Cox Castle & Nicholson LLP attorneys Jonathan Sears and Owen Gross have substantially updated the loan workouts chapter of California Mortgages, Deeds of Trust and Foreclosure Litigation (4th Edition). The modernized chapter addresses current issues, tools and strategies employed by attorneys representing clients with problem mortgage loans. The chapter, entitled "Chapter 10: Workouts of Problem Loans," is part of a two volume set published by Continuing Education of the Bar, Oakland, California (CEB) in March 2009. The new 2010 update with the Sears & Gross enhancements will be available this month.
Written from the perspective of the practitioner, the updated chapter provides valuable practice tips and state-of-the-art forms to assist attorneys in negotiating and documenting loan modifications and advising clients in connection with common loan workout scenarios and transactions. It also provides up-to-date discussion of the income tax ramifications of any debt forgiveness resulting from a loan modification, written by Erik C. Loomis, also of Cox Castle. The new release of the book, as well as a detailed table of contents, is available for purchase at: http://ceb.com/ProdURL.asp?Prodno=RE33920.
"Distressed debt is a significant part of today’s real estate landscape. So we wanted to give practitioners the best set of tools and strategies available to help their clients address their problem loans. In this effort, we appreciate the active support of CEB,” said Mr. Sears, who is a Partner in the Los Angeles office of Cox Castle & Nicholson LLP and a member of CEB’s Real Property Advisory Committee.
Mr. Sears has extensive experience representing clients in structuring and negotiating sophisticated commercial real estate and structured finance transactions. Through several downturns over the past two decades he has advised clients in workouts of distressed real estate, including negotiating with special servicers in restructuring conduit loans and counseling clients on discounted payoffs, deeds-in-lieu, loan modifications, forbearances and pre-litigation and workout strategies.
Mr. Gross is Senior Counsel in the firm’s Los Angeles office. Throughout his career, he has advised sellers, investors, developers, lenders, landlords and tenants, in connection with a wide variety of commercial real estate transactions. In particular, Mr. Gross has extensive experience representing national and regional banks and other lenders in secured finance transactions.
Cox Castle and Nicholson LLP, a California law firm with offices in Los Angeles, Orange County and San Francisco, has one of the largest concentrations of attorneys specializing in representing clients in the real estate, construction, and financial services industries. For more than 50 years, the firm has represented public and privately held businesses, major financial institutions, pension funds, industry entrepreneurs and public agencies in acquiring, developing, redeveloping, financing, leasing, managing and disposing of real estate assets. Cox Castle & Nicholson LLP is located on the web at www.coxcastle.com.