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Course Details

Commercial Foreclosure Due Diligence Checklist: What To Do Before, During, And After Foreclosure

Webinar: ID# 1023437
Recorded CD
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About This Course:
Discover how to navigate the complexities of the commercial foreclosure process with ease.

When a commercial mortgage loan becomes troubled, even before it goes into default, the parties must quickly confront a number of issues. For the lender, it is imperative that it conduct a due diligence review of its file, the loan and the collateral as soon as possible.

Should the default not be cured or the parties not be able to restructure the loan, the lender faces the options of foreclosing on the property, taking a deed in lieu of foreclosure or exercising other remedies that may be available to it. But these steps pose additional concerns that the lender must address, including potential lender liability claims.

In addition, the borrower may file for bankruptcy at any time. And as more and more people are looking for ways to profit from the commercial real estate downturn, potential buyers may be interested in the loan or the property.

This webinar will help all parties - the lender, the borrower and the potential buyer - understand the issues that exist at each stage of the process. The advantages and disadvantages of each approach, as well as the potential dangers will be discussed. Learn how to avoid problems and maximize your leverage.

AGENDA

Pre-Foreclosure
  • Pre-Negotiation Agreement
  • Update Due Diligence and Review Loan File
  • Defenses and Lender Liability Issues
  • Tax Issues
  • Alternatives to Foreclosure
  • Notice of Default and Acceleration
  • Bankruptcy
During Foreclosure
  • Election of Remedies
  • Minutes of Foreclosure and Title Commitment
  • Filing Complaint and Notice of Default
  • Appointment of Receiver or Mortgagee in Possession – Activation of Assignment of Rents
  • One-Action and Antideficiency Statutes
  • Redemption Periods
Post-Foreclosure
  • Title Insurance Issues
  • Rights of Appeal
  • Bankruptcy
About The Presenter

Anthony L. Frink
  • Attorney with the Chicago office of Holland & Knight LLP
  • Concentrates his practice in the areas of real estate and finance, including office, industrial, retail and residential development, construction, sale, leasing, financing, ownership and investment and workouts, mortgage foreclosures, and mechanics liens
  • Experience includes the representation of institutional lenders, borrowers and investors in real estate transactions, restructurings, litigation and bankruptcy nationwide, developers of commercial and residential projects, and landlords and tenants in retail, office and industrial leasing
  • Illinois Super Lawyers magazine, 2005 to 2008, 2010 and 2011
  • Wrote numerous articles on various related topics
  • J.D. degree, with honors, Illinois Institute of Technology Chicago-Kent College of Law; B.A. degree, Yale University
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Commercial Foreclosure Due Diligence Checklist: What To Do Before, During, And After Foreclosure
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