Systems and methods for managing security interest enforcement actions

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 (SIEAs). The legal process managers submit queries and deadlines selected to timely guide the attorneys and contractors through the requirements of the SIEAs. The attorneys and contractors submit responsive answers revealing the status of their SIEAs. In some embodiments, an events based management system uses a stochastic model to calculate completion times for the milestones of the SIEA, including the “events” that make up subparts of the milestones. This provides a flexible and powerful system for managing prosecution of the SIEA and for predicting likely durations. The stochastic model incorporates the concept of both fixed-frequency events and random-frequency events, and also allows for both controlled events and managed events. A reporting system is also provided for keeping track of event and milestone completion.

1 . A method for determining a monetary value for a recommended offer to settle a security interest enforcement action, the method comprising:
 storing, in a computer readable medium, data representing one or more milestones associated with the security interest enforcement action;   determining, using one or more computer processors in communication with the computer readable medium, a projected completion time for the one or more milestones by applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events that will occur in a predetermined manner during completion of the one or more milestones and one or more random-frequency events that may or may not occur during completion of the one or more milestones, wherein applying the stochastic model to the one or more fixed-frequency and one or more random-frequency events comprises applying the mathematical formula:   
       
         
           
             
               
                 T 
                 = 
                 
                   
                     ∑ 
                     k 
                   
                    
                   
                       
                   
                    
                   
                     
                       β 
                       k 
                     
                      
                     
                       Z 
                       k 
                     
                   
                 
               
               , 
               
                 ∀ 
                 k 
               
               , 
             
           
         
          wherein:
 T is the projected time associated with completion of one of the one or more milestones; 
 k is an index over the one or more fixed-frequency and random-frequency events associated with completion of the one or more milestones; 
 β k  is a duration associated with event k; 
 for events k that are fixed-frequency events, Z k  equals 1; and 
 for events k that are random-frequency events, Z k  is a measure of the frequency of occurrence of event k, such that 0≦Z k ≦1; and 
 
         determining, using the one or more computer processors, the monetary value for the recommended offer to settle the security interest enforcement action based at least in part on the projected completion time. 
       
     
     
         2 . The method of  claim 1 , wherein determining the monetary value for the recommended offer comprises estimating legal fees and time/carry costs to be incurred during the projected completion time. 
     
     
         3 . The method of  claim 2 , wherein determining estimated time/carry costs comprises applying an appropriate interest rate during the projected completion time. 
     
     
         4 . The method of  claim 2 , wherein determining estimated time/carry costs comprises estimating property tax costs and property insurance costs during the projected completion time. 
     
     
         5 . The method of  claim 1 , wherein one or more of the events comprise controlled events having projected durations determined from procedural requirements for the security interest enforcement action, and wherein one or more of the events comprise managed events having projected durations determined from statistical analysis on historical data on the actual durations associated with the managed events. 
     
     
         6 . The method of  claim 1 , wherein Z k  for a random-frequency event is determined from statistical analysis of historical data on the likelihood of occurrence of the random-frequency event. 
     
     
         7 . The method of  claim 1 , wherein the security interest enforcement action is an action to enforce a lien secured by real property, an action to take possession of real property, an action to take possession of personal property, a real estate foreclosure action, a bankruptcy action, or a post-foreclosure eviction action. 
     
     
         8 . The method of  claim 1 , further comprising:
 receiving information associated with one or more event triggers that generate one or more additional fixed-frequency events and/or random-frequency events associated with the milestone within which the event trigger occurs; and   determining, using the one or more computer processors, an updated projected completion time by applying the stochastic model and accounting for the one or more additional events associated with the one or more event triggers.   
     
     
         9 . The method of  claim 1 , further comprising:
 receiving information associated with one or more event triggers that generate one or more additional milestones associated with the security interest enforcement action; and   determining, using the one or more computer processors, an updated projected completion time by applying the stochastic model and accounting for the one or more additional milestones associated with the one or more event triggers.   
     
     
         10 . The method of  claim 1 , wherein one or more of the β k  and/or Z k  values depend on a specified jurisdiction for the security interest enforcement action. 
     
