Loan Workouts & Enforcements
Michigan Loan Workouts, Enforcement and Foreclosure Attorneys
A sluggish economy has led to difficult decisions for lenders whose loans are going into default. Should a bank pursue a workout with a commercial borrower, or call in the loan and accelerate the debt? Calling in the loan can be problematic when real property, taken as collateral, is not selling. Seizure of personal property is sometimes also an issue.
At the law firm of Myers & Myers, PLLC our lawyers help banks and other lenders decide how to best protect their interests when loans go into default.
The following are examples of legal services we provide to lenders:
- Enforcing promissory notes, loan agreements and guaranties through lawsuits for breach of contract and money judgment claims
- Seizing collateral identified in mortgages, UCC form 1 financing statements and other security agreements through foreclosures by advertisement, judicial foreclosures, deeds in lieu of foreclosure, replevin and orders to seize property
- Conducting creditors’ exams of judgment debtors
- Marshalling and protecting assets
- Seeking appointment of receivers
- Drafting forbearance agreements, inter-creditor agreements and participation agreements
- Documenting new and renewed loans
- Evaluate environmental risks associated with loans and foreclosure
Foreclosing on real property can lead to holding costs (often increased for abandoned property) including hazard insurance premiums, security measures and property taxes. Foreclosed properties can also have title issues such as a senior mortgage, construction lien or tax lien that need to be cleared.
Many lenders today are seeking money judgments or enforcing personal guaranties. Our lawyers often help banks seize personal property pursuant to UCC-1 transactions.
Learn more about our firm and meet our attorneys.
To speak to an attorney at Myers & Myers, PLLC, about loan workouts, enforcements and foreclosure: fill out the contact form on this site. We serve residents of Howell, Brighton and all of Michigan.