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Loan Modifications › Forbearance Agreements

Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist... more +
Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -
Shipman & Goodwin LLP

Workouts That Work: Strategic Alternatives to Foreclosure

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Our new insightful and informative series, “Protecting Lenders: Strategic Responses to Borrower Default," is designed to provide comprehensive guidance on managing borrower defaults effectively. This four-part series covers...more

Womble Bond Dickinson

Essential Strategies for Managing Maturing CRE Loans in Today's Market

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The commercial real estate industry is facing an impending tsunami of $2 trillion in debt maturities, with an estimated $929 billion coming due this year. If you will be caught in this net because the loan secured by your CRE...more

Tonkon Torp LLP

Understanding Workout Agreements for Commercial Real Estate Loans in Default

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When commercial real estate loans go into default, workouts are often pursued to resolve the default by agreement. What are the common forms of workout agreements? For commercial real estate borrowers in default, it’s...more

Vinson & Elkins LLP

[Hybrid Event] Navigating the Distressed Commercial Real Estate Environment Ahead: Out of Court Considerations - June 7th, New...

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In this program, attorneys in the Restructuring & Reorganization, Real Estate, Tax, and REIT Capital Markets practices discuss the various out of court considerations that commercial real estate enterprises will want to...more

Snell & Wilmer

New CFPB Rules Set Out Mortgage Servicer Requirements in Response to End of COVID-19 Foreclosure Moratorium

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The Consumer Financial Protection Bureau (“CFPB”) announced post-COVID-19 mortgage servicing rules that went into effect August 31, 2021 (“Rules”). The Rules are designed to protect borrowers from “avoidable foreclosures” and...more

K&L Gates LLP

COVID-19: Revenue Procedure 2021-12 Extension Of Treatment Of Mortgage Loan Forbearances And Modifications For Mortgage Loans In...

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Throughout the United States, periodic and ongoing businesses closures and disruptions continue to occur in response to the coronavirus (COVID-19) pandemic. The resulting economic distress has affected borrowers, including...more

Bradley Arant Boult Cummings LLP

Mortgage Servicing in the Age of COVID-19: Post Forbearance

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On page 8 of the September–October issue, we discussed the COVID-19 forbearance landscape and related compliance challenges for mortgage servicers. In this article, we unpack the post-forbearance world, focusing on the...more

Ballard Spahr LLP

VA Allows Deferments as Loss Mitigation Options for Borrowers with COVID-19 Forbearances

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In Loan Guaranty Circular 26-20-33, the U.S. Department of Veterans Affairs temporarily authorized the use of deferments as a loss mitigation option for borrowers with a COVID-19 forbearance....more

Harris Beach Murtha PLLC

New York State Addresses Residential Mortgage Forbearance Procedures

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Newly enacted Banking Law 9-x, signed by New York Gov. Andrew Cuomo on June 17, 2020, provides certain financial institutions with a directive to address mortgage forbearances and repayment of deferred amounts granted during...more

Bradley Arant Boult Cummings LLP

New York Passes Mandatory Forbearance Law, Inviting Potential Constitutional Challenge

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On June 17, New York Gov. Andrew Cuomo signed one of the most far-reaching COVID-19 mortgage assistance state programs yet into law. Affected servicers and lenders will soon need to decide whether they should find a way to...more

Eversheds Sutherland (US) LLP

COVID-19 forbearance request provisions in new issuance securitizations

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The coronavirus disease (COVID-19) has created disruption in cash flows across a wide range of commercial real estate assets that has resulted in property owners requesting forbearance or other modification relief with...more

McGlinchey Stafford

Credit Reporting During a Pandemic

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Alert May 18, 2020 The economic impact of COVID-19 has already proven catastrophic for many businesses and consumers. Many employers are reducing their staffing or closing their doors permanently. As of May 8, 2020, the...more

Hudson Cook, LLP

Creditors Must Consider Impact of COVID-19 on Administration of Voluntary Protection Products

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In response to the COVID-19 pandemic, creditors across the country continue to strive to balance business continuity challenges and servicing immediate consumer financial needs with public safety. Many creditors have begun...more

Stinson LLP

REMIC Relief for COVID-19 Related Modifications and Forbearance

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The Coronavirus Aid, Relief and Economic Security Act allows certain borrowers with federally backed mortgage loans and certain multifamily borrowers with federally backed mortgage loans that are experiencing a financial...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: IRS Issues Securitization Guidance on Coronavirus-Related Forbearances

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On April 13, 2020, the Internal Revenue Service issued a helpful revenue procedure that permits loans that are subject to certain forbearances and related modifications as a result of the COVID-19 pandemic to be contributed...more

Rosenberg Martin Greenberg LLP

CARES Act Provisions Affecting Bankruptcy And Residential Mortgage Loans

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The Coronavirus Aid, Relief and Economic Security Act (“CARES”) enacted on March 27, 2020 contains a number of provisions affecting bankruptcy cases, modification and enforcement of federally backed residential mortgage...more

Ward and Smith, P.A.

Lenders: Take a Hint! Forbearance or Modification Agreements Should Contain Specific Waiver Language to Protect Against...

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Lenders must comply with a constantly changing series of State and Federal laws and regulations. When loan relationships sour, and lenders seek to collect, borrowers and guarantors may allege the lender has violated some...more

Ward and Smith, P.A.

Lenders Seeking Loan Modification After Bankruptcy, Beware!

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Lenders cannot revive a guaranty obligation discharged in bankruptcy with a subsequent modification or forbearance agreement, even with new consideration; and attempting to do so may lead to lender liability exposure. ...more

BCLP

Handy List of Basic Issues to Consider for the Transactional Workout

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While significant energy here at the Bankruptcy Cave is devoted to substantive bankruptcy matters, not all aspects of a general insolvency practice are always fun and litigation. Oftentimes insolvency lawyers add the most...more

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