Webinar: Post-Foreclosure Due Diligence Checklist
When the decision is made to complete the foreclosure of real estate collateral, the lender could face many legal, practical and operational issues. If the lender did not have control of the asset or could not obtain up-to-date information on the property, the lender could face unwanted surprises in taking back the property. Any unknown issues confronted by the lender may in hindsight have affected the lender's decision to pursue the asset or its treatment of the borrower (or the guarantors). By implementing a pre-foreclosure plan and confirming the foreclosure process and condition of the asset through a post-foreclosure checklist, the lender can issue-spot, predict carrying costs and dilute or eliminate potential liability. This content will examine the potential issues that a lender confronts after foreclosing on its real estate collateral and provide a checklist to spot issues to address in an efficient and cost-effective manner.