochester Hills, Mich., June 24, 2009 – Potestivo & Associates P.C., an award-winning legal services provider to the mortgage banking industry, is pleased to announce the firm exceeded its fundraising goal for the American Cancer Society’s signature event, Relay for Life. Beginning in April 2009, Potestivo & Associates set a goal to raise $5000 to help with cancer research. After all funds were collected, the final tally was $10,552.68; doubling the record fundraising efforts reached the previous year.
“We are very proud to sponsor our local communities and the charities that are important to the firm’s employees,” says Brian Potestivo, founder and president, Potestivo & Associates, “it is especially rewarding that despite current economic conditions, our employees dedicated their time, energy, and creativity to more than double the contributions from last year.”
The firm experienced office-wide support of the program, with many departments raising money in original ways, including evening activities like bowling and euchre tournaments, internal promotions such as ice cream socials, bake sales, pizza parties, and potlucks, plus weekly 50/50 raffles, and used book sales. On the day of the Relay for Life track event, a few employees even volunteered their time to provide massages to tired track participants.
For more information, about Potestivo & Associates fundraising activities and other community involvement, please contact Amber Hoffman or visit www.potestivolaw.com.
About Potestivo & Associates, P.C.:
For almost twenty years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
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June 15, 2009 - Potestivo & Associates Receives LPS Attorney Summit Award
Potestivo & Associates Honored by LPS for a Second Year in a Row
for Best Performance in Foreclosure and Bankruptcy
ROCHESTER HILLS, Mich., June 18, 2009 – Potestivo & Associates P.C., a legal services provider to the default servicing industry, is proud to announce that the firm has been honored by Lender Processing Services, Inc. (LPS) for the second year in a row with the Summit Award for best performance in both Foreclosure and Bankruptcy. The award was presented by LPS on June 11 during its annual Attorney Summit, held this year in Minneapolis, Minn. Potestivo & Associates was one of only 10 firms nationwide recognized with this honor for the second year.
“We are very excited to accept this award from LPS,” said Brian Potestivo, founder and president, Potestivo & Associates. “It is a great recognition to our employees’ continued hard work and dedication to meeting deadlines accurately and professionally.”
The Summit award is based on the firm’s departments maintaining a Best in Class status with LPS throughout the year. Best in Class status is achieved through a variety of factors, including recognition of a firm’s ability to professionally and accurately respond to each stage of the foreclosure and bankruptcy process for each client within the LPS system assigned to that firm.
For more information, about Potestivo & Associates’ legal services, please contact Amber Hoffman or visit www.potestivolaw.com.
About Potestivo & Associates, P.C.:
For almost 20 years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
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May 29, 2009 - New Law Protecting Tenants Affects Michigan Landlords in Foreclosure
President Obama signed into law the “Helping Families Save Their Homes Act of 2009” on May 20, 2009. Under this new law there is a section titled “Protecting Tenants at Foreclosure Act.” This section provides that in the case of a foreclosure on a federally-related mortgage loan or on any dwelling or residential real property after the date of enactment of this law the successor in interest to the property (in Michigan the successful bidder at the foreclosure sale) from the foreclosure sale shall assume the interest of the property subject to the rights of a “bona-fide tenant.” Therefore, on any foreclosure sale that occurs after May 20th this new law will affect how the eviction proceeding is commenced on tenant occupied properties. It is important to note that this new law only applies to tenant occupied properties and does not in any way affect properties that are occupied by the mortgagor.
The law provides that the successor in interest of the property pursuant to the foreclosure sale must provide at least ninety (90) days notice to vacate to any “bona-fide tenant” and if the lease is a “bona-fide lease” that was entered into before the notice of foreclosure allow the bona-fide tenant to occupy the premises until the end of the remaining term of the lease except that the successor in interest of the property may terminate the lease effective upon the sale of the property to a third party that intends to occupy the property as a primary residence, so long as the tenant received the ninety (90) day notice to vacate.
The law also gives an alternative to the above requirement of occupying until the end of the remaining term of the lease. It states that if there is no lease or the lease is terminable at will under State law then the successor in interest shall provide the tenant the ninety (90) day notice to vacate.
Under Michigan law a pre-existing lease is considered terminated upon expiration of the six (6) month statutory redemption period after a foreclosure sale. Therefore, the argument can be made that a lease that was entered into would be terminable under State law by the foreclosure sale and invoke Section (2)(B) of the new law, which provides that where a lease is terminable under State law, the successor in interest or successful bidder at the foreclosure sale would take the property subject to the tenants receipt of a ninety (90) day notice to vacate.
