In today’s climate of rising interest rates, stretched borrower balance sheets, and starkly uneven recovery across asset classes, defaulted loans have emerged as a prime hunting ground for investors with legal acumen. According to the Mortgage Bankers Association, nearly $1 trillion in outstanding commercial mortgages will mature in 2025 — a number that is expected to rise in 2026 — and, at the same time, delinquencies are climbing far above historical norms. This has created a significant refinancing challenge and is increasing the divide between trophy assets and distressed properties.