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Civil Procedure Finance & Banking Residential Real Estate

Read Civil Procedure updates, alerts, news, and legal analysis from leading lawyers and law firms:

Illinois District Court Dismisses Case Filed By Insurance Department, As Rehabilitator, Against Reinsurer

by Carlton Fields on

The District Court for the Northern District of Illinois dismissed a complaint filed by Plaintiff-Rehabilitator, the Illinois Director of Insurance, against Defendant-Reinsurer, Twin Rivers, alleging breach of contract,...more

Nevada Supreme Court Rules HOA Super-Priority Liens Can Be Revived after Release

Homeowners’ associations have a more robust tool for forcing mortgage lenders to pay delinquent assessments following a September 14 decision by the Nevada Supreme Court. Nevada HOAs have enjoyed a super-priority lien under...more

Court Dismisses Suit By Rehabilitator For PMI Insurer Against Captive Reinsurer And Affiliated Bank

by Carlton Fields on

A district judge in the Northern District of Illinois has dismissed all claims brought by the Illinois Director of Insurance, acting as rehabilitator for Triad Guaranty Insurance Corporation and Triad Guaranty Assurance...more

11th Circuit Draws a Line on Actual Damages Under RESPA

by Burr & Forman on

In Baez v. Specialized Loan Servicing, LLC, 16-17292, 2017 WL 4220292 (11th Cir. Sept. 22, 2017) the Eleventh Circuit Court of Appeal recognized a limit to the requirement to the phrase “actual damages” in Section 2605 of the...more

Faulty Foreclosure Service Results in Lienholder Having to Pay Property Owner

When a lienholder starts a foreclosure, it usually is focused on getting money into its pocket. Yet a recent opinion from the North Carolina Court of Appeals (In re: Ackah – Sept. 5, 2017) should provide a warning to all...more

What Happens When a Secured Creditor Files a Late Claim in an Equity Receivership?

by Snell & Wilmer on

Pitting a receivership court’s inherent equitable powers against pre-existing property rights can lead to some pretty interesting questions. In SEC v. Wells Fargo Bank, N.A., 848 F.3d 1339, 1343-44 (11th Cir. 2017), the...more

In Alabama: Lenders Must Strictly Comply with Notice Requirements

The Alabama Supreme Court recently released an opinion interpreting the pre-foreclosure notice requirements contained in paragraph 22 of the standard mortgage form. In short, strict compliance is required. The Court in Ex...more

A Void Default Judgment Is No Way To Establish Title

In a post from March of this year — Even a “Bona Fide Purchaser” Can’t Rely on a Void Judgment — we reviewed the recent decision from California’s Fourth District Court of Appeal, OC Interior Services, LLC v. Nationstar...more

Judicial Estoppel Defense in Bankruptcy Claims Likely to Get More Difficult

A recent decision from the Court of Appeals for the Eleventh Circuit has impaired a valuable defense for early dismissal or settlement with bankrupt plaintiffs. This decision will affect strategy for mortgage originators,...more

Chris Lazarini Provides Insight on Lawsuit Dismissal on Res Judicata Grounds

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on a lawsuit involving a former broker of Wells Fargo who sued the firm in state court for fraud and personal injury when the company initiated a foreclosure action...more

You Can’t Ignore RESPA Section 8(c)

by Foley & Lardner LLP on

It’s been over a year since the Consumer Financial Protection Bureau (CFPB) turned the real estate settlement services industry on its head by announcing in its first ever administrative appeal that Section 8(c) of the Real...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In an apparent effort to appease dissatisfied activist investors, chemicals giant DowDuPont has announced plans to change its breakup plan with an reorganizational structure that focuses on three “distinct businesses: an...more

Nevada Supreme Court Clarifies the Litigation Waiver of the One-Action Rule

by Snell & Wilmer on

Nevada has a one-action rule which, with limited exceptions, requires a creditor seeking to recover a debt secured by real property to proceed against the security first prior to seeking recovery from the debtor personally....more

