News & Analysis as of September 23, 2024

Foreclosure › Commercial Property Owners

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Bankruptcy in Real Estate: What to Do When Faced with Foreclosure?

Lowenstein Sandler LLP on 9/12/2024

This episode of “Terra Firma: Conversations on Commercial Real Estate” features hosts Stacey C. Tyler and Stephen Tanico talking with Eric Chafetz, partner in Lowenstein’s Bankruptcy and Restructuring Group, about office...more

Federal Real Estate in a Turbulent Market, Part II

Holland & Knight LLP on 8/15/2024

This is the second of a two-part series addressing special considerations for government lessors in the current commercial real estate market. Part I addressed the risks posed by government downsizing and early lease...more

Conducting Efficient and Successful Commercial Foreclosure Sales in Georgia: The Process and Considerations for Lenders

Womble Bond Dickinson on 8/12/2024

As a non-judicial foreclosure state, it is often thought of as being “easy” to foreclose in Georgia. However, the foreclosure process requires more than running an advertisement for four weeks and conducting the sale on the...more

IRS Private Letter Ruling Concludes REMIC Can Hold C-PACE Assessments

Dechert LLP on 6/13/2024

Dechert LLP recently obtained an IRS private letter ruling (“PLR”) on behalf of an asset manager concluding that certain C-PACE assessments are “obligations . . . secured by an interest in real property” for purposes of the...more

Standard Versus Enhanced Exemptions Understanding the City of Pittsburgh's Proposed LERTA Exemption Ordinance

Steptoe & Johnson PLLC on 5/6/2024

The City of Pittsburgh, in an attempt to stem the tide of collapsing real estate tax revenues from downtown Pittsburgh commercial properties, is on the verge of passing an ordinance creating a tax exemption authorized by...more

Rising Vacancy Rates in Downtown Office Buildings May Cause Wave of Commercial Foreclosures

Kohrman Jackson & Krantz LLP on 7/19/2023

The COVID-19 pandemic has brought about significant changes in work dynamics, leading to a rise in vacant office buildings across the United States. Remote work arrangements and the adoption of flexible work models have...more

Foreclosure Does Not Extinguish Assignment of Rents

Miller Canfield on 6/30/2022

Previously, we alerted you that Michigan had passed its version of the Uniform Assignment of Rents Act (MUARA). Among other things, this law clarifies that an assignment of rents is not extinguished by a foreclosure sale...more

Commercial Real Estate Receiverships: The Closing of the Action and Miscellaneous Matters

Kaufman & Canoles on 10/21/2021

The sale order should require that the receiver file an accounting of its activities as receiver within so many days of the sale of the property. Once that has been filed, the secured lenders counsel can file a motion to...more

Commercial Real Estate Receiverships: The Sale Process Itself

Kaufman & Canoles on 10/21/2021

Typically, the receiver will market the property for sale using the same methods as it would for any other commercial property. It will install signage on the property, list the property with the appropriate online commercial...more

SNDA Protection For Commercial Tenants Upon Property Foreclosure

Obermayer Rebmann Maxwell & Hippel LLP on 8/3/2021

Just last month, it was reported that the Montgomery Mall in Montgomery Township, Pennsylvania was foreclosed upon after it failed to make monthly payments on its loan. How does this foreclosure impact the mall’s tenants?...more

Oregon Legislature Imposes New Foreclosure Moratorium Which May Be Extended Through December 31, 2021, But Most Commercial...

Snell & Wilmer on 6/10/2021

After not taking action and allowing the 2020 foreclosure moratorium to expire on December 31, 2020 (“2020 Act”), the Oregon legislature took action in May to pass House Bill 2009 (the “2021 Act” or the “Act”), reinstating...more

Real Estate Tax Appeals During The Pandemic – 10 Key Takeaways

Fox Rothschild LLP on 3/11/2021

As the COVID-19 pandemic continues to impact the commercial real estate market, property owners will be focusing on ways to reduce operating expenses, including real estate taxes... ...more

NY Court of Appeals on the Foreclosure Statute of Limitations

BCLP on 2/24/2021

The New York Court of Appeals’ decision last week, Freedom Mortgage Corp v. Engel, contains two “reliable and objective rules permitting consistent application of the statute of limitations.” What are those rules? ...more

