System and method and for valuing loans and settlement offers associated with security interest enforcement actions
First Claim
1. A method for determining a monetary value for a loan secured by real estate associated with an actual or potential security interest enforcement action, the method comprising:
- storing in a computer-readable medium a plurality of milestones associated with completion of the security interest enforcement action in a specified jurisdiction for the real estate securing the loan;
determining, using one or more computer processors in communication with the computer-readable medium, from said plurality of milestones a total time projected for completing the security interest enforcement action by applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events and one or more random-frequency events associated with completion of said plurality of milestones;
determining estimated legal costs associated with prosecuting said plurality of milestones; and
determining a monetary value for the loan, using said one or more computer processors, comprising adding to said estimated legal costs a first estimated time/carry cost determined by applying an appropriate interest rate to said total time projected for completing the potential security interest enforcement action.
1 Assignment
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Accused Products
Abstract
A legal process management system facilitates simultaneous dynamic dialogs between legal process managers and networked attorneys and contractors providing services in connection with security interest enforcement actions. The legal process managers submit queries and deadlines selected to timely guide the attorneys and contractors through the requirements of the security interest enforcement actions. The attorneys and contractors submit responsive answers revealing the status of their enforcement actions. The legal process management system allows the monitored attorneys to share in the information provided by the monitored contractors. The legal process management system further includes mechanisms for reminding the attorneys and contractors about impending deadlines. The system also allows the attorneys and contractors to be assessed on their success in complying with the queries and deadlines submitted by the legal process managers. An events based management system is also disclosed to aid in the completion of an SIEA event. The events based management system follows and calculates completion times for an SIEA and its subparts by providing a flexible system for managing SIEA milestones and events. A reporting system is also provided for keeping track of event and milestone completion.
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Citations
20 Claims
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1. A method for determining a monetary value for a loan secured by real estate associated with an actual or potential security interest enforcement action, the method comprising:
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storing in a computer-readable medium a plurality of milestones associated with completion of the security interest enforcement action in a specified jurisdiction for the real estate securing the loan; determining, using one or more computer processors in communication with the computer-readable medium, from said plurality of milestones a total time projected for completing the security interest enforcement action by applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events and one or more random-frequency events associated with completion of said plurality of milestones; determining estimated legal costs associated with prosecuting said plurality of milestones; and determining a monetary value for the loan, using said one or more computer processors, comprising adding to said estimated legal costs a first estimated time/carry cost determined by applying an appropriate interest rate to said total time projected for completing the potential security interest enforcement action. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A method for determining a monetary value for an offer to settle a security interest enforcement action in a specified jurisdiction, the method comprising:
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storing in a computer-readable medium a plurality of milestones associated with completion of the security interest enforcement action; determining, using one or more computer processors in communication with the computer-readable medium, from said plurality of milestones a total time projected for completing the security interest enforcement action by applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events and one or more random-frequency events associated with completion of said plurality of milestones; determining, using said one or more computer processors, estimated legal costs associated with completing prosecution of said plurality of milestones; adding to said estimated legal costs, using said one or more computer processors, a first estimated time/carry cost determined by applying an appropriate interest rate to said total time projected for completing the security interest enforcement action; and determining, using said one or more computer processors, an offer based on said estimated legal costs and said first estimated time/carry cost. - View Dependent Claims (15, 16, 17, 18, 19, 20)
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Specification