Christina Lorino Schutt and Quin Evans Segall authored "Minimizing Post-Foreclosure REO Disputes" in the Business Litigation Committee Newsletter Winter 2011.
Both attorneys and lenders know that it is essential to prepare for, and thoroughly assess, potential issues before they mature into problems. Because lenders have not historically managed vast amounts of property, and because foreclosed properties (often called “real estate owned” or “REOs”) may have a host of unknown pre-existing problems, lenders are often unprepared for the challenges and liabilities associated with owning unoccupied property. Lenders who have foreclosed on and taken title to property may find themselves stuck in situations they neither created nor could have prepared for. When these situations arise, the lenders then call their attorneys. While most post-foreclosure
situations are unique in one way or another, thankfully, there are a few common types of problems, and knowing about these types of problems will help attorneys prepare lenders for potential disputes.
To read the complete article, click here.
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