This presentation discusses aspects of foreclosures, including what to do if your home is currently in foreclosure. It also discusses how to find and purchase foreclosures.
Today we start the first of a two-part discussion on foreclosure in Maryland by looking at some common questions people have about the process. Learn more about foreclosure in Maryland in this presentation.
Claims by acquirers sellers and unsuccessful biddersPolsinelli PC
The third webinar presentation in the M&A Litigation Series examines M&A-related disputes that arise between and among contracting parties and unsuccessful bidders. These disputes are discussed with reference to remedy provisions and representations and warranties contained in merger agreements, as well as with respect to merger-related letters of intent and memoranda of understanding. Contract remedies as well as equitable remedies (such as specific enforcement) are addressed.
This webinar will discuss:
Contract Indemnity
Breaches of Representations and Warranties
Specific Performance
Liabilities Under Letters of Intent and Memorandums of Understanding
ON OUR PANEL:
Matthew Knoop | Shareholder
Mary Bannister | Shareholder
Robert Spake | Associate
Help, My Business is in Trouble! (Series: Restructuring, Insolvency & Trouble...Financial Poise
When a business becomes financially troubled, the business owner often experiences denial, paralysis, or both. Lenders commonly lose confidence and then trust in the business, as communications tend to break down, deadlines are missed, and promises are broken. Small business owners commonly have issued personal guarantees, so business failure can often lead to personal financial stress. The good news is the business and business owner usually has some options, and even some leverage. This webinar explains what a business owner should- and should not- consider and do when dealing with financial trouble. Specific topics include discussion of bankruptcy (Chapters 7 and 11); assignments for the benefit of creditors; and friendly foreclosures. This webinar provides the business owner and her advisors with an overview of various restructuring and liquidation methods, a framework for how to decide between them, and practical tips for traversing the difficult environment that is financial distress.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/help-my-business-is-in-trouble-2020/
Negotiating American Master Supply Contracts: A Guide for European Exporters Eliot Norman
What are the 10 traps for European companies selling to U.S. OEM and other buyers using American Supply Contracts? indemnification, liquidated damages, consequential damages, force majeure, termination for convenience, ownership of intellectual property
Today we start the first of a two-part discussion on foreclosure in Maryland by looking at some common questions people have about the process. Learn more about foreclosure in Maryland in this presentation.
Claims by acquirers sellers and unsuccessful biddersPolsinelli PC
The third webinar presentation in the M&A Litigation Series examines M&A-related disputes that arise between and among contracting parties and unsuccessful bidders. These disputes are discussed with reference to remedy provisions and representations and warranties contained in merger agreements, as well as with respect to merger-related letters of intent and memoranda of understanding. Contract remedies as well as equitable remedies (such as specific enforcement) are addressed.
This webinar will discuss:
Contract Indemnity
Breaches of Representations and Warranties
Specific Performance
Liabilities Under Letters of Intent and Memorandums of Understanding
ON OUR PANEL:
Matthew Knoop | Shareholder
Mary Bannister | Shareholder
Robert Spake | Associate
Help, My Business is in Trouble! (Series: Restructuring, Insolvency & Trouble...Financial Poise
When a business becomes financially troubled, the business owner often experiences denial, paralysis, or both. Lenders commonly lose confidence and then trust in the business, as communications tend to break down, deadlines are missed, and promises are broken. Small business owners commonly have issued personal guarantees, so business failure can often lead to personal financial stress. The good news is the business and business owner usually has some options, and even some leverage. This webinar explains what a business owner should- and should not- consider and do when dealing with financial trouble. Specific topics include discussion of bankruptcy (Chapters 7 and 11); assignments for the benefit of creditors; and friendly foreclosures. This webinar provides the business owner and her advisors with an overview of various restructuring and liquidation methods, a framework for how to decide between them, and practical tips for traversing the difficult environment that is financial distress.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/help-my-business-is-in-trouble-2020/
Negotiating American Master Supply Contracts: A Guide for European Exporters Eliot Norman
What are the 10 traps for European companies selling to U.S. OEM and other buyers using American Supply Contracts? indemnification, liquidated damages, consequential damages, force majeure, termination for convenience, ownership of intellectual property
Presentation materials for my talk on the basics of contract law given to the Canadian-Chinese Professional Accountants Association. It covers some of the basic concepts, and some common terms. I discussed common errors and misunderstandings, and elaborated on different negotiation strategies as well.