Potestivo & Associates, P.C. is ready for this new law and the requirements it contains. In order to comply with the new requirement that the “Helping Families Save Their Homes Act of 2009” provides we would suggest that the ninety (90) day notice to vacate is sent within the last ninety (90) days of the redemption period. In this notice we would include language that requests a copy of the lease so that we can review and make a determination on the best way to proceed under these new requirements. By doing this not only would the notice to vacate period expire at the same time as the redemption period, but we would also have a copy of their lease and there would be little delay with the eviction proceedings. However, in order to implement this new process the eviction referral would have to be sent at least ninety (90) days before the redemption period expires so the required notice could be sent out to all tenant occupied properties and the leases reviewed before any eviction proceedings were commenced.
Please click here if you'd like to review the law in its entirety.
May 26, 2009 - Michigan Foreclosure Statute Amendment Signed by Governor
The Michigan Legislature passed an amendment to the Michigan Foreclosure Statute and Governor Granholm signed the legislation on May 20, 2009. The amendment creates additional steps and imposes new requirements before a party may foreclose a mortgage by advertisement in Michigan. The revised statute took effect on July 5, 2009 (45 days after the date it is enacted into law) and only applies to foreclosures by advertisement which begin publication after the effective date.
The amendment imposes a new layer of notice of the foreclosure, creates a 90-day stay of foreclosure proceedings where the mortgagor desires a loan modification, and allows the mortgagor to demand face-to-face negotiation and counseling with the mortgage holder and an approved housing counselor focused on the possibility of a loan modification. This amendment is applicable only where the property constitutes the mortgagor’s principal residence.
Under the current statute, the notice of foreclosure is published and posted on the subject property within 15 days of the publication. This amendment further requires that before foreclosure proceedings by advertisement may be commenced a preliminary written notice must be served on the mortgagor at their last known address via regular and certified mail. This notice must contain information including the reason the mortgage is in default, the amount due under the mortgage, the names, addresses and telephone numbers of the mortgage holder, the mortgage servicer or any agent designated by the mortgage holder or mortgage servicer who has the authority to enter into a loan modification agreement with the mortgagor. The initial notice must also contain a list of housing counselors prepared by the Michigan State Housing Development Authority as well as the telephone numbers of the State Bar of Michigan’s Lawyer Referral Service and a local legal aid office with the indication that the mortgagor has the right to contact an attorney.
A second preliminary notice must also be published informing the mortgagor of their rights under the amendment within 7 days after the notice has been mailed to the mortgagor. The notice must be published once in the same manner as required for publishing a notice of foreclosure sale. Furthermore, the published notice must contain the mortgagor’s name and address, inform the mortgagor of their right to a meeting with the mortgage holder or servicer, and the name of the designee with authority to enter into a loan modification agreement. In addition, information regarding the Michigan State Housing Development Authority and the mortgagor’s right to contact a housing counselor must also be included in the notice. The mortgagor must be informed that their request for a meeting with the designee automatically stays the foreclosure for 90 days.
This amendment allows the mortgagor to demand mandatory housing counseling before the foreclosure sale. It should be noted that this housing counseling is only required if the mortgagor chooses to participate in an effort to modify the loan. Mandatory counseling is a completely new requirement in Michigan.
Within 14 days after the preliminary notice is sent, the mortgagor may request a meeting with the mortgage holder’s designee to attempt to work out a modification of the loan. The mortgagor may make this request of the designee or of a housing counselor and the mortgagor may also request that a housing counselor attend the meeting.
Once a meeting has been requested, foreclosure proceedings may not be commenced for 90 days from the date the notice was mailed to the mortgagor. Within 10 days after being contacted by a mortgagor, a housing counselor must inform the designee of the mortgage holder/servicer in writing of the mortgagor’s request. The foreclosure may not be commenced until the timeframe within which the housing counselor must inform the designee has expired. Therefore, a foreclosure by advertisement may not commence until at least 24 days after the preliminary notice is sent to the mortgagor. The proceedings will only continue at that time if the mortgagor has not requested a meeting of the designee or housing counselor.
Upon request, the mortgagor is required to produce any documents necessary for the designee to determine whether the mortgagor is eligible for a loan modification. Foreclosure proceedings may not commence before the meeting has taken place. The housing counselor is to schedule the meeting between the designee and the mortgagor at a time and place convenient to all parties or in a location within the county where the property is located.
If the mortgagor has contacted a housing counselor but the process does not result in an agreement to modify the loan, the designee must work with the mortgagor directly to determine whether the mortgagor qualifies for a loan modification. The process utilized by the designee to make such a determination must target a ratio of the mortgagor’s housing related debt to the mortgagor’s gross income of 38% or less utilizing interest rate reduction, extension of amortization, deferral of principal, and/or reduction or elimination of late fees. In the event the loan is pooled for sale to a governmental entity or has been sold to a government-sponsored enterprise, the designee must follow the modification guidelines dictated by the governmental entity or government-sponsored enterprise. Other loan modification terms or loss mitigation efforts are not prohibited if agreed to by the mortgagor and designee.
