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Steve Sowell has been representing the residential and commercial mortgage industries for the past 12 years, primarily conventional lenders, home equity and other second mortgage lenders, and sub-prime lenders. His practice is statewide. He has foreclosed thousands of mortgages by advertisement and has foreclosed hundreds of mortgages by judicial action. He handles residential and commercial closings on behalf of the lender.
He has published an article discussing the hazards of pre-foreclosure casualty losses in Michigan. He strongly urges mortgagees with properties suffering a casualty loss during the foreclosure process to immediately contact their attorney to discuss their rights and responsibilities. Proceeding with a foreclosure sale after a casualty may result in the mortgagee taking back a burned out shell and waiving its rights to the insurance proceeds, giving the mortgagor a windfall.
Steve Sowell is keenly aware of the fact that, in the mortgage industry, "time is money" and a delay in the foreclosure process can cause a client significant losses. He exercises every diligence to provide timely legal services and to minimize the time involved in the foreclosure process. His office is fully automated to provide clients with up-to-the minute information about their files. He can provide monthly or weekly status reports for clients with multiple open files.
Foreclosure can result in the mortgagee owning the property. Steve Sowell also provides residential and commercial closing assistance.
Commencement of foreclosure proceedings often provokes the filing of a bankruptcy petition. The bankruptcy code allows a mortgagor to "decelerate" the debt and cure the arrears due under the mortgage if the bankruptcy is filed before the sheriff's sale. Steve Sowell has prepared an outline of the bankruptcy process in Michigan together with services commonly provided. Steve Sowell does not provide VA/FHA subservicing. A standard foreclosure includes the items listed on the outline of the foreclosure process, up to but not including the eviction process. Additional charges may be incurred for preparing and/or recording assignments, preparing sale adjournments, preparing and recording abandonment affidavits, preparing and/or recording redemption receipts, correcting title defects, and similar services. Most standard services are quoted at flat rates; contact Steve for a fee schedule.