Loan sales have become an increasingly popular method for lenders to quickly and “easily” resolve troubled loans. With more than a century of experience representing lenders, Dickinson Wright’s is uniquely positioned to guide our clients through the many issues and potential pitfalls relating to loan sales.
Our keen appreciation of the issues facing selling lenders also allows us to bring the same expertise to bear when we represent loan purchasers. We also assist loan purchasers in all aspects of administering and collecting loans, including foreclosure, repossession and creditors’ rights litigation.
Dickinson Wright is highly experienced in protecting lender interests in some of the more subtle issues that arise in loan sales, including:
- Eliminating or reducing any lingering liability that a selling lender may have to the borrower.
- Counseling the selling lender on which representations and warranties are problematic for a selling lender to make.
- Protecting the selling lender if litigation arises between the loan purchaser and the borrower.
- Limiting liability for indemnification guarantees and other similar claims.