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Chuck routinely represents lenders in connection with the workouts and foreclosures of loans secured by real estate. He has extensive experience negotiating workout agreements, components of which have included forbearance periods, voluntary mortgage foreclosure agreements, deeds in lieu of foreclosure, appointments of receivers and confessions of judgment. If and when the pursuit of remedies must commence, he has routinely pursued foreclosures (both by advertisement and by action), the appointments of receivers and the collection of deficiencies from guarantors.
A representative sampling of Chuck's work in 2008 includes the following:
Represented the lender in a workout/foreclosure of a $13 million plus loan secured by a northern Minnesota resort property. After commencing a foreclosure by action against the borrower and guarantors, Chuck assisted with the negotiation of a resolution with the primary guarantor by which the primary guarantor received an option to purchase the lender's position. Together with the option, the borrower executed a voluntary mortgage foreclosure agreement in the event the option was not exercised.
Represented the lender in a workout/foreclosure of a $17 million plus loan secured by a 200 plus lot residential development in the suburban Twin Cities. After a default had been declared, Chuck assisted with the negotiation of a forbearance agreement which included a voluntary mortgage foreclosure agreement pursuant to which the mortgaged property was subsequently foreclosed upon.
Represented the lender in a workout/foreclosure of a $24 million plus loan secured by a water park hotel property in the suburban Twin Cities. After a default had been declared, Chuck assisted with the negotiation of a forbearance agreement which included a voluntary mortgage foreclosure agreement and a confession of judgment by the guarantor.
Represented the lender in a workout/foreclosure of a series of loans secured by 15 plus residential properties in the Twin Cities. After commencing a series of foreclosures and the subsequent bankruptcy filing of the borrower, Chuck assisted with the negotiation of a resolution with the borrower and the bankruptcy trustee providing for deeds in lieu of foreclosure as to the residential properties, and an agreed upon claim in the bankruptcy for the remaining deficiency.
Represented the lender in a foreclosure of a loan purchased from another lender and secured by property in downtown St. Paul. Upon completion of the foreclosure and the expiration of the redemption period, he assisted with the representation of the lender in negotiations with a potential purchaser of the property.
Represented the lender in a foreclosure of a loan secured by an apartment building in St. Paul. In conjunction with the foreclosure, Chuck secured the appointment of a receiver for the mortgaged property who took possession of and secured the property during the redemption period.
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