Environmental Issues In The Foreclosure Process
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This document discusses various environmental issues that may arise during the foreclosure process and provides guidance on how lenders can protect themselves from liability. It outlines potential environmental risks like underground storage tanks, hazardous wastes, and contamination. It also summarizes federal and state legal protections for lenders, such as exemptions from liability under CERCLA if they did not participate in management. The document recommends conducting Phase I and II environmental site assessments, exercising due diligence, and making efforts to divest properties in a timely manner to avoid environmental liability when taking ownership of contaminated properties through foreclosure.
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