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Pre and Post-Foreclosure Due Diligence Checklist

Foreclosing on a multi-million 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 that 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 multi-million dollar asset can be costly if mistakes are made. Learn how to properly navigate through the process or even hone your foreclosure skills.


Runtime: 96 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 - Non-Recourse; Partial Recourse; and Full Recourse

Title and Other Issues Need Vetting

  • Legal Description
  • Liens
  • Real Estate Taxes
  • UCC
  • Condemnation

Election of Remedies

  • Judicial vs. Non-Judicial 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. Non-Judicial
  • 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

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on January 25, 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 1.6
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.6 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 Business Center, Inc. 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).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MS CLE 1.6
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.6 credit hours.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • 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.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • 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.
     
  • TN CLE 1.58
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.58 hours of credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of self-study CLE credit.
     
  • 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.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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.

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 work-outs for a list of speeches, see https://www.millercanfield.com/CaraHouck#publications-events
  • In addition to her law degree holds a master's degree in business administration from the Kellogg School of Management
  • For additional information, contact at [email protected], 225 West Washington, Suite 2600, Chicago, Illinois 60606 or 312-460-4239
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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.

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Product ID: 404575
Published 2019
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