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.
Who Needs Foreclosure Due Diligence Training?
Paralegals, attorneys, real estate professionals, legal professionals, property developers, financial professionals, homebuyers, entrepreneurs and other professionals can all benefit from the training. If you work with foreclosures or commercial foreclosures in any capacity, due diligence training helps you understand the process more fully while allowing you to avoid some of the risks associated with foreclosures while maximizing the potential of this type of real estate transaction.
Foreclosure due diligence training prepares you with the practical information you need to conduct due diligence, as well as a strong understanding of the reasons behind due diligence. Find out what to look for and where to look for the information you need. In some states, this training can be used to meet CLE requirements. If you are looking for training for professional development or to help you realize new career opportunities, foreclosure due diligence training may be what you are looking for.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on May 13, 2019.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.5
- Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.5
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- IL CLE 1.5
- This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
- MO CLE 1.8
- This course qualifies for self-study CLE credit in Missouri.
- MS CLE 1.5
- This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.5 credit hours.
- NJ CLE 1.8
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
- NM CLE 1.5
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
- PA CLE 1.5
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.5
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
- WV MCLE 1.8
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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 [email protected], 225 West Washington, Suite 2600, Chicago, Illinois 60606 or 312-460-4239
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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