Mortgage lenders and mezzanine lenders considering amendments to loan documents, forbearance, loan transfers, the exercise of remedies or deeds in lieu of foreclosure, and other loan-related fact patterns will need to revisit...more
In many cases, borrowers and lenders are working together to weather this crisis. A forbearance agreement is often the first step—after a pre-negotiation agreement is entered into.
A forbearance agreement can benefit both...more
4/14/2020
/ Banks ,
Contract Negotiations ,
Coronavirus/COVID-19 ,
Emergency Response ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Mortgage Lenders ,
Mortgages ,
NYDFS ,
Pre-Negotiation Agreements ,
Relief Measures
The coronavirus pandemic is resulting in a wave of forbearances and workouts. A frequent first step is the pre-negotiation agreement.
A good PNA should be quickly negotiated but carefully considered, getting both parties to...more
New York orders extraordinary measures requiring financial institutions to meet financial needs of and ameliorate the challenges being faced by customers affected by COVID-19.
- New York State has implemented...more