The designee must provide the mortgagor a copy of any calculations made by the designee and, if requested by the mortgagor, a copy of the program, process, or guidelines under which the determination to approve or deny the loan modification was made. If the mortgagor is determined to qualify for a modification of payments under an approved workout program, and the mortgagee or servicer refuses to modify the loan, then the mortgagee may only foreclose by judicial means. The amendment also provides more opportunity for the mortgagor to challenge the foreclosure by advertisement proceedings resulting in a mortgagee having to commence or change its proceedings to a judicial foreclosure.
The foreclosure may proceed by advertisement in the event the mortgagor does not qualify for the loan modification under the program, or in the event the designee has offered the mortgagor a modification according to the accepted terms and the mortgagor has not executed and returned the modification agreement within 14 days after the mortgagor received the agreement.
The amendment does not apply in cases where loan modifications have already been entered into pursuant to these new foreclosure requirements unless the mortgagor has complied with that modification for at least one year. In addition, the amendment does not apply to judicial foreclosure actions. Typically, the judicial foreclosure process takes approximately 1 year (including the redemption period) where foreclosures by advertisement in Michigan currently take approximately 7-8 months to complete (including the typical 6-month redemption period). It is anticipated that the amendment will extend the foreclosure by advertisement process by between 2 and 4 months depending upon whether the mortgagor elects to attempt to modify their loan. As the time savings advantage of foreclosing by advertisement will no longer be a factor, it may be advisable in some cases to foreclose judicially.
Potestivo & Associates is prepared to implement the additional steps required by the State of Michigan to foreclose loans legally and efficiently by advertisement. We are prepared to ensure that proper notice is provided to the mortgagor, to attend the housing counseling sessions on behalf of our clients, and are willing to act as the mortgage holder’s and/or servicer’s designee in the process. If you have any questions or would like to discuss any of this further, please do not hesitate to contact myself at chaack@potestivolaw.com or Michael Woods at mwoods@potestivolaw.com.
April 27, 2009 - Potestivo & Associates, P.C. Hires Associate Attorney
April 2009, Potestivo & Associates hires new associate attorney, Keith H. Werwas, who brings significant litigation experience to the team in Chicago, Illinois.
Chicago, Ill., April 27, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the hiring of a new associate attorney, Keith H. Werwas. Brian A. Potestivo, president and founder, made the announcement. Keith H. Werwas will be working in all areas of practice offered by the Potestivo & Associates Chicago office, including foreclosure, bankruptcy, landlord and tenant, title resolution, loss mitigation and REO disposition.
“We are very excited to add Keith to our team,” said Brian Potestivo, “he has great experience with litigation, specifically related to the mortgage and real estate industries.”
Prior to joining Potestivo & Associates, Keith Werwas served as a Senior Managing Litigation Associate with a prominent Chicago firm. He was responsible for three mortgage/real estate clients, handling cases through all stages of litigation, including trials and post-judgment proceedings. He was also very involved with the creation and implementation of firm-wide operation standards in business operations, client relation services, and compliance department procedures.
Keith Werwas is a graduate of Southern Illinois University School of Law and admitted to the Illinois State Bar and the United States District Court for the Northern District of Illinois. Prior to law school, Keith Werwas attended Ball State University, graduating Cum Laude with a Bachelor of Science. During his undergraduate program, he was on the Dean’s List and served as President of the Golden Key International Honor Society.
For more information about Potestivo & Associates' legal services or to schedule an interview with Keith Werwas, please contact:
Amber Hoffman, director of marketing
Potestivo & Associates
p: (248) 853-4400
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April 21, 2009 - Potestivo & Associates, P.C. Named Eagle Member in New Wingspan Attorney Network
April 21, 2009, Potestivo & Associates is an Eagle member of the newly created Wingspan Professional Attorney Network, supporting specialty servicer, Wingspan Portfolio Advisors, LLC.
Rochester Hills, Mich. April 21, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the firm’s acceptance as an Eagle member of the Wingspan Professional Attorney Network (WPAN).
“We are proud to be an Eagle member in WPAN,” says Brian A. Potestivo, President, Potestivo & Associates, “we understand the importance of communication during the process and work diligently on behalf of all our mortgage servicing clients to educate borrowers on the various alternatives to foreclosure.” Potestivo & Associates has a dedicated Home Retention Team and takes a proactive approach to managing defaulted loans, reviewing each unique situation to make appropriate workout recommendations.
Wingspan Portfolio Advisors is a Dallas-based mortgage servicer that specializes in finding ways to turn highly delinquent loans into performing loans. The WPAN is organized with three levels of designations and will eventually be based upon a firm’s loan resolution success. Steven Horne, CEO, Wingspan Portfolio Advisors, says “by becoming a member of the WPAN, law firms are demonstrating their commitment to finding alternatives to foreclosure even when the process has already started, by working with us to save loans.”
