On Tuesday, March 23, 2021, four of our partners will presented Properly Handling Mortgage Foreclosures. This presentation was moderated by our managing partner, and is geared towards special asset departments of banks and financial institutions. This webinar addresses what is new in foreclosures, including recent developments in the law since the last foreclosure crisis and how banks can utilize the law to their advantage. Best practices for handling mortgage foreclosures and common issues encountered during the process are also shared. These unexpected issues can sometimes derail the process and disrupt the lender’s ability to promptly and fully recover the loan balance, such as:
The foreclosure is contested by the borrower
The borrower filed for bankruptcy during the foreclosure lawsuit
The borrower passed away before or during the foreclosure lawsuit
There is a tenant in the foreclosed property
The lender didn’t recover the full balance of the debt from the foreclosure sale
Marketability of the title
Fine-tuning your knowledge on these topics will help you avoid problems on the front end while also being prepared to mitigate any variable.