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Foreclosure and Asset Management


A Foreclosure is the legal proceeding initiated by a creditor to repossess the collateral for a loan that is in default. Although there are certainly instances where this can be an amicable process between lender and borrower (deeds in lieu of foreclosure for example), often foreclosure proceedings are lawsuits and can become hostile and lengthy in nature. During this time it is usually in the lender’s best interest to file a motion to appoint a Receiver. In nearly every case, once a borrower goes into monetary default, the condition of the asset has already begun to rapidly deteriorate.

During the Receivership phase, we provide expertise and guidance in seeking inspections and preparing analyses of what issues a lender might expect when or if they must foreclose.  Many issues can sometimes dramatically impact the valuation process when a new owner may be required to fix problems, if for example there is no property survey and the property is not fully identified as part of the collateral under the DOT as an example. Others include capital expenses which may be necessary to prepare the asset for sale to achieve the best price or best sale timing.

Prior to the actual foreclosure sale, it is sometimes possible to secure a buyer or multiple buyers to notify them of the auction date. On rare occasions a buyer may actually bid the appropriate amount and take title to the asset, but more often the lender is forced to purchase the asset at the auction, but bona-fide buyer prospects are almost always identified during the process and it is not uncommon for the asset to be sold to one of those parties at a later date.