For more information about Potestivo & Associates legal services or the Home Retention Team, please contact Michael J. Woods, Esq at mwoods@potestivolaw.com or visit www.potestivolaw.com.
About Potestivo & Associates, P.C.:
For almost twenty years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
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April 13, 2009 - Wingspan Portfolio Advisors, LLC Creates Attorney NetworkWINGSPAN PORTFOLIO ADVISORS FORMS WINGSPAN PREFERRED ATTORNEY NETWORK TO BENEFIT LOAN WORKOUT EFFORT ACROSS THE NATION
Specialty servicer creates group of attorneys dedicated to helping borrowers save homes from foreclosure, not solely on completing legal action
Carrollton, Texas, April 13, 2009 – Wingspan Portfolio Advisors, LLC, a Dallas-based mortgage servicer specializing in highly delinquent loans, has formed a professional network of attorneys to assist in efforts to help borrowers avoid foreclosure and stay in their homes. These law firms are normally more involved in seeing foreclosure actions through to their conclusions, but membership in the Wingspan Professional Attorney Network (WPAN) signifies their interest in seeking other ways to help their lender and servicer clients. As Steven Horne, Wingspan Portfolio Advisors CEO explains, “As an attorney myself, I understand that while law firms provide the legal services associated with foreclosure, they and their clients will benefit more by finding ways to make the assets re-perform and keep people from losing their homes. They want to explore all the options before foreclosure becomes inevitable, and that’s where the Wingspan Preferred Attorney Network comes in.”
Wingspan Portfolio Advisors takes over when traditional loan servicers give up on severely delinquent transactions, working closely with borrowers on payment plan options and structuring loan modifications that can be sustained over long periods of time. “By becoming a member of the Wingspan Preferred Attorney Network,” Horne says, “law firms are demonstrating their commitment to finding alternatives to foreclosure even when the process has already started, by working with us to save loans. That is a valuable service enhancement for their lender and servicer clients, and a real boon to consumers.” Wingspan Portfolio Advisors is highly familiar in working with attorneys by virtue of its alliance with the American Legal & Financial Network, the AFN, a national network of banking and legal professionals. In its alliance with the AFN, Wingspan uses AFN member attorneys exclusively wherever possible. When necessary to use non-AFN member attorneys in certain jurisdictions, those firms are encouraged to join the organization. AFN’s CEO, William LeRoy, says, “We see great value in our alliance with Wingspan Portfolio Advisors, as it brings our member attorneys opportunities to assist in the important effort of keeping borrowers in their homes. Making sure we seize each of those opportunities is a priority for the AFN and its members.” Many of the members of Wingspan Preferred Attorney Network are also members of the AFN.
Membership in the Wingspan Preferred Attorney Network is organized along the lines of a professional designation, says Tom Force, legal services manager for Wingspan Portfolio Advisors. Each member attorney receives a level designation among three available, based on experience initially, and later upon loan resolution success. The three levels are “Select,” “Eagle,” and “Angel,” which is the top among the three. “The more loans we can save with their assistance, the higher the level we will use to recognize them,” Force notes. “Each level comes with its own distinct logo, which member firms can use on letterhead and advertising to show their commitment to helping in this national crisis.” Wingspan Professional Attorney Network members are referred foreclosure actions by servicers and Wingspan Portfolio Advisors, and are encouraged in their conversations to make certain that borrowers understand that options other than foreclosure may be available to them. “Borrowers are often in shock through much of the default process,” Steven Horne says. “The more people telling them that the beginning of a foreclosure action is not necessarily the end of their homeownership, the more willing they become to explore all the alternatives with us.” Wingspan Portfolio Advisors is not compensated by borrowers, Horne adds, but by lenders and servicers when they succeed in bringing loans back from default to re-perform once more.
Carolyn Taylor, an attorney with the law firm of Hughes, Watters and Askanase, in Houston, Texas, says Wingspan Portfolio Advisors’ depth of experience in resolving problem loans makes her feel that members of the Wingspan Professional Attorney Network can make a positive difference in the lives of borrowers. “Unlike traditional servicing models, Wingspan recognizes the borrower’s emotional attachment to the home and how that can be a critical component in restoring seriously delinquent mortgages to performing status,” she says. “We share the vision and commitment to keeping people in their homes. We are honored and excited to be part of the Wingspan Preferred Attorney Network as an ‘Angel’ member.” Alan Wolf of The Wolf Firm, in Irvine, California, agrees. “We are very proud to have been selected by Wingspan for this prestigious group of attorneys,” he says. “Wingspan is a well-armed ‘wingman’ for the loss mitigation and servicing industry, with their innovative borrower behavior modeling tools. We’re delighted to be a part of it.” Steven Eisenberg, partner at Stern and Eisenberg in Jenkintown, Pennsylvania, sums up his feelings on the potential for saving more families from the depths of foreclosure with, “Our firm is very excited at the opportunity to soar with Wingspan.”
