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Androvett Blog

by Robert Tharp at 4:23:17 pm

Streamlined foreclosure laws put the squeeze on Texas lenders/debtors
There's a particular double whammy occurring in commercial real estate circles these days: the so-called credit crunch is making it more difficult for those with debt to
refinance while lenders are under pressure to reduce debt exposure. The result is that debtors are starting to really feel the squeeze. That phenomenon is unfolding across the country, but the impact in Texas could be particularly acute because of the way the state's foreclosure laws provide lenders with "a big stick," says real estate attorney Andrew Ingrum of Dallas' Thompson & Knight 

"Texas has among the nation's most streamlined foreclosure statutes, which allows lenders to wield a very big stick," says Ingram, who adds that calls from out-of-state lenders seeking guidance on potentially large-scale foreclosures and workouts have increased dramatically. "The risk and shortcomings of some developments that were overlooked in the good times are now magnified in the bad times. A large percentage of the commercial real estate loans made just three or four years ago can't happen today without significant equity support." To interview Mr. Ingrum about commercial real estate issues, contact Barry Pound at 800-559-4534 or barry@androvett.com.