Valuing Real Estate Assets (Series: Fairness Issues in Real Estate-Based Bank...Financial Poise
As the expression goes, the value of real estate is in the eye of the beholder. Ultimately, the value is whatever the market is willing to pay. While income producing properties, particularly with creditworthy tenants, may be fairly routine to value based on the current rate of return demands in the market, non-income producing properties may be more speculative.
For example, even the most seasoned appraiser may struggle with finding comparative sales for a property. A landowner might see their property value go up exponentially “if only” the city council will allow for a zoning variance. Many an owner believes that their property is in the “path of progress,” but when? Is it reasonable to value a property “as stabilized” if it is only forty percent leased? These are the types of questions we will consider.
To view the accompanying webinar, go to: financialpoise.com/financial-poise-webinars/valuing-real-estate-assets-2021/
Foreclosures and Short Sales November 2008BillMcMannis
This is my presentation I used in 2008 to train real estate agents in how to properly manage short sales. The material is a little out of date, but I believe is continues to give a concise overview of how the foreclosure process works in North Carolina.
Real Estate Investment: Tips for Navigating a Bankruptcy RE Sale ProcessCBIZ, Inc.
When forced to liquidate, a retail debtor company’s real estate portfolio is often the most significant non-operating asset that will be sold to pay creditors. Opportunities for real estate value investors abound, but prospective buyers must be aware of nuances specific to bankruptcy sales in pursuing such potential deals.
Stewart Strawbridge has been investing in commercial real estate over the last 8 years. This article explores the 10 biggest mistakes in real estate. These 10 scenarios should be considered before you invest in any real estate deal.
In this presentation, we will provide you several options for financing your Great American Cookies franchise. Great American Cookies is looking for new franchise owners across the country! Please follow our link at the end of the presentation to find out more. http://greatamericancookiesfranchise.com/
Credit & Debt Issues for Military Familiesmilfamln
For the webinar, Credit & Debt Issues for Military Families, hosted by the Personal Finance Concentration Area of the Military Families Learning Network on September 20, 2016
People selling their homes want to deal with one person. Agents have a system for show requests that is the most convenient for all of the parties involved. A buyers agent will have a fiduciary responsibility to represent the buyers interest and not those of the seller.
Stephen Ware - Consumer and Collection Arbitration Law 2022 .pptxStephen Ware
Consumer and Collection Arbitration by KU Law Professor Stephen Ware, 2022. Recent developments in statutory and case law. Historical and political context.
Auctioneer Lien Law Webinar Series - Lien law 101Cheli Rosa
The very first in the series of Auctioneer Lien Law Webinar Series, Lien Law 101 from a nationwide perspective. We will look at the various steps self storage operators face in lien enforcement when a tenant does not pay. This topic is going to be presented again in August. Look for the invite!
Here is a great document about stopping the foreclosure process in Michigan. You can also find more information at www.stopmichiganforeclosure.com it is a website with a lot of valuable information about avoiding foreclosure on your home in Michigan.
What is a Short Sale?
Have you already defaulted?
What Options are available?
Do you fear defaulting on your Mortgage?
LEARN your options from professionals in the field of lending, real estate, and foreclosure prevention.
UNDERSTAND tax penalties and other consequences of loan default, loan modification, or bankruptcy, the difference between a short sale and a foreclosure, and much more!
Did you know you may be eligible to receive money back from the bank at the close of your Short Sale?
Presentation materials for my talk on the basics of contract law given to the Canadian-Chinese Professional Accountants Association. It covers some of the basic concepts, and some common terms. I discussed common errors and misunderstandings, and elaborated on different negotiation strategies as well.
