Receivers Make Comeback in Troubled Market

more+
less-

More and more commercial real estate owners in the Atlanta metro area are defaulting on their loans. According to a recent report by Realpoint LLC, more than 10 percent of the loans secured by commercial property in the Atlanta area which were securitized (with a total balance of more than $1.8 billion) are delinquent.

Because most commercial property is income-producing, when a borrower defaults, the lender will want to take control of the property as quickly as possible. One way to do so is non-judicial foreclosures.

Fortunately for lenders, commercial foreclosures in Georgia can be done very quickly. If the loan documents are properly drafted, the lender can hold a special "non-judicial" foreclosure sale on the courthouse steps in as little as four weeks after the borrower's default. At the foreclosure sale, which happens the first Tuesday of the month, the lender's counsel auctions the property to the highest bidder (which is most often the lender).

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sutherland Asbill & Brennan LLP | Attorney Advertising

Written by:

more+
less-

Sutherland Asbill & Brennan LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
Ă—
Loading...
×
×