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Post-Foreclosure Due Diligence Checklist

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.


Runtime: 89 minutes

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 32 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 32 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 Webinar

This course was last revised on May 13, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 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

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
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More Program Information

Why Lorman?

Over 32 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
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  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 405979
Published 2019
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