Valuing Real Estate Assets (Series: Fairness Issues in Real Estate-Based Bank...Financial Poise
As the expression goes, the value of real estate is in the eye of the beholder. Ultimately, the value is whatever the market is willing to pay. While income producing properties, particularly with creditworthy tenants, may be fairly routine to value based on the current rate of return demands in the market, non-income producing properties may be more speculative.
For example, even the most seasoned appraiser may struggle with finding comparative sales for a property. A landowner might see their property value go up exponentially “if only” the city council will allow for a zoning variance. Many an owner believes that their property is in the “path of progress,” but when? Is it reasonable to value a property “as stabilized” if it is only forty percent leased? These are the types of questions we will consider.
To view the accompanying webinar, go to: financialpoise.com/financial-poise-webinars/valuing-real-estate-assets-2021/
Foreclosures and Short Sales November 2008BillMcMannis
This is my presentation I used in 2008 to train real estate agents in how to properly manage short sales. The material is a little out of date, but I believe is continues to give a concise overview of how the foreclosure process works in North Carolina.
Real Estate Investment: Tips for Navigating a Bankruptcy RE Sale ProcessCBIZ, Inc.
When forced to liquidate, a retail debtor company’s real estate portfolio is often the most significant non-operating asset that will be sold to pay creditors. Opportunities for real estate value investors abound, but prospective buyers must be aware of nuances specific to bankruptcy sales in pursuing such potential deals.
Stewart Strawbridge has been investing in commercial real estate over the last 8 years. This article explores the 10 biggest mistakes in real estate. These 10 scenarios should be considered before you invest in any real estate deal.
In this presentation, we will provide you several options for financing your Great American Cookies franchise. Great American Cookies is looking for new franchise owners across the country! Please follow our link at the end of the presentation to find out more. http://greatamericancookiesfranchise.com/
Credit & Debt Issues for Military Familiesmilfamln
For the webinar, Credit & Debt Issues for Military Families, hosted by the Personal Finance Concentration Area of the Military Families Learning Network on September 20, 2016
People selling their homes want to deal with one person. Agents have a system for show requests that is the most convenient for all of the parties involved. A buyers agent will have a fiduciary responsibility to represent the buyers interest and not those of the seller.
Stephen Ware - Consumer and Collection Arbitration Law 2022 .pptxStephen Ware
Consumer and Collection Arbitration by KU Law Professor Stephen Ware, 2022. Recent developments in statutory and case law. Historical and political context.
Auctioneer Lien Law Webinar Series - Lien law 101Cheli Rosa
The very first in the series of Auctioneer Lien Law Webinar Series, Lien Law 101 from a nationwide perspective. We will look at the various steps self storage operators face in lien enforcement when a tenant does not pay. This topic is going to be presented again in August. Look for the invite!
Here is a great document about stopping the foreclosure process in Michigan. You can also find more information at www.stopmichiganforeclosure.com it is a website with a lot of valuable information about avoiding foreclosure on your home in Michigan.
What is a Short Sale?
Have you already defaulted?
What Options are available?
Do you fear defaulting on your Mortgage?
LEARN your options from professionals in the field of lending, real estate, and foreclosure prevention.
UNDERSTAND tax penalties and other consequences of loan default, loan modification, or bankruptcy, the difference between a short sale and a foreclosure, and much more!
Did you know you may be eligible to receive money back from the bank at the close of your Short Sale?
In this special series the Russell Shaw Group shares with us their Short Sale Package. This extensive document will give you a great start to building your own package.
A helpful guide for Home Buyers ~ Helping you find answers to your real estate questions. Provided by Title 365 and your online connection Account Manager Sara Forkel. Please feel free to visit website at www.Title365.com or email me directly at Sforkel@Title365.com.
The basics of the loan purchase and sale process is relatively straight forward, but like any transaction, the devil is in the details. Following are eight steps involved in the purchase and sale of loan assets followed by a discussion of the most common pitfalls to avoid throughout the transaction.