Bivens v. Select Portfolio Servicing, Inc. – 11th Circuit Confirms Right of Servicers to Designate in a Reasonable Manner a...

by Balch & Bingham LLP on

On August 17, 2017, the Eleventh Circuit issued an opinion in Steven Bivens v. Select Portfolio Servicing, Inc. (No. 16-15119), holding that a borrower must send requests for information to a mortgage servicer’s designated...more

Dear Mortgage Lender – Where Debtors Surrender, Act Quickly

by Fox Rothschild LLP on

The Eleventh Circuit’s ruling in the Failla case was triumph for mortgage lenders when it affirmed the District Court’s opinion that “once the debtor decides to ‘surrender’ secured property… [w]hile the debtor need not...more

Recording a Trustee’s Deed is Privileged Under CA Civil Code Section 47

California law is pretty clear that the recordation of a notice of default and notice of sale — two key documents that are a prerequisite to a nonjudicial foreclosure sale (aka trustee’s sale) — are privileged and cannot form...more

Banking & Financial Services E-Note - August 2017

by Burr & Forman on

In an article published on August 17, 2017 by Law360, Burr’s Larry Litow and Kapila Mukamal’s Barry Mukamal discuss their recent involvement in a case involving a South Florida beachfront condominium hotel that successfully...more

Eleventh Circuit Clarifies Meaning of Consummation of Transaction in Dismissing Borrowers’ TILA Right of Rescission Claim

by Blank Rome LLP on

In Woide v. Federal Nat’l Mortg. Ass’n, the United States Court of Appeals for the Eleventh Circuit held that consummation of a contract for purposes of asserting a right of rescission under the Truth in Lending Act (“TILA”)...more

Connecticut District Court Denies WMC Mortgage’s Motion for Partial Summary Judgment

On August 8, 2017, Judge Charles S. Haight Jr. of the U.S. District Court for the District of Connecticut denied defendant’s motion for partial summary judgment in Law Debenture Trust Co. of New York v. WMC Mortgage. The...more

Transfer To Non-Existent Corporation Held To Be A Transfer Nonetheless

by Allen Matkins on

Sometimes, the law is just weird. The case of PGA West Residential Ass’n, Inc. v. Hulven Int’l, Inc., Cal. Ct. App. Case No. E064270 (Aug. 9, 2017) is weirder than most. The lawsuit alleged that the defendant had tried to...more

Federal Tax Liens In Foreclosure Proceedings

by Ward and Smith, P.A. on

Henkel v. Triangle Homes is a North Carolina Court of Appeals case with dueling tax foreclosure proceedings involving the same property. One foreclosure proceeding was for unpaid municipal taxes and the other for unpaid...more

Debtor May Be Entitled to Credit for “Reasonable Value” of Property Purchased by Lender at Mortgage Foreclosure Sale

by Stoel Rives LLP on

In Idaho, it has long been understood that a secured creditor that has foreclosed a mortgage may be able to also get a judgment against the debtor for the remainder of the debt, if the proceeds of the foreclosure sale are not...more

DOJ invited to participate in Ocwen’s challenge to CFPB’s constitutionality

by Ballard Spahr LLP on

A Florida federal district court has granted the motion filed by Ocwen Financial Corporation to invite the U.S. Attorney General to express the AG’s views on the CFPB’s constitutionality....more

Northern District Of Illinois Dismisses Lawsuit Involving Reinsurance For Private Mortgage Insurance

by Carlton Fields on

In a lawsuit filed by the Rehabilitator for a private mortgage insurance provider, the District Court found that the causes of action either failed to meet the Iqbal pleading standard, contained implausible allegations, or...more

Banking & Financial Services E-Note - July 2017

by Burr & Forman on

What does a recent Georgia Supreme Court case mean for the viability of the state's confirmation statute? Atlanta Partner Erich Durlacher explores answers in this Alert. Please see full E-Note below for more information....more

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