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 Call Us: +44 (0)20 3865 7701
 Call Us: (787) 822-8377
 Call Us: (437) 855-4925
Partner Engineering and Science, Inc.
Partner Engineering and Science, Inc.
You are here: Home » Resources » Articles » Due Diligence in a Rapidly Changing Market: Pre-Foreclosure Considerations for Lenders

June 8, 2020

Due Diligence in a Rapidly Changing Market: Pre-Foreclosure Considerations for Lenders

By Kathryn Peacock

DUE DILIGENCE IN A RAPIDLY CHANGING MARKET: PRE-FORECLOSURE CONSIDERATIONS FOR LENDERS

In the last several months, our country has seen unprecedented changes in the economy and staggering unemployment rates due to business shutdowns across several sectors. Consequently, many lenders are working with businesses to keep them operational including payroll protection loans and providing payment relief options such as forbearance. Based on the estimated volume of loans with some type of modification, the time will soon come when payment relief and loan accommodations will come to a halt and distressed assets will be in danger of foreclosure.

When the foreclosure process begins and reality sets in that a distressed asset may soon become a bank-owned asset, the due diligence process begins to look a bit different. In addition to the headache of dealing with a failed loan, having to deal with the property itself and becoming an owner of that property can prove an even bigger headache. Performing thorough due diligence at the pre-foreclosure stage is critical. In fact, the due diligence a lender completes at this stage should go above and beyond what was completed during the origination of the loan. What should this enhanced due diligence look like? The following GlobeSt.com article discusses what going above beyond looks like during the pre-foreclosure process.

About the Authors

Kathryn Peacock

Kathryn Peacock

Strategic Director
Kathryn Peacock serves as Principal and National Client Manager for Partner Engineering and Science, Inc. With 20 years of experience under her belt, Kathryn has worked on thousands of transactions, subsurface investigations, and site remediation projects for some of the nation’s largest lenders and investors. She holds a bachelor’s degree in Soil Science from Prescott College and a Master’s in Education from the Arizona Teachers Institute. Kathryn speaks and writes frequently on a wide range of environmental due diligence topics, and is dedicated to advancing standards and best practices through her active involvement with industry associations such as ASTM. Kathryn is also a founding member of EFMR (Environmental Facilities Management Roundtable). Environmental Professionals are frequently unique within their companies, having few peers who understand the unique challenges of their day-to-day. This group was formed to help facilitate dialogue amongst industry professionals.

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