Learning Lab 2.0 builds on the foundation laid by our original Learning Lab series by exploring four distinct topics in a more in-depth fashion. We put the pre-foreclosure process, the foreclosure sale process, bankruptcy, and post-foreclosure and Eviction/REO/Claims under the microscope for a closer look, giving you valuable insights you can use both in your everyday experience and in your professional development in mortgage servicing.

LEARNING LAB 2.0: UNDER THE MICROSCOPE SESSIONS

Pre-Foreclosure

We put the pre-foreclosure process under the microscope to discuss the following: 
  • Why Foreclosure? The Life Cycle of a Typical Default
    • Milestones and what happens in between
    • Cure & Redemption
  • Breach/Demand Letters
    • Elements: standard Fannie Mae mortgage
    • Timing
    • CFPB 120-Day Rule and “Rolling Default”
    • State requirements?
  • Standing to Foreclose:  Who Has It & How Do You Prove It?
    • Original note required?
    • Role of endorsements/allonges
    • Role of assignments and recording
    • What if you don’t have _______?
  • Title Considerations: Assuring Post-Foreclosure Marketable Title
    • Appropriate level of review
    • Post Lis Pendens Review Process
    • Issues associated with COVID-19 title standards
    • Super Priority Issues

Foreclosure Sale

We are back to the microscope as we take a look at the foreclosure sale. During this module, we focus on the following:
  • Lien Priority & Sale Bidding
    • Competitive Sale Bidding, Multiple Liens
    • Third Party Competitive Bidding
    • Bidding from Junior position
    • HOA and COA considerations
    • Working up the actual bid
    • Assignment of bid/judgment
    • Third Party successful bidder
  • Sale Cancelation / Postponement
    • Motions to Cancel – Evaluate basis of motions
    • Bankruptcy
    • Loss Mitigation
    • State Specific Cancelation /Postponement Rights
  • Notice of Sale and Publication Issues
    • Statutory Requirements
    • Specific State Issues
    • Accuracy of Notice
    • Redemption Rights
  • Post-Sale Issues
    • Confirmation
    • Objection to Sale
    • State Specific Issues that could halt confirmation or ratification

Bankruptcy

There's a lot to discuss when bankruptcy comes under the microscope. During this module, we cover the following:
  • Why does a Debtor file bankruptcy?
    • The Automatic Stay
    • Re-Organize Debt (Chapter 11, 12, 13)
    • Liquidate and Receive a Discharge (Ch 7)
  • What is the impact to the Creditor of the Bankruptcy filing?
    • Typically stops all efforts at collection, enforcement, liquidation, eviction
    • Requires the Creditor review the bankruptcy filing to protect its interests
    • May require post-bankruptcy reconciliation of the loan to insure compliance
  • How does a Creditor protect itself after the Debtor files Bankruptcy?
    • Chapter 7 Filing
    • Chapter 13 Filing
  • What does a Creditor have to show to get relief from the stay and permission to proceed?
    • Standing to enforce the note and deed of trust
    • Typically, a default under the terms of the loan, or, in the case of a chapter 11, 12 or 13, a default under the plan.
    • In a Chapter 7 case, typically a lack of adequate protection, usually established by demonstrating a lack of equity in the property, a failure to insure, or the presence of a threat to your lien from an outside source
  • What is the impact of a borrower’s discharge in bankruptcy or completion of a plan?
    • The Discharge Injunction
    • The Notice of Final Cure

Post-Foreclosure & Eviction/REO/ Claims

Our final day in the lab includes an in-depth look at issues associated with COVID-19 title standards and super priority issues.
  • Moratoriums – Where are we now? 
    • State 
    • GSE 
    • CDC  
  • Title issues linked to the pandemic 
    • Underwriting concerns 
    • New pandemic title standards 
    • Pandemic related affidavits/certifications 
  • Eviction litigation 
    • Basic defenses 
    • Agreements and settlements 
    • Personal property 
  • Property preservation 
    • Mishaps 
    • Code violations 
    • Municipal liens
  • HOA super-priority liens  
    • Priority vs. non-priority
    • Protecting the asset
    • Cost mitigation
STANDARD POLICIES
Communication
USFN seminars are created to foster open and candid communication between mortgage service industry professionals, USFN member attorneys and associate members. In order to retain the security, integrity and purpose of the sessions, USFN maintains the following policies:
  • Audio and/or videotaping of any part of the seminar series is prohibited.
  • Members of the media are not permitted to attend.

Content Disclaimer
All content, presentations, handouts, emails, website content, mobile app content, etc. provided by USFN in its publications, in connection with USFN events and otherwise (“Content”) is for educational purposes only, and should not be considered legal advice or a legal opinion. Every matter is different and poses a unique set of facts and circumstances. Legal advice can only be provided after analysis of all the facts and circumstances of a particular matter. In addition, all Content is current only through the date it is provided, and may change after that date due to changes in the law, custom, industry standards or best practices. We suggest that you consult with your USFN local counsel if you wish to retain a firm to provide legal advice on a particular issue or matter. Please do not hesitate to contact USFN for contact information for our firms for that purpose.

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CLE
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