     
         11 . The method of  claim 1 , wherein the stochastic model accounts for error in the fixed-frequency and random-frequency events such that the mathematical formula is: 
       
         
           
             
               
                 T 
                 = 
                 
                   
                     ∑ 
                     k 
                   
                    
                   
                       
                   
                    
                   
                     ( 
                     
                       
                         
                           β 
                           k 
                         
                          
                         
                           Z 
                           k 
                         
                       
                       + 
                       
                         ɛ 
                         k 
                       
                     
                     ) 
                   
                 
               
               , 
               
                 ∀ 
                 k 
               
               , 
             
           
         
         wherein ε k  is a measure of duration uncertainty associated with event k. 
       
     
     
         12 . The method of  claim 1 , wherein the projected completion time is a total projected time for completing all milestones associated with completion of the security interest enforcement action. 
     
     
         13 . A system for determining a monetary value for a recommended offer to settle a security interest enforcement action, the system comprising:
 a database stored in a computer readable medium, the database comprising data representing the one or more milestones associated with the security interest enforcement action, the database further comprising data representing one or more fixed-frequency events that will occur in a predetermined manner during completion of the one or more milestones, the database further comprising data representing one or more random-frequency events that may or may not occur during completion of the one or more milestones; and   a module comprising one or more computer processors in communication with the database, the module configured to:
 determine, using the one or more computer processors, a projected completion time for the one or more milestones by applying a stochastic model that accounts for the occurrence of the one or more fixed-frequency events and the one or more random-frequency events associated with the one or more milestones by applying the mathematical formula: 
   
       
         
           
             
               
                 T 
                 = 
                 
                   
                     ∑ 
                     k 
                   
                    
                   
                       
                   
                    
                   
                     
                       β 
                       k 
                     
                      
                     
                       Z 
                       k 
                     
                   
                 
               
               , 
               
                 ∀ 
                 k 
               
               , 
             
           
         
         wherein:
 T is the projected time associated with completion of one of the one or more milestones; 
 k is an index over the one or more fixed-frequency and random-frequency events associated with completion of the one or more milestones; 
 β k  is a duration associated with event k; 
 for events k that are fixed-frequency events, Z k  equals 1; and 
 for events k that are random-frequency events, Z k  is a measure of the frequency of occurrence of event k, such that 0≦Z k ≦1.; and 
 
         determine, using the one or more computer processors, the monetary value for the recommended offer to settle the security interest enforcement action based at least in part on the projected completion time. 
       
     
     
         14 . The system of  claim 13 , wherein the module is configured to determine, using the one or more computer processors, the monetary value for the recommended offer by estimating time/carry costs associated with one or more of the following:
 property insurance costs during the projected completion time;   property tax costs during the projected completion time; and   an appropriate interest rate applied to the projected completion time.   
     
     
         15 . The method of  claim 14 , wherein the module is configured to determine, using the one or more computer processors, the monetary value for the recommended offer by estimating legal costs during the projected completion time. 
     
     
         16 . The system of  claim 13 , wherein one or more of the events comprise controlled events having projected durations determined from procedural requirements for the security interest enforcement action, and wherein one or more of the events comprise managed events having projected durations determined from statistical analysis on historical data on the actual durations associated with the managed events. 
     
     
         17 . The system of  claim 13 , wherein the module is configured to:
 receive information associated with one or more event triggers that generate one or more additional fixed-frequency events and/or random-frequency events associated with the milestone within which the event trigger occurs; and   determine, using the one or more computer processors, an updated projected completion time by applying the stochastic model and accounting for the one or more additional events associated with the one or more event triggers.   
     
     
         18 . The system of  claim 13 , wherein the module is configured to:
 receive information associated with one or more event triggers that generate one or more additional milestones associated with the security interest enforcement action; and   determine, using the one or more computer processors, an updated projected completion time by applying the stochastic model and accounting for the one or more additional milestones associated with the one or more event triggers.   
     
     
         19 . The system of  claim 13 , wherein the module is configured to account for error in the fixed-frequency and random-frequency events such that the mathematical formula for the stochastic model is: 
       
         
           
             
               
                 T 
                 = 
                 
                   
                     ∑ 
                     k 
                   
                    
                   
                       
                   
                    
                   
                     ( 
                     
                       
                         
                           β 
                           k 
                         
                          
                         
                           Z 
                           k 
                         
                       
                       + 
                       
                         ɛ 
                         k 
                       
                     
                     ) 
                   
                 
               
               , 
               
                 ∀ 
                 k 
               
               , 
             
           
         
       
       wherein ε k  is a measure of duration uncertainty associated with event k. 
     
