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Mass. Foreclosure Ruling Offers Lessons For Lenders

Law360 (June 10, 2019, 2:50 PM EDT) -- The Massachusetts Court of Appeals recently held that a foreclosing lender must use reasonable efforts to get the best price and that when those efforts reveal the potential to develop the property to increase the sale price, the lender should take such potential into account and share it with prospective bidders.

Don’t get nervous, lenders. The decision does not mean the minimum value at a foreclosure is the value that could be achieved through developing the property. The decision in Property Acquisition Group LLC v. Ivester, of course, is more nuanced because it’s driven by the facts of the case. The...

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