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Washington Guarantor Liability Following Foreclosure

Gain valuable insights on guarantor liability following foreclosure in Washington.

When a lender forecloses upon collateral, its personal guarantees are enforceable only if the lender follows required procedural steps and carefully plans its foreclosure and litigation strategy. Poorly drafted guarantees can prevent collection, and a haphazard foreclosure process can make the guarantees unenforceable. With evolving case law and statutory changes in Washington, it is critical that lenders, investors, developers, guarantors, and their counsel understand when guarantors can be held liable after foreclosure. This topic will teach you defenses and loopholes to be aware of, and how to best ensure maximum recovery from guarantors, or conversely, how to prevent judgment against guarantors. You will learn the legal and business strategies creditors can use to maximize their recovery, including the evidence to establish the fair value of the foreclosed collateral. The content will also review commonly litigated guarantee issues, including validity of the guarantee agreement, suretyship defenses and their waiver, lender liability risks, the continuing guarantee, irrevocable guaranties, and the scope of bad boy guarantees.

Runtime: 56 minutes
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Over 31 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

Guarantee Enforceability

  • Recourse and Nonrecourse Loans, Unconditional Guarantees, and "Bad Boy" Carveout Guarantees
  • EEOC Regulation B Requirements for Obtaining Guaranties
  • Common Law and Statutory Defenses to Guaranties

Guarantor Liability

  • Washington Deed of Trust Act Provisions Relevant to Borrower and Guarantor Liability
  • Use of Judicial Foreclosures, Trustee Sales, and Receivership Sales of Collateral
  • Recent Washington Appellate Decisions Clarifying Guarantor Liability

Obtaining and Enforcing Judgments Against Guarantors

  • Procedural Steps to Perfect Guarantor Judgments
  • Evidence Necessary to Establish the "Fair Value" of Foreclosed Properties
  • Guarantor Bankruptcies and Their Impact Upon Foreclosures
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Why Lorman?

Over 31 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 November 10, 2016.

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

  • WA CLE 1.0
     

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

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Why Lorman?

Over 31 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

Brian Free

Brian Free

Hillis Clark Martin & Peterson P.S.

  • Partner at Hillis Clark Martin & Peterson P.S.
  • Practice emphasizes financial services litigation and bankruptcy
  • Represents creditors in bankruptcies, receiverships, and complex workouts
  • Represents lenders in foreclosure actions, in state court receiverships, bankruptcy proceedings, and guarantor lawsuits
  • Author of “Lender Services Update: Lender Liability for Forbearance and Foreclosures” (September 26, 2014); and “Increased Scrutiny for Trustee Short Sales: Advice for Obtaining Bankruptcy Court Approval” (May 12, 2015)
  • J.D. degree, University of Washington School of Law, with honors, Order of the Barristers; B.A. degree, Stanford University, with honors
  • Recognized as a “Rising Star” by Washington Law & Politics
  • Recognized as a “Rising Star” by Washington Super Lawyers
  • Adjunct Professor, "Bankruptcy Law", Seattle University School of Law
  • Can be contacted at: [email protected]
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Product ID: 399473
Published 2016
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