Where is Waldo" isn’t just for kids. Tracking down a guarantor or key principal to give formal, legal notice of a law suit can be tougher than the most challenging "where is Waldo" illustration. I recently closed a new loan, where the lender took this approach in the notice provision, in an attempt to minimize… Continue Reading
Tag Archives: Notice
Lender Liability Returns – As “Lender Responsibility”
Posted in Lender Liability, Market Trends, Tough Times for Lenders, TrainingEarly in this economic down turn, Steve Cocheo with the ABA Banking Journal reported that lender liability had returned but with a focus on the (alleged) failure of the bank to fund or follow though on its contractual obligations. In other words, a simple breach of contract or breach of a duty (such as duty of good… Continue Reading
From Robo to Ridiculous: One Court Requires Proof of Mailing
Posted in Market Trends, Remedies, Tough Times for LendersIf you missed the 60 Minutes piece on the foreclosure mess caused by the inability of residential mortgage servicers (and their lawyers) to locate key documents during the foreclosure process, then you missed an incredible story. Of course, it is incredible to me because there is no such problem in the commercial mortgage space – probably… Continue Reading
2010 CRE Credit Snap Shot: More Negative; Some Positive; Lessons Learned (Take Notice)
Posted in Good Times for Lenders, Market Trends, Workout IssuesThis year comes to an end with a commercial real estate market looking different than 2009. Sure, defaults on commercial mortgage loans are mounting, and investors remain concerned. Yet, at the same time, the public credit market (CMBS) is slowly making a come-back. In the midst of this change, there are good lessons to be learned –… Continue Reading
The Ox and the Ditch: FAQ – Reduce the Commitment? Monthly Statements? New Written Agreements?
Posted in 1 Guest Writers, Tough Times for Lenders, Training, Workout IssuesGuest Writer: Brenda Brown, Winstead PC More from ourTough Times FAQs series: FAQ #4 – Do I need to reduce the commitment amount after sending a Notice of Default? Typically, no – once the loan is declared to be in default, or once the maturity of the loan is accelerated, the lender has no on-going funding… Continue Reading
The Ox and the Ditch: FAQ – First Steps in a Loan Default? Types of Default? Alternatives to Calling a Default?
Posted in 1 Guest Writers, FAQs, Remedies, Tough Times for Lenders, Workout IssuesGuest Writer: Brenda Brown, Winstead PC This is a special series of blog entries in which we provide some quick answers tolenders’ frequently asked questions (FAQ). Two things should be kept in mind. First, none of these questions can be answered in a vacuum. Questions should be considered with a thorough review of the file and an… Continue Reading