Top 10 Best Practices For Lenders On Problem Loans

Law360 (April 6, 2010, 1:22 PM EDT) -- Since the start of the financial crisis, the number of problem loans has increased as real estate values declined, credit markets tightened and various companies struggled to survive and stay in business during this recession.

For lenders who made loans secured by real estate or personal property collateral during better economic conditions, these lenders are now being faced with loan defaults and having to decide whether to workout the loan (e.g., by giving an extension of maturity date, or restructuring the interest rate or other loan terms, or waiving certain defaults) or to exercise its rights and remedies (e.g., by foreclosure,...

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