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Effective January 1, 2021, California implemented a new non-judicial foreclosure process for all loans secured by 1-4 unit residential property providing certain advantages to “Eligible Bidders” in an effort to promote owner-occupancy and affordable housing for said properties. Defects in both the design and implementation of SB-1079 have and will continue to result in mounting litigation surrounding who is an Eligible Bidder, what is an Eligible Bid and even how the process should be conducted. Given that SB-1079 is still in its infancy, Appellate Courts have yet to resolve many of these questions, making it all the more critical to be aware of potential pitfalls.
Whether you’re a lender, trustee, or prospective bidder, this webinar will examine the numerous potential litigation issues presented by SB-1079 and strategies for dealing with them in kind.
You Will Learn:
This webinar discussed REITs and other tax preferential strategies for real estate and mortgage funds. We’ll discuss the core benefits of REITs, the specific ongoing compliance needs, and the ongoing obligations to manage day-to-day issues including loan sales, foreclosures, and property sales. We’ll also discuss the outlook for the Tax Cuts & Jobs Act as 2025 approaches.
Lender Lounge with Kevin Kim hosted a special livestream featuring industry legends Daren Blomquist, VP of Market Economics at Auction.com and Rick Sharga, Executive Vice President at ATTOM.
Watch the recording of May 18th LIVE episode below and hear these industry leaders’ thoughts on housing demand, build to rent, interest rates, inflation, and everyone’s favorite doomsday question: is a recession coming?
SB-1079, through its changes to the non-judicial foreclosure process, brought significant opportunity (and new risks) to potential homeowners and entities alike. The bill, signed into law in California at the start of 2021, opened the door for various Litigation concerns to crop up for lenders and litigators alike in 2022 and beyond.
2022 is shaping out to be another strong year for the mortgage industry. But, lenders should always be prepared for loans that don’t pan out the way they are supposed to, and should be ready to jump in with the proper steps to work out loan defaults when borrowers are in trouble. Geraci’s team of experts is always available to provide guidance and strategy on how to manage loan defaults with discipline and proactivity. We will also break down the essential components of well written agreements to keep lenders out of future litigation.
