Mortgage Foreclosures - A New World After the Moratoriums End
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Learn about the alternatives to foreclosures and how the CARES Act legislation has affected them.This topic will focus on the process and procedures of a mortgage foreclosure, specifically a judicial mortgage foreclosure. The material will discuss the differences though between a judicial and nonjudicial foreclosure. Learn what creditors faced during a foreclosure prior to the current COVID-19 world. The main part of the topic will focus on what a creditor and/or its counsel can expect moving forward in 2021. What will a post-COVID-19 foreclosure world look like? What types of litigation can be expected? How long will a typical foreclosure take due to the expected court backlogs? What can creditors do to prepare, loss mitigation options to avoid a foreclosure?
AuthorsKeri P. Ebeck, Bernstein-Burkley, P.C. Nicole Mariani Noel, Kass Shuler, P.A.
Judicial vs. Nonjudicial Foreclosures
• What Is the Difference?
• Which States Are Judicial?
• Typical Judicial Foreclosure Process and Timeframe
Alternatives to Foreclosure
• Loss Mitigation
• Forbearances - CARES Act
• Loan Modifications
• Short Sales
• Deed in Lieu of Foreclosures
Hurdles for Creditors Prior to COVID-19 and Moratoriums
• Court Ordered Conciliations
What Will Change in 2021 and in the Future?
• When Will the Moratoriums Be Lifted?
• What Does That Mean for Creditors?
• Additional Obstacles
- Court Backlog
- Loss Mitigation Overwhelmed