This course will help you learn:
You will know what to do if your mortgage becomes delinquent or if you are facing foreclosure
You will know the options that are available to you
Get involved…take action
Buying Your Home Selttlement Costs and Helpful InformationMadonna Hartley
From The US Department of Housing and Urban Development-HUD.Obtaining a mortgage,settlement costs,defination of terms and other need to know information for the informed consumer.
2. What is foreclosure?
If you have a mortgage on your home and fall
behind in payment (usually after 3 months), the
bank or lender has a legal right to take over your
home.
This means you will need to move, and it may
also affect your credit score.
3. What if I can’t make my mortgage
payment?
• Talk to your lender, explain the circumstances. Ask for
the “Loss Mitigation Specialist”.
• Know your options:
Contact
Muncie Homeowner and Development Center
111 E. Adams St. 282-6656
Other HUD-approved counseling centers can be found at
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?&webL
istAction=search&searchstate=IN or by call 1-800-877-
8339
4. Other tips:
• Keep the letters from your lender—ignoring
them won’t make the problem go away!
• Don’t fall for scams—avoid counseling
companies that charge or others that offer to
help you sell your home.
• Stay in your home until after the foreclosure.
Find more info at
http://portal.hud.gov/hudportal/documents/hu
ddoc?id=fha_saveyourhome.pdf
5. I’ve received a notice of foreclosure—
what happens next?
In Indiana, you have to right to request a
mortgage settlement with your lender. At the
settlement conference you will meet with a
representative from the lender to discuss
alternatives to foreclosure.
For detailed information about the process go to
www.877gethope.org or call 1-877-GET-HOPE
6. If you want to stay in your home, some
options may include:
• Forbearance—the lender agrees to suspend or
lower payments for a set amount of time.
• Loan Modification—payments are lowered
due to less interest or a longer loan period.
• Repayment
7. If you decide not to keep your home,
these options may exist:
• Short sale—you sell your house for less than
what is owed to the lender
• Deed in lieu of Foreclosure—the house is
given back to the lender.
More information about options can be found at
www.in.gov/judiciary/selfservice/2359.htm
8. If no settlement is reached, what is the
legal process involved in foreclosure?
• The lender will file for foreclosure with the court.
• The court will hold a trial—you will have an
opportunity of file an “answer” in the case,
otherwise you will lose by default without a
hearing.
• If the court rules for foreclosure, you will be
evicted from the house.
• For more information or to find legal help, go to
Indiana Legal Services www.indianajustice.org,
10. How do I find
foreclosed properties?
There are several ways to locate listings of foreclosures,
also know as “distressed properties.” Private companies
collect foreclosure listings from lenders such as banks,
mortgage brokers, corporate sellers, and government
agencies, then list them on the Internet.
11. Where Do I Look?
Most foreclosures databases are searchable by state, city,
zip code, and price. Some are searchable by a property’s
status, eg. pre-foreclosure, foreclosure, auction, bankruptcy,
short sale, or sheriff’s sale. They also are a source of
foreclosure statistics.
Private foreclosure listing sites:
www.foreclosure.com/
www.realtytrac.com/home/
www.bankforeclosuressale.com/list/indiana.html
www.foreclosurefreesearch.com/
12. Where Do I Look?
Government-owned properties also can be searched on
many of these databases. Agencies such as HUD (Housing
and Urban Development), VA (Veterans’ Administration), IRS
(Internal Revenue Service), Fannie Mae, and Freddie Mac
typically have repossessed properties available.
Search government-owned properties at
homesales.gov/homesales/mainAction.do.
Search Fannie Mae at www.homepath.com/.
Search Freddie Mac at homesteps.com/featuresearch.html.
Search the IRS at
www.treasury.gov/auctions/irs/cat_Real7.htm.
13. What are different types of
“distressed properties”?
• Pre-foreclosures: Properties still owned by borrowers who are
in default.
• Auction properties: Properties offered in a public auction
sale, where the new owner pays in full and takes immediate
possession.
