Real Estate Loan Modification
Following the financial crisis of 2008 and Great Recession, there has been an unprecedented rise in real estate defaults and foreclosures, including actions related to large real estate developments of hundreds of acres and where millions of dollars are at issue. These unique circumstances have led real estate lenders to pursue strategies and tactics that were unimagined only a few short years ago. Lenders have sought judgments against individuals who provided a personal guaranty on a development loan, even though the original intent of the development loan was that the real estate itself would provide the primary means to satisfy any debt. These new tactics, in turn, raise new issues in Utah law as to the One Action Rule, Utah’s Deficiency Statute, liability of personal guarantors, and the interpretation of development loan and guarantee agreements.
The lawyers at Magleby Cataxinos & Greenwood, are at the forefront of navigating the complex litigation that arises following default on real estate loans. The firm’s lawyers have successfully handled the negotiation of multimillion dollar real estate modifications and workouts. They have aggressively defended real estate developers, borrowers, and personal guarantors against deficiency actions and judgments where lenders have sought to recover tens of millions of dollars. The firm’s lawyers have also represented lenders seeking to recover millions of dollars and, due to their experience on foreclosure-related strategies and tactics, have provided advice to better recover on loans quickly while minimizing the necessary expense.
The firm’s lawyers are experienced in, and prepared to handle, real estate loan issues, including:
- Deficiency claims
- Claims on personal guarantees
- Modifications and workouts
- Breach of contract by lender
- Lender recovery
To discuss a real estate loan modification matter, please either call 866-928-7962 locally or 866-928-7962 toll free, or contact the firm via e-mail.