Last November, I wrote that, in Indiana, appraisals are important, but not required, in foreclosures. At the end of my post, I kidded that, knowing the present value of loan collateral, particularly real estate, may not be possible given current market conditions. In today's IBJ.com, Tom Harton has a nice article entitled "Appraisers Have Little To Go On In Tough Deal Market," which supports the notion that there may be an absence of reliable data that, in turn, can make an appraiser's job difficult these days. Secured lenders should remain mindful of this problem as they decide what to do with their distressed loans collateralized by commercial real estate.
Despite Lis Pendens, Onus Generally On Plaintiffs (Mortgagees), Not Tenants, To Deal With Leasehold Interests In Mortgage Foreclosure Actions