Foreclosure practice is a highly detailed, meticulous and statutory driven practice. While non-judicial foreclosures dominate the news and general foreclosure practice, commercial foreclosures generally involve both judicial and non-judicial foreclosures. Quick action is often necessary to secure the borrowers, (trustor or mortgagor) operating income generated by the property and often assigned to the beneficiary. Typically, after the non-judicial foreclosure procedure commences the beneficiary, (lender), obtains a court order appointing a receiver to collect rents and manage the property pending the completion of the non-judicial foreclosure process. We have significant experience representing lenders of all sorts, including insurance companies, banks and CMBS special servicers.
Our post-foreclosure practice focuses on rent collections and evictions representing the buyer at the foreclosure sale or lender who may receive a deed-in-lieu of foreclosure. Unbeknownst to many landlords and tenants and depending upon the Subordination, Non-disturbance and Attornment language of the lease, the tenant may have continuing obligations to the new owner, including obligations that were owed to the foreclosed trustor.