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Post-Foreclosure Due Diligence Checklist

OnDemand Webinar (89 minutes)

Foreclosing on a multimillion dollar asset can be costly if mistakes are made, so join us to learn how to properly navigate through the process or even hone your foreclosure skills.

An asset manager working for a large lender or special servicer gets handed a file marked defaulted loan and they call you for help. They may not know your state's laws or even where to begin. Mistakes can happen if the file is not handled the right way. Imagine you send a default letter to the wrong address because you failed to read the notice provision in the mortgage and your entire case gets reversed for improper notice, or that you foreclose on the wrong property because the legal description in your complaint was incorrect, or you missed a large lienholder that you needed to name in your lawsuit. This topic will help you create a check list of items that cannot be missed. It will help you issue spot or even find lost money your client never knew existed. Foreclosing on a multimillion dollar asset can be costly if mistakes are made. Learn how to properly navigate through the process or even hone your foreclosure skills.

Authors

Cara M. Houck, Miller, Canfield, Paddock and Stone, P.L.C.

Agenda

Pre-Foreclosure Plan

• Know Your Client's Business Goal

• Alternative Remedies

• Considerations: Inspection, Title Review and Environmental Issues

• Type of Property - Industrial, Commercial, Multi-Family

• Pre-Negotiation Agreement

Loan Document Review

• Tenants - SNDAs

• Assignments

• Inter-Creditor Agreement

• Mezzanine Loan

• Indemnity and Guaranty - NonRecourse; Partial Recourse; and Full Recourse

Title and Other Issues Need Vetting

• Legal Description

• Liens

• Real Estate Taxes

• UCC

• Condemnation

Election of Remedies

• Judicial vs. NonJudicial State

• Notice of Default or Demand and Acceleration

• Deed-In-Lieu

• Receiver

Judicial Foreclosure

• Necessary Parties as Defendants

• Guaranty Claims

• Timeline

• Receiver

Post-Foreclosure Issues

Means to Obtain Title

• Judicial vs. NonJudicial

• Sheriff or Receiver Sale

• Confirmation of Sale and Termination of Receiver

• Confirmation Hearing

Post Foreclosure Title Issues

• Update Minutes of Foreclosure/Title Policy Insurance

• Real Estate Taxes

• Mechanics and Inchoate Liens

• Need to Foreclose/Possess UCC Collateral

Operational Issues

• Lease Obligations/Tenant Improvements

• Enforcement of Lease Obligations

• Management of Property

• Miscellaneous Clean up