ࡱ> V  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entryb.@pJnIi PerfectOffice_MAIN&PerfectOffice_OBJECTS,@=kIi@=kIiSummaryInformation(| !"#$%&()*+,-.Oh+'Oh+'0L    Dale Whitman13$C:\COREL\SUITE8\PROGRAMS\PRWIN8.EXE{ Original Slide Show ,,,51942*+13,*`-:;|%|%W;W/ YY@1 .(3(,*`-:%W%WWWWPC-XX81%x09Ʉ3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿WPC ~  ##%%%.TTTTh|B"XXXX'33' >~2Rev,Iu R R >  sD-qWPC ') '2  I  .3  MergerandDeedsinLieuofForeclosure") "2  I  .3  ( (2  I  .3  AssumeMid-Kansasforeclosesthe2ndD/T:..2  A  .3  Whatsthemaximumcompetingbidthatwillbeenteredatthesale?..2  A  .3  CanMid-Kansasbidhigher?..2  A  .3  IsMid-Kansasassuredofbeingabletoacquiretheland?( (2  I  .3  WhenMid-Kansasforeclosed.....2  A  .3  Whatwastheiractualbid?..2  A  .3  Whatdidtheyacquire?..2  A  .3  [landworth$550,000foranoutlayof$100,000]..2  A  .3  CantheynowclaimadeficiencyonthefirstD/T?( (2  I  .3  Wouldthedeficiencystillbebarredif.....2  A  .3  Mid-Kansasbid$125,000?..2  A  .3  Mid-Kansasbid$550,000?..2  A  .3  SothedeficiencyisbarredonlyifthebidisbelowFMV.( (2  I  .3  O, \AZ"Arial RegularO` ` ` SupposeMid-Kansasbid$450,000.Shouldtheybeabletocollectpartofthedeficiencyonthe1stD/T?..2  A  .3  Theirwindfallfromforeclosureofthe2ndD/Twouldbe$100,000..2  A  .3  Theyshouldbeabletocollecttheremaining$325,000asadeficiencyonthe1stD/T.") "2  I  .3  "  "2  I  .3  " "2  I  .3  Now,weturntodeedsinlieuofforeclosure...,"  ,2  I  .3  Deedsinlieuofforeclosure:Advantagestolender:..2  A  .3  Quicker&cheaperthanforeclosure..2  A  .3  Avoidsbadpublicity..2  A  .3  Mayproduceawindfall( (2  I  .3  Advantagestoborrower:..2  A  .3  Isntasharmfultocreditratingasaforeclosure..2  A  .3  Lenderwillusuallywaiveanydeficiencyjudgment.(Besuretoasklendertodoso;it`snotautomatic.),"  ,2  I  .3  O, \AZ"Arial RegularO` ` ` TheDeedinLieuofForeclosure..2  A  .3  DoesiteliminateJr.liens?..2  A  .3  Doesitmergethemortgageandtitle,sothatMEisunabletoforecloseonJrs?(Ihopenot,butitmight.)....2  1  .3  HowcantheMEeliminatethisinterpretation?(  (2  I  .3  OtherriskswithDeedsinLieu:..2  A  .3  Courtmayholdittobe additionalsecurity,notabsolute...2  A  .3  Courtmaysetitasideasunconscionableifitgivesthelenderawindfall...2  A  .3  LenderisnotaBFPasagainstunrecordedjr.liens.(Sobesuretogettitleinsurance!)," ,2  I  .3  Basilev.ErhalHoldingCorp. ..2  A  .3  Aclogontheequityofredemption?(Courtwillsetitaside)..2  A  .3  Clearlyintendedassecurity?(Courtwillturnitintoamortgage)....2  1  .3  Howcanthecourttellthis?....2  1  .3  Isthereanypracticaldifferenceinthesetwotheories?(   (2  I  .3  IfMRfilesbankruptcy:..2  A  .3  Setasideasapreferenceifwithin90daysandpropertyhasvalueinexcessofthedebt.(BankruptcyCode547)..2  A  .3  Setasideasafraudulentconveyancewithin1yearifnotfor reasonableequiv.value.(BankruptcyCode548)-#    -2  I  .3  AdditionalriskstoME:....2  1  .3  (Withadeedinlieu,unlikeanactualforeclosure,theMEhasleveragetoobtaininformationonthesematters.)..2  A  .3  Hazardouswaste...2  A  .3  ADArenovationneeded...2  A  .3  Existingtort/contractclaims...2  A  .3  Unpaidtradecreditors...2  A  .3  Existingservicecontracts...2  A  .3  Code/zoningviolations...2  A  .3  Operatingrecords.(    (2  I  .3  PrecautionsforME:..2  A  .3  Titlereportandinsurance...2  A  .3  Appraisal...2  A  .3  Full duediligenceontherealestate...2  A  .3  Dontputadeedinlieuinescrow,tobedeliveredonfurtherdefault...2  A  .3  HaveMRsignaffidavit(seenextslide).