Commercial Foreclosure Due Diligence
Checklist: What to Do Before, During, and After Foreclosure Audio Conference
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 live audio conference 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.
- 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
- Election of Remedies
- Minutes of Foreclosure and Title Commitment
- Filing Complaint and Notice of Default
- Appointment of Receiver or Mortgagee in
Possession Ė Activation of Assignment of Rents
- One-Action and Antideficiency Statutes
- Redemption Periods
- Title Insurance Issues
- Rights of Appeal
Anthony L. Frink, Holland & Knight LLP
Francis L. Keldermans, Holland & Knight LLP
Anthony L. Frink
- Attorney with the Chicago office of Holland &
- 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
- Illinois Super Lawyers Magazine 2005 to 2008,
2010 and 2011
- Wrote numerous articles on various related
- J.D. degree, with honors, Illinois Institute
of Technology Chicago-Kent College of Law; B.A. degree, Yale University
- Can be contacted at 312-715-5795 or
Francis L. Keldermans
- Partner in the Chicago office of Holland &
- Practices in the firmís Financial Services
Group with an emphasis on commercial real estate loan transactions, workouts
- Significant experience representing lenders
with respect to acquisition, construction (including condominium and mixed use
projects) and long-term lending
- Significant experience in the negotiation and
documentation of commercial finance transactions and represents lenders in
foreclosure proceedings and workouts
- Illinois Super Lawyers Magazine 2006 to 2009
- Published writer
- J.D. degree, Loyola University Chicago School
of Law; B.A. degree, Loyola University Chicago
- Can be contacted at 312-715-5773 or
Continuing Education Units
- Additional credit may be available upon
Bankers 2.0 including CLBB 2
Lorman Education Services is an Accredited Continuing Education Provider (ACEP)
of the Institute of Certified Bankers. The Institute of Certified Bankers (ICB)
is dedicated to promoting the highest standards of performance and ethics within
the financial services industry. The "Commercial Foreclosure Due Diligence
Checklist: What to Do Before, During, and After Foreclosure" content has been
reviewed and approved for 2.00 continuing education credits toward the CLBB
This course has been reviewed and approved for inclusion in the Certificate of
Banking Compliance Program and qualifies for 0.5 credit.
AL CLE 1.5
This course or a portion thereof has been approved by the Alabama State
Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours'
AR CLE 1.5
This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
AZ CLE 1.5
The State Bar of Arizona does not approve or accredit CLE activities for the
Mandatory Continuing Legal Education requirement. This activity may qualify for
up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
CA CLE 1.5
Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor
and this course qualifies for 1.5 CLE hours.
CO CLE 2.0
This program has been approved by the Colorado Supreme Court Board of Continuing
Legal and Judicial Education for 2.0 hours of CLE.
GA CLE 1.5
This program has been approved by the Georgia Commission on Continuing Lawyer
Competency for 1.5 CLE hours.
HI CLE 1.5
This program was approved by the Hawaii State Board of Continuing Legal
Education for 1.5 VCLE credit hours.
IA CLE 1.5
Commercial Foreclosure Due Diligence Checklist: What to Do Before, During, and
After Foreclosure is accredited under the regulations of the Iowa Supreme Court
Commission on Continuing Legal Education. It is planned that this program will
provide up to a maximum of 1.5 hours of credit toward the mandatory continuing
legal education requirements under the Iowa rule.
IL CLE 1.5
This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois
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.
MO CLE 1.8
This program has been approved by the Missouri Bar for 1.8 hours of CLE.
MS CLE 1.5
This program has been approved by the Mississippi Commission on Continuing Legal
Education for a maximum of 1.5 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.
NC CLE 1.5
This program has been approved by the North Carolina State Bar Board of
Continuing Legal Education for 1.5 CLE hours.
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,
of which 1.50 credit hours may be applied toward the Areas of Professional
Practice requirement. Each hour may be counted only as satisfying one category
of credit; duplicate credit for the same hour of instruction is not permitted.
Lorman Business Center, Inc. has a financial hardship guideline.
PA CLE 1.5
This 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 1.5
This program has been approved by the Tennessee Commission on Continuing Legal
Education and Specialization for a maximum of 1.5 hours of credit.
TX CLE 1.5
This program has been approved for Minimum Continuing Legal Education credit by
the State Bar of Texas Committee on MCLE in the amount of 1.5 credit hours.
Lorman Education Services is an accredited sponsor, approved by the State Bar of
Texas, Committee on MCLE. This program has been approved by the Texas State Bar
College for 1.5 hours of CLE credit.
UT CLE 1.5 (Pending)
This program has been submitted to the Utah State Board of Continuing Legal
Education. Approval Pending.
VA CLE 1.5
This program has been approved by the Virginia Mandatory Continuing Legal
Education Board for 1.5 CLE credit hours.
VT CLE 1.5
This program has been approved by the Mandatory Continuing Legal Education Board
of Vermont for 1.5 hours of 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 credit.
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 CLE 1.8
This program has been approved by the West Virginia State Bar MCLE Commission
for 1.8 MCLE hours.
CPE 1.5 including Specialized Knowledge and Applications 1.5
Lorman Education Services is registered with the National Association of State
Boards of Accountancy (NASBA) as a sponsor of continuing professional education
on the National Registry of CPE Sponsors. State boards of accountancy have final
authority on the acceptance of individual courses for CPE credit. Complaints
regarding registered sponsors may be addressed to the National Registry of CPE
Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. CPE
Credit: Maximum Credit Hours: 1.5 each session (based on a 50 minute credit
hour). Field of Study: Specialized Knowledge and Applications. Prerequisite:
basic knowledge of the banking industry. Level of Knowledge: Intermediate.
Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method:
Group-Live. Please refer to the information in this brochure for outline, course
content and objectives. Upon completion of this course, you will receive a
certificate of attendance. Final approval of a course for CPE credit belongs
with each state's regulatory board.
Lorman Business Center, Inc. is a registered provider for CPA CPE through the
State Education Department of New York, Sponsor number: 000640. The following
course will carry the subject area of Specialized Knowledge and Applications for
The CLE Code is ONLY a requirement when applying for CLE Credit in New York or
New Jersey or Kansas. Other states do not need to supply the CLE Code to apply
for CLE credit.
Who Should Attend
This live audio conference is designed for
attorneys, presidents, vice presidents, loan officers, loan department
personnel, branch managers, credit and collections managers, real estate
professionals, controllers, accountants and auditors.
Audio Conference Hours:
Time: 1:00 pm ET (12:00 pm CT, 11:00 am MT, 10:00
Length: 1 hour 30 minutes