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Pre and Post-Foreclosure Due Diligence Checklist

Date: Wednesday, June 6, 2018
Time: 1:00-2:30 pm ET

Sponsored by Lorman Education Services


Registration - Live Webinar Only: $219.00

Registration - Live Webinar Plus CD Recording: $288.00

 

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.

Learning Objectives:

  • You will be able to review the pre-foreclosure tasks to better handle the real estate to be owned.
  • You will be able to define the post-foreclosure issues important to the foreclosing entity.
  • You will be able to identify title and operational issues in foreclosing real estate to save time and money.
  • You will be able to recognize the risks in foreclosing to determine the best disposition of the real estate collateral.

This Live Webinar Covers These Hot Issues:

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

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

Larry N. Woodard, Miller Canfield

  • Member of real estate practice group of the Chicago office of Miller Canfield
  • Practice emphasis in all areas of real estate law, including commercial real estate transactions, real estate development, joint ventures, real estate based lending, loan workouts, foreclosures, construction law and mechanics liens
  • Represents Fortune 500 companies, developers, regional and national banks, institutional investors, special servicers, higher education institutions, units of local government, REITs, contractors, landlords, tenants, receivers and real estate brokers
  • Noted speaker and writer on a variety of real estate topics
  • Recently completed one of the largest investments of Chinese capital in the country
  • Publishing a treatise on reciprocal easement agreements and vertical subdivisions
  • Adjunct Professor of Law, The John Marshall Law School
  • Member of the International Council of Shopping Centers and the American, Illinois State and Chicago Bar Associations
  • J.D., LL.M. and B.S. degrees in real estate, University of Illinois and The John Marshall Law School
  • Can be contacted at 312-460-4278 or woodard@millercanfield.com

(Not available outside the US)