When a commercial mortgage lender sets out to enforce a mortgage loan following a borrower default, a key goal is to identify the most expeditious manner in which the lender can obtain control and possession of the underlying...more
In a deed in lieu of foreclosure, a defaulting borrower agrees to convey the mortgaged property to the mortgage lender. But handing over the keys can raise a number of potential pitfalls. Below, we discuss some of these...more
Recently the City of Chicago’s Department of Finance issued Real Property Transfer Tax Ruling #4, which clarifies the intent of the City’s Real Property Transfer Tax. The ruling details the application of the exemptions to...more