Doonan, Graves & Longoria LLC has a wealth of foreclosure and loss mitigation experience earned over a dozen years of helping lenders deal with their problem loans. We are Designated Counsel for Fannie Mae and Freddie Mac throughout Massachusetts. Our offices in Beverly enable us to efficiently cover the entire Commonwealth.

Our dedication to quality and responsiveness extends to our statewide team of title examiners and our investment in a state-of-the-art tracking system. We are therefore able to consistently complete the foreclosure process as much as 30 days under the Fannie Mae timeline of 120 days.

We begin processing the foreclosure the same day the referral is received. Referrals may be submitted via e-mail to kmc@dgandl.com, and Next Day Air, U.S. Mail, or facsimile transmission to our Beverly offices. We promptly order the title report and, if necessary, send a default letter to the debtor. Our title agents provide us with a front title within 5 days, and we will file a complaint in the Land Court within 7 days.

After we receive the Orders of Notice from the Land Court, we serve these notices on the debtor via the local sheriff, publish the notice in the newspaper ordered by the court, and record a true copy in the Registry of Deeds. The Order of Notice will provide us with a return date and we schedule a sale at the earliest possible date, generally 8-10 days after the return date. (45-50 days after the date the Order of Notice is issued)

We then run the title down to make certain there are no other parties requiring notice. Then we draft a Notice of Sale that we serve on the debtors, junior lien holders, and interested parties. We publish this notice in the required newspaper for three consecutive weeks prior to the sale date as required by statute.

The final step involves holding a public auction at the premises that is open to all bidders. The auction is conducted by a licensed auctioneer retained by us and is occasionally attended by an attorney in our office. The attorney or agent will bid on behalf of the bank, take note of any interested parties, answer questions, and note the occupancy status for a future eviction. We then prepare the Deed and Affidavit for the client’s signature, prepare the necessary documents for closing, and receive and distribute any third party funds.

Legal services are also available for intervening bankruptcies. We will enter a Notice of Appearance, prepare and file a Proof of Claim, file an Objection to the debtor’s Chapter 13 plan if it does not provide for the client’s entire debt, file a Motion for Relief from the Automatic Stay as soon as cause exists, and attend any emergency hearings, cram down or adversary proceedings.

Following the foreclosure, we will promptly send a Notice to Quit (within 24 hours of referral) and we will complete the Summary Process proceedings necessary to obtain a Warrant of Eviction. During the eviction process our attorneys continually strive to settle the matter and obtain a vacant property as quickly as possible to facilitate the re-sale.

With over 15 years of real estate closing experience, we are also able to handle our client’s REO closing needs. Knowledge is power and often times we are able to bring a matter to a quicker closing with the information gained during each phase of the foreclosure process.

If you have questions concerning the foregoing or would like to obtain further information please contact Reneau Longoria at rjl@dgandl.com or at 978-921-2670 ext. 118.