About Wingspan Portfolio Advisors
Wingspan Portfolio Advisors of Carrollton, Texas, is a specialty servicing enterprise that applies advanced and highly specialized servicing techniques to turn non-performing loans into re-performing assets. The company was founded by Steven Horne, a highly-experienced attorney and expert on servicing distressed assets. Wingspan Portfolio Advisors’ senior management team has over 125 years of collective specialty loan servicing experience, focusing on severely delinquent first and second mortgages for lenders, servicers and investors. For more information on Wingspan Portfolio Advisors, please visit www.WingspanAdvisors.com.
Rochester Hills,
This Bar Register is only available to those select attorneys and firms who are AV®-rated – a top rating reflecting the highest level of professional excellence. Therefore the Bar Register of Preeminent Lawyers represents the most distinguished and respected law firms in the country. As only 5% of all law firms qualify for inclusion in this invaluable reference tool, Potestivo & Associates is proud to be among
Public Relations Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
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According to First American CoreLogic, one in five borrowers in the US owe more than their property is worth. Some mortgage professionals express support for principle reductions as the most suitable solution. Others argue it may cause even deeper and longer lasting damage to the mortgage markets.
Read the full article from Bloomberg Press, written by Elliot Blair Smith at http://www.bloomberg.com/apps/news?pid=20601109&sid=aayr7s9dpgpw&refer=home.
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INDUSTRY NEWS February 18, 2009 - Modifying Mortgages Can Be Tricky'Modifying Mortages Can Be Tricky,' The New York Times, Published February 18, 2009; full article available at http://www.nytimes.com/2009/02/19/us/19loans.html.
. . . Other companies like Ocwen Financial and Litton Loan Servicing, a subsidiary of Goldman Sachs, have modified a big portion of their delinquent loans, according to Credit Suisse. (The studies cover only loans packaged into securities, not those held on the books of banks.)
In the case of Ms. Reeves, Ocwen cut the interest rate to 5.6 percent, from 8.9 percent, lowering her payments by $125, to $1,027. Officials at the company said the reduction would cost less than seizing and selling Ms. Reeves’s modest two-bedroom house near Dolphin Stadium.
“Ocwen was very patient with me, and they really worked with me,” said Ms. Reeves, who has back problems and breast cancer.
The company said its modifications were not acts of charity but were based on calculations of whether changing loan terms was in the best interests of investors. Using home price data, estimates of legal costs and the time it takes to foreclose, the company determines how much it will recover in foreclosure. It compares that with estimates of what borrowers can afford based on income, family size and expenses.
“Our biggest hurdle is reaching out and talking to people,” said Margery A. Rotundo, Ocwen’s senior vice president for residential loss mitigation. “If a borrower has a desire and the ability to stay in the home, we can help them.”
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February 24, 2009 - CARES Delegates Debate Legislation With Congressional MembersWashington, DC – February 24, 2009 — The Committee for Actual Real Estate Solutions (CARES) reports that a delegation sent to Capitol Hill met with Congressional members to discuss legislative change for the real estate finance industry. Among the topics covered were bankrupty cramdown legislation and various default-related issues.
'Our primary focus in the beginning of this new administration is to achieve change in the Fair Debt Collection Practices Act allowing default attorneys to be more actively engaged in loss mitigation and home retention practices that assist borrowers in staying in their homes,” says CARES officer Robert J. Hopp of Robert J. Hopp & Associates LLC.
The delegation’s meetings were held in both the House and the Senate, with participating Congressional members from Arkansas, Colorado, Kentucky, Pennsylvania, Michigan, Missouri, South Carolina and Tennessee, as well as the representatives of the Senate Judiciary, Banking and Commerce committees.
The CARES delegates were asked to participate in the drafting of additional language addressing cramdowns and curbing of the growing mortgage defaults.
CARES says it is “looking toward opening the doors for default attorneys who are regularly in contact with the defaulted borrowers, to educate these borrowers as to options that will allow them to avoid foreclosure and remain in their homes without risk of violating out-of-date collections laws.”
Public Relations Contact:
Amber Hoffman, director of marketing
Potestivo & Associates
p: (248) 853-4400
http://www.potestivolaw.com
or
Robert J. Hopp
Robert J. Hopp & Associates
(720) 352-1467
http://www.hopplawfirm.com
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Febrary 16, 2009 - Potestivo & Associates, P.C. Hires Associate Attorney
Potestivo & Associates, P.C. Hires Associate Attorney
January 2009, Potestivo & Associates hires new associate attorney, Kyle M. Seay, who previously held law clerk position within the firm.
