The MSBA's Real Property and Business Law Sections Present
"Residential Short Sales and Other Alternatives to Foreclosure | The Borrow and Lender Perspective"
Join your colleagues from the MSBA Real Property and Business Law Sections to learn about the borrower and lender perspectives on residential short sales and other alternatives to foreclosure. Speakers from a wide array of backgrounds and perspectives will share their expertise.
The program will begin with a brief overview of the foreclosure crisis, a basic overview of residential foreclosure law and a discussion of the alternatives to foreclosure, including: loan modifications, short sales and deed in lieu.
A panel discussion with representatives from diverse perspectives will then discuss:
- Whether the various alternatives to foreclosure are prudent for the borrower and/or lender to pursue;
- Whether cost savings for the lender exist;
- Which alternatives are most effective for the borrower;
- Issues impacting the borrower in each alternative such as the impact on a borrower's credit, tax consequences (debt forgiveness income), future rental issues, and second mortgage liability on deficiency;
- When alternatives to foreclosure should be sought and how the requests are managed by the foreclosing counsel and the lenders;
- HAMP requirements and other modification program requirements;
- Which options are realistically available for clients in various “typical” troubled situations (job loss, illness, decrease in market value etc.);
- Pros and cons of each alternative, when each is the “most appropriate” or “ideal” solution or at least a viable option for the borrower and for the lender;
- The process/steps involved for each alternative and for each servicer;
- The traps for the unwary?
- What lenders and their counsel want borrowers and their counsel to understand and be prepared for when they explore alternatives to foreclosure; and
- How counsel for lenders can help their lender clients respond to borrowers/borrower counsel seeking alternatives to foreclosure.
Dan Tyson (Moderator), Daniel R. Tyson, P.A.
Ed Nelson (Panelist), Minnesota Homeownership Center
Colleen Daly (Panelist), Mid-Minnesota Legal Assistance
Jane Bowman (Panelist), Housing Preservation Project
Mike Kallas (Panelist), Kallas Associates Ltd.
Rob Davis (Panelist), Re/Max Results
Josh Fuhrman (Panelist), Homeownership Preservation Foundation
Larry Wilford , Wilford & Geske, P.A.
3 hours of Standard CLE credits applied for
Event Code: 153722
Date: Monday, March 21, 2011
Time: 1:00 p.m. to 4:30 p.m.
Location: Dorsey & Whitney, LLP
50 South Sixth Street, Suite 1500
Minneapolis, MN 55402
There will be a brief networking break and afternoon snack at 2:30 p.m. The Sections also encourage those who cannot join us in person to register for the event and attend using the teleconference/webcast instructions below.
Section Members: Free
MSBA Members (But Not Business/Real Property Law Section Members): $15.00
Law Students: Free
Non-MSBA Members: $20.00
Teleconferencing/webcasting is available. Request instructions when you register or contact Kim Basting on or before March 18, 2011, at 612-278-6323 or firstname.lastname@example.org to request teleconference/webcast instructions.
Refunds will be processed for cancellation requests received in writing on or before noon on the registration deadline. Requests should be directed to the event contact person listed at the bottom of this notice. Cancellation requests received after this time are not eligible for refunds. You may send a colleague in your place if you are unable to join us and the registration deadline has passed.
Requests for an exception to this policy should be directed to Elyse Farnsworth, Section Services Director, by e-mail or at (612) 278-6336