Third Party Servicing
 
 

Specialized Servicing

SN Servicing Corporation’s default management strategies take into consideration that each case may present itself with varying financial situations and /or individual circumstances. Resolution Strategies are therefore tailored to each individual account in the best interest of the borrower and the investor. Asset Managers service each loan from the time it is loaded into our system through disposition, regardless of the loan performance status. Our servicing platform is highly customizable, supporting your need to match resolution strategies to your investment objectives in an expeditious manner.

Default Servicing

SNSC leverages over 25 years of experience with servicing and liquidating distressed, sub-performing or non-performing residential, consumer, multifamily, commercial loans and asset portfolios. Our flexibility allows us to provide solutions that meet (or exceed) your investment objectives, and are compliant with regulatory requirements. Loss mitigation efforts include:
  • Loan Modification
  • Forbearance
  • Loan Payoff or Refinance
  • Repayment plans
  • Discounted Settlement
  • Reinstatement
  • Deed In Lieu of Foreclosure
  • Cash for Keys
Foreclosure Proceedings: SNSC hires a local attorney to commence the foreclosure proceeding while the Asset Manager closely monitors the process. Using its customized work flow system, all aspects of the Foreclosure process are managed in accordance with state guidelines. Highlights of the process include:
  • Notice of Default
  • 30 Day Demand Letter
  • National Foreclosure Attorney Network
  • Minimizing Foreclosure Fees & Costs
  • Evictions
Bankruptcy Proceedings: Bankruptcy filings are addressed promptly by SNSC’s Asset Managers. The type of Bankruptcy chapter filed, and the delinquency status of the loan will dictate our servicing procedures. The Asset Manager in the Bankruptcy Unit will monitor the proceedings and review Court proposals to ensure the investor’s interests are best represented. Typical procedures include:
  • Chapter 13 Trustee Payment Monitoring
  • Motion for Relief from Automatic Stay
  • Proof of Claim Filings
REO Disposition
A national network of approximately 4,000 Brokers, established over our 20 year history, is used to evaluate, market, and sell SNSC/Investors’ properties. In addition, SNSC’s Field Inspectors routinely perform inspections of REO properties to confirm values and meet with brokers. The Asset Managers actively monitor the marketing efforts of the broker to ensure a timely disposition of the assets at the best market value under current economic conditions. These brokers, as well as SNSC’s Field Inspectors, perform:
  • On-site valuations and regular re-evaluations
  • Inspections and condition assessments
  • Property management and maintenance
  • Occupancy determination
  • Secure vacant property
  • Meet with local authorities
  • Change locks
  • Property showings, purchase negotiations, and sale of the asset
 
 
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