I recently had a very enlightening conversation with an attorney handling a lawsuit for a very large creditor against my client. He was simply astonished at the fact that we:

-Assisted with the conversion of collateral to cash

-Offered a settlement immediately after liquidating the collateral

-Consented to judgment

-Continued to offer further assistance following the judgment being recorded

It was very rare for him to encounter any borrower that assists with the conversion of collateral to cash for the benefit of the bank. Many will sell it to a vendor or repairman and pocket the cash, never to be heard from again.

Of course, if the borrower ran away with the cash attained from any sort of unauthorized sale, it’s highly unlikely that they would call the bank and offer to settle the issue.

From his experience, very few borrowers in default ever consent to a judgment. They prefer to “hide under a rock” for as long as possible, avoiding any sort of confrontation whatsoever. Perhaps it is out of fear, perhaps it is due to borrowers hiding assets.

It was even more unlikely that the debtor party would reach out on a weekly basis to him, offering up any documents at will, and continue to be eager to settle the debt.

We followed through with ALL of these actions. His astonishment at the level of our cooperation has paid off, as he assured me that our recent attempt to settle will be noticed by the bank. This is because he will be personally endorsing our offer to the bank, a highly unprecedented move which will certainly carry a massive amount of weight.

Full transparency – it’s the crux of our strategy. And it works.