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Refinancing distressed loans - issues and choices arising in the current economic climate

Pillsbury Winthrop Shaw Pittman LLP
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USA
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March 4 2010

An extended period of economic decline has affected the financial viability of many affordable housing projects

Illinois Supreme Court clarifies rights of lenders and mechanics lien claimants to proceeds of foreclosure sale

Duane Morris LLP
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USA
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March 10 2011

The Illinois Supreme Court has issued an opinion - in LaSalle Bank v Cypress Creek 1, LP - clarifying the relative priorities of a lender and mechanics lien claimants to the proceeds of a foreclosure sale where the lender's mortgage was recorded before the mechanics liens attached

Chicago amends vacant building ordinance

Locke Lord LLP
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USA
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August 11 2011

For years mortgage lenders and servicers have faced housing court complaints in which cities like Chicago complain that mortgaged properties are unsafe or in need of maintenance or repair to comply with city building codes

Construction work did not relate to demolition work two years earlier, so intervening mortgage had priority over contractor’s mechanic’s lien

Larkin Hoffman
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USA
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April 18 2011

Under Minnesota law, work completed after a mortgage is granted and recorded can, in some situations, nonetheless give rise to a mechanic's lien that has higher priority than the mortgage

Secured lenders beware: well testing and drilling by third-party constitutes first actual physical improvement under Michigan Construction Lien Act

Barnes & Thornburg LLP
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USA
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March 9 2012

The Michigan Court of Appeals recently held that well testing and drilling performed on vacant real estate that was later developed into a subdivision constituted the first actual physical improvement under the Michigan Construction Lien Act, MCL 570.1191 et seq. (the Act

Lender may be liable for allowing disbursements in excess of loan budget

Reed Smith LLP
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USA
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April 27 2009

A federal district court has held in a construction lending dispute that claims that a bank breached its contract by allowing loan disbursements in excess of the loan budget, and by failing to perform inspections before disbursement, could proceed to trial

Search results

Refinancing distressed loans - issues and choices arising in the current economic climate

Illinois Supreme Court clarifies rights of lenders and mechanics lien claimants to proceeds of foreclosure sale

Chicago amends vacant building ordinance

Construction work did not relate to demolition work two years earlier, so intervening mortgage had priority over contractor’s mechanic’s lien

Secured lenders beware: well testing and drilling by third-party constitutes first actual physical improvement under Michigan Construction Lien Act

Lender may be liable for allowing disbursements in excess of loan budget

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