Broke? Uncommunicative? Seemingly out of options? Now your borrower is threatening bankruptcy. You must act fast to protect your credit union’s options and security interests. Learn the actions and alternatives all lenders should know.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Be prepared if your borrower files bankruptcy
- Distinguish what can and can’t be done if a borrower threatens bankruptcy
- Use the proper steps to confirm your lien perfection and priority
- Evaluate bankruptcy alternatives – which is better in your situation?
- Understand the bankruptcy preference rules
When a borrower threatens to file bankruptcy, your financial institution must act quickly before the bankruptcy is filed to ensure your loan documents are sufficient and your security interest is properly perfected. Once bankruptcy has been filed, it is too late to improve the financial institution’s position. Attend this session to learn the immediate steps your financial institution must take to be prepared for bankruptcy filings. There are also alternatives to filing bankruptcy, which may be better for both the borrower and lender. This webinar will address these alternatives, including payment deferrals, forbearance agreements, workouts or restructuring loans, deeds in lieu of foreclosure, voluntary surrender of collateral, and short sales.
WHO SHOULD ATTEND?
This informative session is designed for personnel involved in the real estate and non-real estate loan collection process, such as loan officers, workout officers, loan operations personnel, collectors, attorneys, auditors, compliance officers, and managers.
- Checklist of proactive steps to use for troubled borrowers
- Employee training log
- Interactive quiz
SPEAKER: Elizabeth Fast, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.