Foreclosing
on a multimillion dollar asset can be costly if mistakes are made.
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.
Learning Objectives:
- You will be able to identify the risks involved in pursuing a claim, i.e. liens, environmental, taxes, etc.
- You will be able to explain the difference between a judicial and nonjudicial foreclosure.
- You will be able to discuss with the client in making the right decisions by weighing all options/risks.
- You will be able to review with your client on how to reach its goals, including finding lost money.
This Live Webinar Covers These Hot Issues:
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
- Tenants - SNDAs
- Assignments
- Inter-Creditor Agreement
- Mezzanine Loan
- Indemnity and Guaranty – NonRecourse; Partial Recourse; and Full Recourse
- Legal Description
- Liens
- Real Estate Taxes
- UCC
- Condemnation
- Judicial vs. NonJudicial State
- Notice of Default or Demand and Acceleration
- Deed-In-Lieu
- Receiver
- Necessary Parties as Defendants
- Guaranty Claims
- Timeline
- Receiver
- Judicial vs. NonJudicial
- Sheriff or Receiver Sale
- Confirmation of Sale and Termination of Receiver
- Confirmation Hearing
- Update Minutes of Foreclosure/Title Policy Insurance
- Real Estate Taxes
- Mechanics and Inchoate Liens
- Need to Foreclose/Possess UCC Collateral
- Lease Obligations/Tenant Improvements
- Enforcement of Lease Obligations
- Management of Property
- Miscellaneous Clean up
Credit Information (Sponsored by Lorman Education Services)
- CLE
- CPE
- NASBA
- Bankers
For Detailed Credit Information page
click here
Only registered attendee will receive continuing education credit.
Faculty
Cara M. Houck, Miller, Canfield, Paddock and Stone, P.L.C.
- Senior principal, Miller, Canfield, Paddock and Stone, P.L.C.
- Litigation attorney specializing in commercial real estate workouts and foreclosures on behalf of lenders and special servicers throughout the Midwest
- Works with a team of lawyers and paralegals handling billions of dollars in assets each year
- Recognized by Marquis Who’s Who for Excellence in Law, Leading Lawyers of Illinois and Illinois’ Super Lawyers
- Tried several lawsuits, conducted arbitrations and appeared before state and federal courts around the country
- Experience in litigation and business background to find profitable ways of resolving her clients’ commercial real estate assets
- Member of the American, Illinois and Chicago Bar Associations and a board member of the Chicago Bar Foundation
- Conducts regular seminars and workshops on numerous commercial real estate foreclosure and workouts for a list of speeches, see https://www.millercanfield.com/CaraHouck#publications-events
- M.A. degree in business administration, Kellogg School of Management
- Can be contacted at houck@millercanfield.com, 225 West Washington, Suite 2600, Chicago, Illinois 60606 or 312-460-4239
(Not available outside the US)