Wingspan Portfolio Advisors, LLC, a Dallas-based mortgage servicer specializing in delinquent loans, formed a professional network of attorneys to assist in efforts to help borrowers in arrears stay in their homes. Traditionally, law firms are involved in seeing foreclosure actions through to their conclusions, but membership in the Wingspan Professional Attorney Network (WPAN), according to Wingspan, signifies their interest in seeking other ways to help their lender and servicer clients, without reaching default status. “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,” says Steven Horne, CEO of Wingspan Portfolio Advisors. “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 will take 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. Wingspan Professional Attorney Network members are referred foreclosure actions by servicers and Wingspan Portfolio Advisors representatives enhance their conversations with struggling borrowers to make certain they know that options other than foreclosure may be available to them. “Borrowers are often in shock through much of the default process,” 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 performing status once more. Write to Kelly Curran at firstname.lastname@example.org. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade
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