Foreclosure, Default

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

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

Holland & Knight LLP on 7/25/2024

The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

Understanding Workout Agreements for Commercial Real Estate Loans in Default

Tonkon Torp LLP on 7/25/2024

When commercial real estate loans go into default, workouts are often pursued to resolve the default by agreement. What are the common forms of workout agreements? For commercial real estate borrowers in default, it’s...more

Deed in Escrow

Morrison & Foerster LLP on 6/19/2024

Is a “deed in escrow,” sometimes referred to as a “deed in a box,” enforceable in New York? While many real estate attorneys believe that it is not, a recent court ruling illustrates that the answer may not be as...more

Alabama Supreme Court Decision: Former Mortgagees are Necessary and Indispensable Parties in Ejectment Action with Wrongful...

McGlinchey Stafford on 5/9/2024

In April 2024, the Alabama Supreme Court issued an opinion in Alavest, LLC v. Harris that significantly expands the application of Rule 19 of the Alabama Rules of Civil Procedure to post-foreclosure proceedings when it held...more

UCC Foreclosure Commercially Reasonable

Morrison & Foerster LLP on 3/7/2024

In a recent case, U.S. District Judge Edgardo Ramos ruled that a foreclosure sale governed by Article 9 of the New York Uniform Commercial Code (UCC) was “commercially reasonable” when viewed as a whole, denying claims made...more

There’s No Going Back: The Finality of Mortgage Foreclosures

Cadwalader, Wickersham & Taft LLP on 3/1/2024

In New York, it is settled precedent that a judgment of foreclosure and sale is final as to all questions at issue between the parties. Thus, once a final judgment is entered, both parties have no recourse or ability to raise...more

Commercial Foreclosures in Pennsylvania: How Deal Formation Impacts Litigation

Stark & Stark on 2/23/2024

The fact that commercial transactions can very easily become complex is not a novel statement. When financial institutions lend money to commercial entities, the basic documentation required to evidence the loan, promise to...more

Pleading Reasonable Reliance Is “Always Nettlesome”

Freiberger Haber LLP on 12/14/2023

By: Jeffrey M. Haber In TD Bank, N.A. v. Keenan, 2023 N.Y. Slip Op. 06158 (2d Dept. Nov. 29, 2023) (here), the Appellate Division, Second Department examined the often “nettlesome” question of whether a plaintiff claiming...more

[Hybrid Event] Navigating Workout Discussions with Lenders – Trends from 2023 - November 9th, New York, NY

Vinson & Elkins LLP on 10/24/2023

In this program, attorneys in Restructuring & Reorganization, Real Estate, and Tax will discuss commercial real estate loan workouts and amendments: the path most often taken by commercial real estate lenders in 2023 when a...more

[Hybrid Event] Navigating Workout Discussions with Lenders – Trends from 2023 - November 9th, Dallas, TX

Vinson & Elkins LLP on 10/24/2023

In this program, attorneys in Restructuring & Reorganization, Real Estate, and Tax will discuss commercial real estate loan workouts and amendments: the path most often taken by commercial real estate lenders in 2023 when a...more

A “Note” About Your Mortgage. There is a Difference.

Fox Rothschild LLP on 10/6/2023

Most of us wander through life unconcerned about the vagaries of house finance laws until we decide we want a house. Candidly, because of how house purchases come about, most of us don’t know much about mortgage financing...more

The Importance of Having All Your Docs in a Row On a Commercial Foreclosure Summary Judgment Motion

Goulston & Storrs PC on 8/2/2023

Like many of you, we are seeing a significant increase in commercial real estate (“CRE”) loan workouts. The magnitude of the swell in distressed CRE loans remains unclear, although one thing is certain: appreciating the...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

New Law Will Soon Improve Commercial Receivership Rules, Appointment Process in Connecticut

McCarter & English, LLP on 6/23/2023

Lenders, investors, and mortgage servicers will have a more favorable and standardized framework for protecting their interests in distressed debt when applying for appointments of commercial receivers beginning July 1, 2023,...more

A New Class Of Redemptioners: The Enhanced Position Of Tenants, Prospective Owner Occupants, And Nonprofit Or Governmental...

Miller Starr Regalia on 5/1/2023

The borrower has no post-sale redemption right in California’s nonjudicial foreclosure process. This redemption bar has long been justified as a trade-off for the lender’s post-sale deficiency bar under Civ. Proc. Code, §...more

Remote Work and Higher Interest Rates Drive Office Defaults Across the United States

ArentFox Schiff on 3/20/2023

With some of the nation’s largest real estate owners defaulting on, and looking to restructure, loans backed by commercial office buildings, what may have seemed like an impossibility a few short years ago, is now very much a...more

Former Gasoline Service Station Property/Tax Sales Certificates of Purpose: New Jersey Appellate Court Purchaser's Request to...

Mitchell, Williams, Selig, Gates & Woodyard,... on 9/22/2022

The Superior Court of New Jersey – Appellate Division (“Court”) described in a September 8th Opinion issues arising out of the purchase of tax sales certificates associated with a former gasoline service station. See...more

Is a Postpetition Non-bankruptcy Court Order a Violation of the Automatic Stay?: The Ninth Circuit Bankruptcy Appellate Panel...

Fox Rothschild LLP on 5/4/2022

On April 5, 2022, the Ninth Circuit Bankruptcy Appellate Panel (the “BAP”) published an opinion, Censo, LLC v. Newrez, LLC, BAP No. NV-21-1125-LTF (Apr. 5, 2022), which provides a framework for addressing whether a...more

Further Developments in Mezzanine Foreclosures

Cadwalader, Wickersham & Taft LLP on 4/27/2022

The New York State Supreme Court, New York County Commercial Division (the “Court”) decided in U.S. Bank, N.A. v. 342 Property LLC, on February 14, 2022, that a mezzanine lender that is not a party to loan documents that...more

An Interesting Tale of New York’s One-Action Rule

Farrell Fritz, P.C. on 4/1/2022

As mortgage loan transactions continue to become increasingly complex, lenders often worry about the remedies they have if borrowers fail to live up to their obligations. In the event of a default, lenders have the choice...more

The ESG Factor, January 2022 - One of These Things Is Not Like the Other: New York State Court Upholds Commercial Reasonableness...

Cadwalader, Wickersham & Taft LLP on 2/1/2022

On November 10, 2021, the owner of the State Street Financial Center in Boston, Massachusetts defaulted on its debt, consisting of a mortgage loan in the amount of $535,000,000 and three mezzanine loans in the aggregate...more

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