Rochester Hills, Mich. February 16, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the hiring of Kyle M. Seay. Brian A. Potestivo, president and owner, made the announcement. Seay joins the firm’s Default Servicing Department, specializing in the Landlord / Tenant practice area.
“We are very excited to offer the Associate Attorney position to Kyle,” said Mr. Potestivo, “it was evident during his tenure here as a law clerk that he would be a valuable addition to our team of Associate Attorneys.”
After graduating from Michigan State University in 2002, Seay relocated to San Diego, California where he attended the Thomas Jefferson School of Law. During his tenure there, Seay completed two successful judicial clerkships which included the office of then Chief Macomb County Circuit Judge, Antonio P. Viviano. In the summer of 2004 Seay participated in a study abroad program, hosted by the Thomas Jefferson School of Law and Hofstra Law schools. In this program, he studied under United States Supreme Court Justice Ruth Bader Ginsburg at the University of Nice Law School in Nice, France.
After graduating from law school in 2006 Seay left the legal field to gain relevant business experience in a management position at the Detroit-based DMC Service Group. Deciding to return to the practice and study of law in 2008, Seay found a home at Potestivo & Associates, P.C. As a law clerk, Seay’s extensive legal research and writing skills allowed him to meet Potestivo & Associates. P.C.’s extremely high standards in the many facets of civil litigation.
For more information about Potestivo & Associates' legal services or to schedule an interview with Kyle Seay, please contact:
Amber Hoffman, director of marketing
Potestivo & Associates
p: (248) 853-4400
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Continuing to support loss mitigation efforts, Potestivo & Associates, P.C. joins Fannie Mae in their Innovative Programs and Initiatives.
Rochester Hills, Mich. January 8, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the firm’s addition to Fannie Mae’s innovative Loss Mitigation Initiative.
With the goal of maintaining homeownership when possible, initiatives such as this, facilitate communication of the opportunities available to borrowers in any stage of delinquency, including bankruptcy. This particular program includes the utilization of a web-based application to assist in the straightforward management of loss mitigation communications between servicers, attorneys, and Fannie Mae.
Potestivo & Associates is proud to be on the forefront of all efforts to keep homeowners in their home. For more information about our Home Retention Services, contact a team specialist at (248) 853-4400 x1129.
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December 15, 2008 - Potestivo & Associates, P.C. is the New Lender Processing Services’ Attorney Roundtable RepresentativeDecember 15, 2008, Potestivo & Associates is the new Lender Processing Services’ Attorney Roundtable Representative on behalf of the American Legal & Financial Network.
Rochester Hills, Mich. December 15, 2008 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the firm’s appointment as the Lender Processing Services’ (LPS) Attorney Roundtable representative for the American Legal & Financial Network (AFN) for 2009.
The Attorney Roundtable Program provides a method for LPS to work in conjunction with its network of law firms throughout the country on process improvements and procedural changes to streamline default management practices at both state and nationwide levels. Roundtable members are selected to represent the interests of all attorneys in the LPS network; members not only communicate LPS initiatives to the network, but they also assist in decisions regarding the direction of LPS operations and obtain and impart feedback on behalf of the attorney network.
Michaelene Grauf, Director of Client Relations, will serve as the Roundtable liaison for AFN members, supported by Potestivo & Associates’ experienced attorneys and team members. Please direct questions about this announcement or LPS related concerns to Michaelene Grauf, (248) 853-4400 x1117 or mgrauf@potestivolaw.com.
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November 20, 2008 - Potestivo & Associates, P.C. Hires Associate Attorney
November 2008, Potestivo & Associates hires new associate attorney, Neil F. Narut, who brings significant default servicing legal experience to the team in Chicago, Illinois.
Chicago, Ill., November 20, 2008 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the hiring of a new associate attorney, Neil F. Narut. Brian A. Potestivo, president and owner, made the announcement. Narut will be working in all areas of practice offered by the Potestivo & Associates' Chicago office, including foreclosure, bankruptcy, landlord and tenant, title resolution, loss mitigation and REO disposition.
“We are very pleased to add Neil to our team,” said Potestivo, “he not only has broad experience providing legal solutions within the mortgage industry but also has familiarity with various legislative activities.”
Narut has been practicing law in Illinois for over a decade, and since leaving a senior position with one of Illinois' busiest real estate transactions firms in 2000, he has concentrated his practice towards representing clients in matters directly related to default servicing. Prior to the first wave of defaults seen in recent years, Narut approached some of the largest foreclosure firms in Illinois and offered his services in specialized areas. His counsel was particularly welcome as their needs for qualified attorneys increased almost overnight. In doing so, he broadened his expertise in all areas of the default process. Additionally, Narut sought clients requiring litigation of cases that often parallel mortgage foreclosure actions, such as mechanic's lien foreclosures. He is therefore uniquely qualified to offer professional legal services to lenders facing claims against their priority interests.