Update from our Bankruptcy Law Department

Genova Burns LLC on 2/17/2021

The COVID pandemic has had far reaching impacts in the New Jersey judicial system. For almost a year, commercial and residential foreclosures and evictions essentially came to a halt....more

Executive Order 202.70 Extends Moratorium on New York Commercial Evictions and Mortgage Foreclosures to January 2021

Kilpatrick on 10/26/2020

On October 20, 2020, New York Governor Andrew Cuomo issued Executive Order 202.70, which continued through January 1, 2021 the moratorium on initiating a proceeding or enforcement of (a) an eviction of any commercial tenant...more

Executions On Commercial Evictions and Limited Residential Evictions Can Proceed Starting September 2, 2020

Pullman & Comley, LLC on 9/3/2020

Although Governor Lamont’s Executive Orders did not stay commercial evictions, they were practically stayed as the Judicial Branch imposed a stay on the service of any execution of eviction – the final step necessary to...more

Oregon Foreclosure Moratorium Extended Until December 31, 2020

Tonkon Torp LLP on 9/3/2020

On August 31, Oregon Governor Kate Brown issued Executive Order 20-37, extending prohibitions on residential and commercial foreclosures in Oregon through December 31, 2020. This Order was issued under the Governor’s...more

Courts: A Foreclosure Pandemic Pause? (Part 2)

Morrison & Foerster LLP on 8/19/2020

As borrowers continue to experience financial distress and loans go into default as a result of the ongoing coronavirus pandemic and related issues, lenders are now becoming more focused on the need to take a closer look at...more

New York Courts Lift Suspension of Foreclosure Proceedings, Add Additional Conference Requirement

Hinshaw & Culbertson - Consumer Crossroads on 7/31/2020

On July 24, 2020, the New York State Courts issued Administrative Order 157/20 (AO/157/20). Effective July 27, 2020, AO/157/20 removes the formal suspension of all residential foreclosures, but keeps a limited suspension of...more

NY Court Blocks Mezzanine Lender’s UCC Foreclosure Sale in Light of COVID-19 Pandemic

Troutman Pepper on 7/9/2020

On June 23, the New York County Supreme Court issued a rare preliminary injunction temporarily halting a mezzanine lender’s UCC foreclosure sale of the Mark Hotel in New York City because the procedures for the foreclosure...more

U.S. COVID-19: New York state’s temporary commercial foreclosure ban is inapplicable to proposed sales of collateralized assets...

BCLP on 5/21/2020

Through a series of executive orders (202.8 and 202.28) issued by Governor Cuomo, the State of New York has banned the enforcement of commercial foreclosures through and including June 6, 2020. Neither executive order,...more

Mezzanine Foreclosure in the Time of Coronavirus: The Final Chapter

Dechert LLP on 5/19/2020

A decision yesterday by the New York Supreme Court has paved the way for mezzanine lenders to proceed with UCC foreclosure sales in New York City during the pandemic. Yesterday afternoon, Justice Frank Nervo issued an order...more

Mezzanine Foreclosures in the Time of Coronavirus

Dechert LLP on 5/10/2020

A recent New York County Supreme Court decision has temporarily halted a mezzanine UCC foreclosure sale by granting the borrower’s request for a stay based on allegations that the terms of the mezzanine foreclosure were not...more

National Landscape of COVID-19 Eviction and Foreclosure Moratoriums Continues to Shift

Pillsbury Winthrop Shaw Pittman LLP on 4/16/2020

In the wake of the COVID-19 pandemic, governments across the U.S. have issued moratoriums on evictions and foreclosures for residential and commercial properties and other restrictions on available remedies. States and...more

New Tenant Protection Law Affects Conversions of Rental Buildings in New York - Law Also Impacts Proprietary Leases, Subleases and...

Holland & Knight LLP on 7/12/2019

• New York's Housing Stability and Tenant Protection Act of 2019, which was enacted and became effective on June 14, 2019, will have a sizable impact on a landlord's ability to convert buildings to cooperatives and...more

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Foreclosure › Commercial Property Owners

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