(  (2  I  .3  MRsAffidavit:..2  A  .3  Deedintendedtobeabsolute,notaddlsecurity..2  A  .3  Considerationisfair..2  A  .3  MRissolvent..2  A  .3  Nosubordinateinterests..2  A  .3  Nomergerintended..2  A  .3  Noduress,undueinfluence,orfiduciaryrelationshipF110b&9:Qn%:w=8MBackground TitleBullet ChartTextOrg ChartData ChartCombinationWPC-XX81%^{%-3'XXXX,_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9"Ƅ0<$h0<$C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +)? 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 !@Z_33 4 @ @ @ @ @ @ " dddddd$   5=0h$' 3.#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Wouldthedeficiencystillbebarredif....+/ @1 _333 `4>0>0WPC XX81%XX81%:3'XXXXKKKK9"9'0B0C 44, \AZ"Arial Regular +C II, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f98   433333333 @3 @3 @3 @3 @3 @3 L" dddddd$   90+133 8@Q/wO, \AZ"Arial RegularO        @3a aO, \AZ"Arial RegularO444        @        @3    O, \AZ"Arial RegularO444        @0X..Mid-Kansasbid$125,000?L  O, \AZ"Arial RegularO444        @3    O, \AZ"Arial RegularO444        @0X..Mid-Kansasbid$550,000?L  O, \AZ"Arial RegularO444        @3    O, \AZ"Arial RegularO444        @0X..SothedeficiencyisbarredonlyifthebidisbelowFMV.WPC(XX81%XX81%3'XXXXKK?K?9Ѐ|" 0h$:0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   0h$-.)*+%'153 석o.#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  O, \AZ"Arial RegularO` ` ` SupposeMid-Kansasbid$450,000.Shouldtheybeabletocollectpartofthedeficiencyonthe1stD/T?.+/ @1 _333 `00##WPC XX81%XX81%3'XXXXKK?K?9Ѐ|"V 0B 0C 44, \AZ"Arial Regular +C II, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f98   433333333 @3 @3 @3 @3 @3 @3 L" dddddd$    0+133 @ Q/}O, \AZ"Arial RegularO        @3a aO, \AZ"Arial RegularO444        @        @3    O, \AZ"Arial RegularO444        @0X..Theirwindfallfromforeclosureofthe2ndD/Twouldbe$100,000L  O, \AZ"Arial RegularO444        @3    O, \AZ"Arial RegularO444        @0X..Theyshouldbeabletocollecttheremaining$325,000asadeficiencyonthe1stD/T.WPCXX81%XX81%>3'XXXXKKKK9"; L(0<$:(0<$C H H A"Arial Regular +C H H A"Arial Regular +C H H A"Arial Regular +C H H A"Arial Regular +C H H A"Arial Regular +C H H A"Arial Regular +)?  !@Z33 4 @ @ @ @ @ @ " dddddd$   ;(0<$' :(.Z#OA"Arial RegularOH H H         @  Q QOA"Arial RegularOH H H  Now,weturntodeedsinlieuofforeclosure...F^~ u a)z*S ~^GcWPCXX81%u-J$o3'XXXXKK?K? ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9'"e -!O, \AZ"Arial RegularO        ..Ifalenderhastwomortgagesonthesameland,andforeclosesthesecondmortgage,itsbarredfromadeficiencyonthefirstmortgagetotheextentithasawindfallinforeclosingthesecond. "n%V, '!2*f!Ǖ-r"ko' B f"ko' 2,& f" % %ko' % % " " !2*g!Ǖ-N"ko' B g"ko' 2,& g" % %ko' % % " " .3 h @ O, \AZ"Arial RegularO        @  MR"i @ O, \AZ"Arial RegularO        @  MR j~' 8, O, \AZ"Arial RegularO        @  ME"kE~' 8, O, \AZ"Arial RegularO        @  ME"lLnz O, \AZ"Arial RegularOLLL        @  1stMtg."m6nV z O, \AZ"Arial RegularOLLL        @  2ndMtg.WPC|XX81%Fl/h$f3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*'"ey;/G"O, \AZ"Arial RegularO        Whatshouldthelenderdotoavoidthisproblem?0..First,foreclosethefirstmortgage.Thenseekadeficiencyonthefirstandsecond.0..Orforeclosebothsimultaneously(judicially).WPC XX81%<_03'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9' 愽0\O, \AZ"Arial RegularO` ` `         MR@..@` ..`  .. ......ME'1h / / / ---         h ecaggg*  g cg cg c   i[[555'1"*O, \AZ"Arial RegularO        mortgage f O, \AZ"Arial RegularO        deed" UO, \AZ"Arial RegularO        Jr.'1h % '#  <$<$<$,&,&,.3D3D3D# A# A# A > > > / * * , , ,WPC XX81%H)3'XXXXKK?K? 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