Born in Chicago, Narut is a graduate of Loyola University of Chicago and The John Marshall Law School. Prior to pursuing his law degree, he spent a year in Washington DC as an invited 'Lyndon Baines Johnson Scholar,” working within the House of Representatives on legislative affairs. While a law student, Narut was hired to assist in complex disaster litigation cases at one of the nation's most prominent trial law firms. Afterwards, he provided services to the Office of the Illinois Attorney General, working in consumer fraud investigations, some involving undercover field work.
Narut resides with his wife and two daughters in Lake Geneva, Wisconsin.
For more information about Potestivo & Associates' legal services or to schedule an interview with Neil Narut, please contact:
Amber Hoffman, director of marketing
Potestivo & Associates
e: ahoffman@potestivolaw.com
p: (248) 853-4400
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October 20, 2008, the Detroit Free Press named Potestivo & Associates, P.C. as one of the best 25 companies with fewer than 250 employees to work for in the Detroit area.
Rochester Hills, Mich. October 20, 2008 – Potestivo & Associates, P.C., Rochester Hills law firm, is pleased to announce the firm was named to the 2008 “Detroit Free Press: Top Workplaces” list. The “Top Workplaces” list identifies the preeminent Metro Detroit area workplaces based on the anonymous evaluations of their own employees.
“The quality of our employees sets us apart from other firms, which helps make us so successful,” says Brian A. Potestivo, president and owner, “and based on the results of this survey, it is evident our employees appreciate the work environment and collaborative team spirit just as much as we value them.”
Potestivo & Associates is one of only 25 law firms and businesses with fewer than 250 employees to be named to the “Top Workplaces” list from 191 companies that participated. The employees stated they found the following attributes of the company beneficial: A supportive work environment – management respects opinions; A casual and relaxed atmosphere – new break room with free Starbucks® coffee; Team building activities such as a summer baseball outing, holiday celebrations, and charity fundraisers.
For more information about Potestivo & Associates' legal services or career opportunities with the firm, please contact:
Amber Hoffman, director of marketing
e: ahoffman@potestivolaw.com
p: (248) 853-4400
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Washington, DC – September 23, 2008 — In advance of the House Financial Services Committee Hearings scheduled for Wednesday, September 24th at 2:30pm where Secretary Paulson is expected to testify on the issues that will form the basis of the new financial rescue plan, Committee for Actual Real Estate Solutions, Inc. (CARES) members met Tuesday, September 22nd with key Congressional Chiefs of Staff from both parties to discuss the current status and probable actions expected this week. This continuing dialog and involvement in the process leading to formation of real long term solutions is critical for the future success of our nation and the mortgage and lending industry.
Recognizing the current urgency to act swiftly, our members of Congress are working diligently to enact legislation that is both aimed at stabilizing the current market and working toward permanent long term safeguards against future crisis. CARES will continue its efforts and has been asked to remain involved and available to present the position and perspective from its members.
The CARES Board is comprised of Robert J. Hopp of Denver, Colorado-based Robert J. Hopp & Associates, LLC as President, Ted May of Rockville Centre, New York-based Sheldon May & Associates, LLC, Secretary and Richard Nielson of Newport, Kentucky based Nielson & Sherry, P.S.C., Treasurer.
Public Relations Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
or
Robert J. Hopp
Robert J. Hopp & Associates
(720) 352-1467
http://www.hopplawfirm.com
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August 8, 2008 - Fannie Mae Adds Potestivo & Associates to Its Attorney Network as Mortgage Defaults in Michigan Continue to Rise
On August 8, 2008, Fannie Mae selected Potestivo & Associates, P.C. to join their limited nationwide network of approved default servicing attorneys.
“
With the recent volume increase in troubled loans in
Statistics from
About Potestivo & Associates, P.C.:
For almost twenty years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in
Public Relations Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
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July 1, 2008 - Potestivo & Associates Receives Attorney Summit Award
On June 12, 2008, Potestivo & Associates attended the Fidelity National Foreclosure Solutions, Inc. 7th Annual Attorney Summit at Ponte Vedra Beach, FL where the firm received the award for Best Performance in Foreclosure and Bankruptcy for 2007.
Rochester Hills, Mich., July 1, 2008 – Potestivo & Associates P.C., a legal services provider to the mortgage banking and default servicing industries, is proud to announce the firm received an award from Fidelity National Foreclosure Solutions, Inc. (FNFS) at a recent Attorney Summit held in Ponte Vedra Beach, FL; Best Performance in Foreclosure and Bankruptcy for 2007. Potestivo & Associates was one of only 26 firms nationwide recognized with this honor.
