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Sponsored by Lorman Education
Product ID: 403613EAU
 
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Pre and Post-Foreclosure Due Diligence Checklist

OnDemand Webinar (89 minutes)

It is imperative for a lender to conduct a due diligence review of its file, the loan and the collateral as soon as possible.When the decision is made to complete the foreclosure of real estate collateral, the lender could face many legal, practical and operational issues. If the lender did not have control of the asset or could not obtain up-to-date information on the property, the lender could face unwanted surprises in taking back the property. Any unknown issues confronted by the lender may in hindsight have affected the lender's decision to pursue the asset or its treatment of the borrower (or the guarantors). By implementing a pre-foreclosure plan and confirming the foreclosure process and condition of the asset through a post-foreclosure checklist, the lender can issue-spot, predict carrying costs and dilute or eliminate potential liability. This content will examine the potential issues that a lender confronts after foreclosing on its real estate collateral and provide a checklist to spot issues to address in an efficient and cost-effective manner.

Authors

Larry N. Woodard, Miller Canfield

Agenda

Pre-Foreclosure Plan of Action

  • Loan File Review and Update
  • Guaranties and Other Collateral
  • Notice of Default
  • Parties With Adverse or Priority Claims
  • Co-Lender/Intercreditor/Mezzanine Lender Issues
  • Election of Remedies

Post-Foreclosure Litigation Issues

  • Means to Obtain Title (Judicial and Nonjudicial)
  • Appeal Rights
  • Bankruptcy
  • Redemption
  • One Action and Anti-Deficiency Issues

Post-Foreclosure Title Issues

  • Update Minutes of Foreclosure/Title Policy
  • Real Estate Taxes and Other Matters Outside Foreclosure
  • Mechanics and Inchoate Liens
  • Need to Foreclose/Possess UCC Collateral

Post-Foreclosure Operational Issues

  • Lease Obligations of Landlord: Buildout/Security Deposits/Property Operations
  • Enforce Lease Obligations of Tenant: Rent Collection/Lockbox/SNDA Terms
  • Building Management/Deferred Maintenance/Assumed Service Contracts
  • Taking Over Construction
  • Miscellaneous Operational Issues

- Insurance

- Environmental Issues

- Licenses and Operating Permits

- CC&R Issues

Additional Formats

Audio & Reference ManualMore Info
MP3 DownloadMore Info