     
         20 . The system of  claim 13 , wherein the security interest enforcement action is an action to enforce a lien secured by real property, an action to take possession of real property, an action to take possession of personal property, a real estate foreclosure action, or a bankruptcy action, or a post-foreclosure eviction action. 
     
     
         21 . The system of  claim 13 , wherein the projected completion time is a total projected time for completing all milestones associated with completion of the security interest enforcement action. 
     
     
         22 . A method for determining a projected time for completion of one or more milestones associated with a security interest enforcement action, the method comprising:
 storing, in a computer readable medium, data representing the one or more milestones associated with the security interest enforcement action; and   determining, using one or more computer processors in communication with the computer readable medium, a projected completion time for the one or more milestones by applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events that will occur in a predetermined manner during completion of the one or more milestones and one or more random-frequency events that may or may not occur during completion of the one or more milestones, wherein applying the stochastic model to the fixed-frequency and random-frequency events comprises applying the mathematical formula:   
       
         
           
             
               
                 T 
                 = 
                 
                   
                     ∑ 
                     k 
                   
                    
                   
                       
                   
                    
                   
                     
                       β 
                       k 
                     
                      
                     
                       Z 
                       k 
                     
                   
                 
               
               , 
               
                 ∀ 
                 k 
               
               , 
             
           
         
          wherein:
 T is the projected time associated with completion of one of the one or more milestones; 
 k is an index over the one or more fixed-frequency and random-frequency events associated with completion of the one or more milestones; 
 β k  is a duration associated with event k; 
 for events k that are fixed-frequency events, Z k  equals 1; and 
 for events k that are random-frequency events, Z k  is a measure of the frequency of occurrence of event k, such that 0≦Z k ≦1. 
 
       
     
     
         23 . The method of  claim 22 , wherein one or more of the events comprise controlled events having projected durations determined from procedural requirements for the security interest enforcement action, and wherein one or more of the events comprise managed events having projected durations determined from statistical analysis on historical data on the actual durations associated with the managed events. 
     
     
         24 . The method of  claim 22 , wherein Z k  for a random-frequency event is determined from statistical analysis of historical data on the likelihood of occurrence of the random-frequency event. 
     
     
         25 . The method of  claim 22 , wherein the security interest enforcement action is an action to enforce a lien secured by real property, an action to take possession of real property, an action to take possession of personal property, a real estate foreclosure action, a bankruptcy action, or a post-foreclosure eviction action. 
     
     
         26 . The method of  claim 22 , further comprising:
 receiving information associated with one or more event triggers that generate one or more additional fixed-frequency events and/or random-frequency events associated with the milestone within which the event trigger occurs; and   determining, using the one or more computer processors, an updated projected completion time by applying the stochastic model and accounting for the one or more additional events associated with the one or more event triggers.   
     
     
         27 . The method of  claim 22 , further comprising:
 receiving information associated with one or more event triggers that generate one or more additional milestones associated with the security interest enforcement action; and   determining, using the one or more computer processors, an updated projected completion time by applying the stochastic model and accounting for the one or more additional milestones associated with the one or more event triggers.   
     
     
         28 . The method of  claim 22 , wherein one or more of the β k  and/or Z k  values depend on a specified jurisdiction for the security interest enforcement action. 
     
     
         29 . The method of  claim 22 , wherein the stochastic model accounts for error in the fixed-frequency and random-frequency events such that the mathematical formula is: 
       
         
           
             
               
                 T 
                 = 
                 
                   
                     ∑ 
                     k 
                   
                    
                   
                       
                   
                    
                   
                     ( 
                     
                       
                         
                           β 
                           k 
                         
                          
                         
                           Z 
                           k 
                         
                       
                       + 
                       
                         ɛ 
                         k 
                       
                     
                     ) 
                   
                 
               
               , 
               
                 ∀ 
                 k 
               
               , 
             
           
         
       
       wherein ε k  is a measure of duration uncertainty associated with event k. 
     
