Real Estate/Development
Jul. 13, 2012
New theories for a lender’s recovery following foreclosure
A recent decision creates new worries for commercial mortgagors, and new opportunities for secured lenders with commercial mortgage loans gone bad. By Alfred M. Clark, III of Locke Lord LLP
A recent decision by the Third District Court of Appeal creates new worries for commercial mortgagors, and new opportunities for secured lenders with commercial mortgage loans gone bad. If a property owner does not pay property taxes, liability for those taxes may survive a nonjudicial foreclosure sale. An owner's failure to secure adequate funding before commencing a substantial renovation reasonably determined to improve its propert...
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