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.
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