Guide Your Clients Through the Best Solution for Their Situation
Not for the faint of heart, this fast-paced course is designed to provide a comprehensive procedural orientation to the foreclosure process and alternatives to foreclosure. Expert faculty will identify all of the options available for loan defaults and guide you through their mechanics – from forbearance agreements and loan modifications to short sales and the foreclosure process itself. Along with this engaging seminar, you'll receive a reference manual filled with in-depth, detailed information on each of the options discussed, so you can dig into specific laws as you need them. Get the most bang for your buck - enroll today!
- Learn what loss mitigation solutions are available and how to put them in place for your clients.
- Walk through the foreclosure process and sale to avoid legal missteps when you're guiding clients through them.
- Ensure your forbearance agreements include crucial provisions to protect collateral.
- Be prepared to handle the entire short sale process.
- Understand the lender liability surrounding loss mitigation options.
- Maintain an ethical practice by understanding what conflicts of interest may exist when dealing with troubled real estate loans.
- The Foreclosure Process
9:00 - 10:00, Dean S. Talaganis
- Curing Title Problems Prior to Commencing the Action
- Foreclosure Timeline
- Demand Letter
- The Foreclosure Action – Lis Pendens, Parties Named, Summons, Complaint
- Foreclosure/Sheriff's Sale – Notice Requirements, Bidding Process, Closing, Etc.
- Pursuit of Guarantors
- Before Foreclosure Sale?
- Checking Percentage Guarantees
- Deficiency Judgment Issues
- Forbearance Agreements – Structure and Important Provisions
10:00 - 10:45, Angela Thi Bennett
- Forbearance Agreement Overview and Variations
- Review of Existing Loan Documentation
- Debtor Provisions – What the Debtor Wants to Avoid
- Creditor Provisions – What the Creditor Wants to Include
- Troubled Debt Restructuring (TDR) Transactions
11:00 - 11:15, Angela Thi Bennett
- Loan Modifications
11:15 - 11:45, Russell David Kornblut
- Programs and Incentives Available
- Submitting a Loan Modification Request
- Handling Your Client's Case
- Negotiating the Best Possible Loan Modification
- Short Sale Procedures
12:45 - 1:30, Dean S. Talaganis
- What is a Short Sale and When can it be Done?
- Benefits of Short Sales
- Parties Involved
- Navigating the Process
- Short Sale Request
- Short Sale Package – Review of Documents Included
- Implications of a Short Sale
- Deeds-in-Lieu of Foreclosure
1:30 - 1:45, Dean S. Talaganis
- What is a Deed-in-Lieu and When Should You use It?
- Liabilities Associated With Deeds-in-Lieu
- Junior Liens and Non-Merger Provisions
1:45 - 2:30, Russell David Kornblut
- Types of Receivers (and Reasons to Appoint Them)
- Rights Involved in Appointing a Receiver
- Procedures for Appointing a Receiver
- Interplay of Bankruptcy
- Title Insurance Considerations
- Receiver Sale – What You Need to Know
- Lender Liability Issues
2:45 - 3:30, Russell David Kornblut
- Circumstances With the Most Risk of Lender Liability
- Breach of Oral Agreement
- Breach of Contract
- Breach of Obligation of Good Faith and Fair Dealing
- Negligent Misrepresentation
- Best Practices for Avoiding Lender Liability
- Ethical Considerations When Dealing With Distressed Property
3:30 - 4:30, Angela Thi Bennett
- Client-Lawyer Relationship – Scope of Representation
- Conflicts of Interest
- Lender Liability Issues
- Mortgage Foreclosure Defense
- Attorneys' Fees and Expenses