     
         30 . The method of  claim 22 , wherein the projected completion time is a total projected time for completing all milestones associated with completion of the security interest enforcement action. 
     
     
         31 . A method of determining costs associated with a security interest enforcement action, the method comprising:
 performing the method of  claim 27 ; and   determining, using the one or more computer processors, costs associated with the security interest enforcement action based at least in part on the projected completion time.   
     
     
         32 . The method of  claim 31 , wherein determining the costs associated with the security interest enforcement action comprises determining, using the one or more computer processors, estimated time/carry costs associated with one or more of the following:
 property insurance costs during the projected completion time;   property tax costs during the projected completion time; and   an appropriate interest rate applied to the projected completion time.   
     
     
         33 . A system for determining a projected time for completion of one or more milestones associated with a security interest enforcement action, the system comprising:
 a database stored in a computer readable medium, the database comprising data representing the one or more milestones associated with the security interest enforcement action, the database further comprising data representing one or more fixed-frequency events that will occur in a predetermined manner during completion of the one or more milestones, the database further comprising data representing one or more random-frequency events that may or may not occur during completion of the one or more milestones; and   a module comprising one or more computer processors in communication with the database, the module configured to determine, using the one or more computer processors, a projected completion time for the one or more milestones by applying a stochastic model that accounts for the occurrence of the one or more fixed-frequency events and the one or more random-frequency events associated with the one or more milestones by applying the mathematical formula:   
       
         
           
             
               
                 T 
                 = 
                 
                   
                     ∑ 
                     k 
                   
                    
                   
                       
                   
                    
                   
                     
                       β 
                       k 
                     
                      
                     
                       Z 
                       k 
                     
                   
                 
               
               , 
               
                 ∀ 
                 k 
               
               , 
             
           
         
          wherein:
 T is the projected time associated with completion of one of the one or more milestones; 
 k is an index over the one or more fixed-frequency and random-frequency events associated with completion of the one or more milestones; 
 β k  is a duration associated with event k; 
 for events k that are fixed-frequency events, Z k  equals 1; and 
 for events k that are random-frequency events, Z k  is a measure of the frequency of occurrence of event k, such that 0≦Z k ≦1. 
 
       
     
     
         34 . The system of  claim 33 , wherein one or more of the events comprise controlled events having projected durations determined from procedural requirements for the security interest enforcement action, and wherein one or more of the events comprise managed events having projected durations determined from statistical analysis on historical data on the actual durations associated with the managed events. 
     
     
         35 . The system of  claim 33 , wherein the module is configured to:
 receive information associated with one or more event triggers that generate one or more additional fixed-frequency events and/or random-frequency events associated with the milestone within which the event trigger occurs; and   determine, using the one or more computer processors, an updated projected completion time by applying the stochastic model and accounting for the one or more additional events associated with the one or more event triggers.   
     
     
         36 . The system of  claim 33 , wherein the module is configured to:
 receive information associated with one or more event triggers that generate one or more additional milestones associated with the security interest enforcement action; and   determine, using the one or more computer processors, an updated projected completion time by applying the stochastic model and accounting for the one or more additional milestones associated with the one or more event triggers.   
     
     
         37 . The system of  claim 33 , wherein the module is configured to account for error in the fixed-frequency and random-frequency events such that the mathematical formula for the stochastic model is: 
       
         
           
             
               
                 T 
                 = 
                 
                   
                     ∑ 
                     k 
                   
                    
                   
                       
                   
                    
                   
                     ( 
                     
                       
                         
                           β 
                           k 
                         
                          
                         
                           Z 
                           k 
                         
                       
                       + 
                       
                         ɛ 
                         k 
                       
                     
                     ) 
                   
                 
               
               , 
               
                 ∀ 
                 k 
               
               , 
             
           
         
       
       wherein ε k  is a measure of duration uncertainty associated with event k. 
     
     
         38 . The system of  claim 33 , wherein the security interest enforcement action is an action to enforce a lien secured by real property, an action to take possession of real property, an action to take possession of personal property, a real estate foreclosure action, or a bankruptcy action, or a post-foreclosure eviction action. 
     
     
         39 . The system of  claim 33 , wherein the projected completion time is a total projected time for completing all milestones associated with completion of the security interest enforcement action.