On Tuesday, March 23, 2021, four of our partners presented Properly Handling Mortgage Foreclosures. This presentation was moderated by the firm’s managing partner, and is geared towards special asset departments of banks and financial institutions. This webinar addressed what is new in foreclosures, including recent developments in the law since the last foreclosure crisis and how banks can utilize the law to their advantage.
Best practices for handling mortgage foreclosures and common issues encountered during the process were also addressed. These unexpected issues can sometimes derail the process and disrupt the lender’s ability to promptly and fully recover the loan balance, such as:
- The foreclosure is contested by the borrower
- The borrower filed for bankruptcy during the foreclosure lawsuit
- The borrower passed away before or during the foreclosure lawsuit
- There is a tenant in the foreclosed property
- The lender didn’t recover the full balance of the debt from the foreclosure sale
- Marketability of the title
Fine-tuning your knowledge on these topics will help you avoid problems on the front end while also being prepared to mitigate any variables. The panelists included partners Austin B. Calhoun, A. Hunter Faulkner, Austin T. Hamilton, and Brandon C. Meadows and Charles B, Jimerson served as moderator. Learn more about how we serve the Banking & Financial Services Industry, and subscribe to our industry legal blog to stay abreast of timely news and updates.