Crosby & Fox LLC
June 17, 2021
Helping Debtors Focus on the Future
Crosby & Fox, located in Las Vegas, Nevada, has been assisting consumer debtors with bankruptcy matters for more than a decade. The firm’s small, but productive, team has over 50 years of combined bankruptcy-industry expertise, as well as significant experience in debt relief, foreclosures, and eviction.
During the Great Recession of 2008, Crosby & Fox began offering loan modification services to their clients. Hoping to help debtors ease financial burdens, Crosby & Fox negotiated with lenders to lower borrowers’ interest, forgive a portion of the principal, or extend the length of the plan, lowering loan payments and providing homeowners with a chance to stay in their homes. At that time, the U.S. Bankruptcy Court, District of Nevada’s mortgage-modification program was managed and administered through mediators, resulting in a complicated process that was both time-consuming and highly susceptible to documentation errors.
In 2015, the Court adopted uniform procedures with set guidelines and rules which included approval and usage of Stretto Default Solutions, built on DMM Portal – a proprietary technology system designed to facilitate mortgage loan modifications and adopted by over 25 bankruptcy-court jurisdictions throughout the United States – within their regional program.
Streamlining the Mortgage Modification Process
Shortly after the Court’s program approval, Crosby & Fox began utilizing Stretto Default Solutions’ easy-to-use technology and streamlined workflows to simplify the loan modification process for its debtor clients. Combined with Stretto’s professional level of client service and support, Stretto Default Solutions allowed the firm to increase staff productivity and improve submission accuracy on behalf of its clients.
Crosby & Fox recognized documentation issues are a significant obstacle in getting loan modifications approved. The firm relies on Stretto’s technology that was built from the ground up with input from key stakeholders to ensure the various loan packages not only had the correct forms, but that the package couldn’t be submitted without complete information. Prior to adopting Stretto Default Solutions, Crosby & Fox faced communication challenges with the relevant parties. Now the firm is able to streamline communication and track the package throughout the submission process, eliminating the need for numerous back-and-forth emails. This level of transparency and accountability allows the firm to establish clear expectations for its clients and all parties involved in the process which leads to increased efficiency and better results.
With improved processes, Crosby & Fox is able to focus on providing a high level of client service in which debtors are more informed and involved in the process. This has resulted in practice growth for the firm as word of mouth referrals have resulted in new clients. To date, Crosby & Fox has successfully submitted over one hundred mortgage modifications in the District of Nevada.