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ARTICLE · 09 MARCH 2016

West Coast Real Estate Update: March 8, 2016

Holland & Knight
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The Federal Deposit Insurance Corporation (FDIC) clarified on March 2, 2016, its existing guidelines with respect to the decision by any FDIC-supervised institution to discontinue foreclosure proceedings after such proceedings have already begun.

United StatesReal Estate and Construction
Susan Booth
Susan Booth
Stacie Goeddel
Stacie Goeddel
Robert Haight Jr.
Robert Haight Jr.
Karl Lott
Karl Lott
Douglas Praw
Douglas Praw
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Susan Booth, Karl Lott, and Douglas Praw are Partners in Holland & Knight's Los Angeles office
Stacie Goeddel and Robert Haight Jr., are Partners in Holland & Knight's San Francisco office
Ashley Jason and Paul Park are Associates in Holland & Knight's Los Angeles office

FDIC Clarifies "Abandoned Foreclosures" Guidelines

The Federal Deposit Insurance Corporation (FDIC) clarified on March 2, 2016, its existing guidelines with respect to the decision by any FDIC-supervised institution to discontinue foreclosure proceedings after such proceedings have already begun ("abandoned foreclosures"). The clarification appears rooted in the FDIC's concern that when the initial notice of foreclosure is given to a borrower, the borrower may cease maintaining its property and/or abandon the property. Such actions detrimentally impact not just the subject property, but also the surrounding neighborhood. If a lender forecloses, it should, and typically does, mitigate many

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