'We are very excited to accept this award from FNFS,' says Brian Potestivo, founder and president, Potestivo & Associates, 'it is a great recognition to our employees’ continuing hard work and dedication to meeting deadlines accurately and professionally.'
The Best Performance award is based on the firm’s departments maintaining a 'green' status with FNFS throughout the year. In order to receive a green rating, each department must be within .10 points of the Best in State score, as determined by FNFS reports. Not only did Foreclosure and Bankruptcy remain in the green, they also held the Best in State score for a majority of the year.
For more information, about Potestivo & Associates’ legal services please contact Amber Hoffman or visit www.potestivolaw.com.
About Potestivo & Associates, P.C.:
For almost twenty years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Public Relations Contact:
Amber Hoffman, director of marketing
Potestivo & Associates
p: (248) 853-4400
http://www.potestivolaw.com
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June 24, 2008 - Potestivo & Associates Raises Over $5,000 for the American Cancer Society’s Relay for Life Event
On June 21-22, Potestivo & Associates sponsored a fundraising team for the American Cancer Society’s Relay for Life event, raising $5,350, with company-wide participation through creative fundraising activities and walking/running around the track at
Rochester Hills, Mich., June 24, 2008 – Potestivo & Associates P.C., a legal services provider to the mortgage banking and default servicing industries, is pleased to announce the firm exceeded its fundraising goal for the American Cancer Society’s signature event, Relay for Life. Beginning in May 2008, Potestivo & Associates set a goal to raise $5000 to help with cancer research. After all funds were collected on June 18, 2008, the final tally was $5,350.
“We are very proud to sponsor our local communities and the charities that are important to the firm’s employees,” says Brian Potestivo, founder and president, Potestivo & Associates, “it was rewarding to see our employees display so much creativity, dedication, and energy to raise funds for this important charity, in addition to having a little fun with it too.”
The firm experienced office-wide support of the program, with many departments raising money in original ways, including evening activities like bowling, internal promotions such as ice cream socials, bake sales, and potlucks, plus weekly 50/50 raffles, used book sales, selling employee cook books, and silent auctions. On the day of the Relay for Life track event, a few employees even volunteered their time to provide massages to tired track participants.
For more information, about Potestivo & Associates fundraising activities and other community involvement, please contact Amber Hoffman or visit www.potestivolaw.com.
About Potestivo & Associates, P.C.:
For almost twenty years, Potestivo & Associates, P.C. has been providing award-winning legal services to the mortgage banking and servicing industries; headquartered in
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
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May 14, 2008 - Ocwen and Potestivo & Associates Work with Wayne Co. Officials on Home Foreclosure and Property Preservation SolutionsOn April 17, 2008, representatives from Ocwen, Potestivo & Associates,
The ultimate goal of this strategic alliance group is to avoid foreclosure on additional properties and return vacant properties to productive use. 'Ocwen wants to keep customers in their homes and help preserve their neighborhoods,' says an Ocwen representative, 'we plan to implement successful programs such as these in other cities across the country that are experiencing higher foreclosure rates.'
In addition to assistance for foreclosure avoidance, the group will review current properties in Ocwen's inventory that are located in
'Potestivo & Associates will represent Ocwen in any legal matters concerning their mortgaged properties in
About Ocwen Loan Servicing, LLC:
Ocwen Financial Corporation, Ocwen Loan Servicing, LLC’s parent company, is a leading business process outsourcing provider to the financial services industry, specializing in loan servicing, mortgage fulfillment, and receivables management services. Ocwen is headquartered in
Contact:
Ocwen Loan Servicing, LLC
p: (561) 682-8400
About Potestivo & Associates, P.C.:
Potestivo & Associates, P.C. is a full service real estate firm providing exceptional legal services to the mortgage banking and servicing industries. With award winning service and timelines, Potestivo & Associates develops strong, successful business partnerships with its clients in order to meet and exceed their goals and expectations. Potestivo & Associates serves its clients from two
Public Relations Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
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Legal Education Opportunites Available
Potestivo & Associates is pleased to offer to its clients training sessions on various legal topics including foreclosures, bankruptcy, landlord tenant matters, home retention, and REO closings. Our experienced attorneys and staff will travel to client site to provide instruction and training to staff members and management. Training sessions have included informal discussions to trivia games. Clients who have participated have found these sessions informative and beneficial to better understand the legal processes and issues in Michigan.
For more information regarding training sessions or to schedule a session for your organization, please contact:
Michaelene Grauf, Director of Marketing
Potestivo & Associates
e: mgrauf@potestivolaw.com
p: (248) 853-4400 Ext. 1117
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