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Jeffrey B. Steiner, a member of DLA Piper, and Zachary Samton, counsel to the firm, examine the use of a friendly-foreclosure alternative that some lenders are employing to take control of defaulted properties during the pendency of a foreclosure. The friendly-foreclosure route combines elements of both standard foreclosure and deed-in-lieu of foreclosure transactions and thereby offers lenders a good option for taking ownership of real property collateral burdened with subordinate mechanic's liens, subordinate mortgages or other impediments to title.
May 20, 2009 at 12:00 AM
1 minute read
Presented by BigVoodoo
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