• Real Estate-Owned (REO): Properties still owned by a bank or
other lender after an unsuccessful auction sale.
• Federally-insured properties: Some loans are backed by the
government (eg. VA, HUD, Fannie Mae). These agencies
reimburse the lender, then market the property through
public sales or contractors.
14. What’s a “short sale”?
In a short sale, the owner of a distressed property can avoid
going through foreclosure when a third party buyer negotiates
directly with the lender for a sale at a price below the amount
actually owed on the property. In other words, the lender
agrees to take a loss in order to get rid of the property. The
new buyer will likely bargain with the lender in a series of
offers/counteroffers until a price is determined.
15. What’s the buying process?
Click through this handy tutorial to get an overview
of the buying process for pre-foreclosures, auction
sales, and REO’s.
http://www.realtytrac.com/foreclosure/how-to-buy-
foreclosures.html
16. Pitfalls in buying
distressed properties
• Properties are sold “as is.” The buyer will be responsible for
updates or repairs and should review the property with an
inspector or contractor. Run the numbers with a Renovation
Calculator:
cgi.money.cnn.com/tools/renovation/renovation.html
• The buyer must secure their own financing prior to purchase
and must know how the funds will change hands (eg. cash,
cashier’s check, etc.).
• A pre-foreclosure property retains all debts (eg. loans,
mortgages, liens, judgments, etc.), which must be paid off.
The buyer must investigate the property’s history to
understand its financial obligations.
17. More pitfalls
• A buyer for a pre-foreclosure property must negotiate
with all the people named on the title. All must be in
agreement for a final contract to be signed.
• The buyer must check recent sales prices for comparable
properties before entering into a sales contract to avoid
paying a price above the property’s market value.
• Buy title insurance to protect against title defects that
"cloud title“, or cast uncertainty on the buyer's
ownership rights, such as undiscovered liens, forged
signatures or defects in documentation.
19. Find a real estate attorney
A real estate attorney can help negotiate with owners or lenders
and clarify procedural or title concerns associated with distressed
properties.
Contact the Muncie Bar Association at
www.inbar.org/LocalBars/DelawareMuncie/tabid/172/Default.as
px. The I Want To Find a Lawyer tool at www.martindale.com/
also can locate a local attorney. In the Practice Area box, choose
“Real Estate”.
20. Find a house inspector
A professional inspection of a distressed property before
purchase may reveal unexpected defects that affect the
marketability of the property and the price you should
offer.
Ask friends, business associates, or your real estate
professional to recommend a reputable inspector in your
area, or consult the American Society of House
Inspectors website at www.ashi.org/find/default.aspx.
21. Federal Mortgage Settlement
In response to widespread industry misconduct and
its role in the foreclosure crisis, this settlement
mandates five major mortgage servicers to reform
mortgage loan practices and provide relief for
struggling homeowners. Ally/GMAC, Bank of
America, Citi, JPMorgan Chase, and Wells Fargo are
affected. All state except Oklahoma are parties in
the settlement.
22. Key Terms of the Mortgage Settlement
• Relief for Struggling Homeowners. Assist borrowers in default or at risk
of default through principal reduction, assistance in short sales, or
unemployed payment forebearance.
• Refinancing of Underwater Homes. Banks must notify borrowers of
refinancing programs. Eligibility restrictions apply.
• Mortgage Servicing Reforms. New guidelines prohibit robo-signing and
“dual tracking” (where banks pursue foreclosure while simultaneously
engaging the borrower in loss mitigation). They also mandate loss
mitigation discussion and fair response times to borrowers.
• Monitoring and Enforcement. An independent Monitor will oversee
banks’ compliance and report to the attorneys general. Violations will be
subject to civil penalties of up to $5 million.
• Payments to Foreclosure Victims. Borrowers who were improperly
foreclosed upon or not offered loss mitigation may claim a $2,000
payment and are free to pursue additional claims in court.
• Release of Claims. Named bank parties are released of claims brought by
attorneys general or federal banking regulators.