Civil Remedies Bankruptcy Residential Real Estate

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Equitable Subrogation: “Complete and Perfect Justice” Requires Party To Be Without Fault

Ocwen Loan Servicing LLC v. Summit Bank, N.A. (In re Francis), 750 F.3d 754 (8th Cir. 2014) – A lender that attached the wrong legal description to its recorded mortgage sought equitable subrogation and/or reformation...more

Even a Tax Authority May Sometimes Have to Pay

In Clinton County Treasurer v. Wolinsky, 511 B.R. 34 (N.D.N.Y. 2014), a Chapter 7 trustee sought to avoid a property tax foreclosure as a fraudulent transfer and then to recover damages from the foreclosing county. The...more

Bankruptcy Beat: Connecticut District Court Suggests Automatic Stay May Apply To Non-debtor Junior Lienholders In Foreclosure...

On July 22, 2014, the Connecticut District Court issued an opinion, Eastern Savings Bank FSB v. St. Germain, et al, 2014 WL 3687740 (D. Conn. 2014), which could impact the applicability of the automatic stay of 11 U.S.C....more

Section 75-1.1 and Mortgage Servicing: Lessons From a Federal Bankruptcy Court in New York

Claims under N.C. Gen. Stat. § 75-1.1 can turn up in unexpected places—including a bankruptcy court in Manhattan. Recently, a section 75-1.1 claim made its way from Hyde County, North Carolina, to the Big Apple, courtesy of...more

Supreme Court Issues Decision in Law v. Siegel, Eliminating Ability to Impose Surcharge on Exempt Property Unless Explicitly...

On March 4, 2014, the Supreme Court issued a unanimous opinion in Law v. Seigel, Case No. 12-5196, 571 U.S. ___ (2014) holding that the bankruptcy court used its equitable powers in contravention of Bankruptcy Code section...more

New Case Alert: Dissent Highlights Disturbing Potential for Increasing Escrow Holder Policing and Disclosure Obligations

A new decision in Ash v. North American Title Co. holds that (1) contract damages based upon a bankruptcy were not foreseeable, and (2) an escrow holder was entitled to a jury instruction as to intervening or superceding...more

Enforcing “Bad Boy” Guaranties When The Borrower Files For Bankruptcy Protection

Have you ever gone through an entire foreclosure action only to have the borrower, usually a special purpose entity, file for bankruptcy protection on the eve of sale? If you have - and what lender hasn’t? - you know how...more

Connecticut District Court and Bankruptcy Court Differ on Extent to Which the Automatic Stay Automatically Terminates Upon Second...

Under §362(c)(3)(A), when a debtor files a second bankruptcy case within one year after the first case, the automatic stay in the second case will automatically terminate “with respect to the debtor” on the 30th day of the...more

6 Things To Include In A Final Money Judgment

Before the clerk of the court will issue a writ of execution or writ of garnishment on a judgment, the clerk will review the judgment to ensure it is valid and enforceable. ...more

GILBERTO T SALDIVAR vs. JPMORGAN CHASE BANK, N.A.,

MEMORANDUM OPINION Defendants, JPMorgan Chase Bank, N.A. (“Chase”) and Deutsche Bank National Trust Company’s (“Deutsche Bank”),...

This decision is important because of the reasoning, the logic and most importantly the application of New York law. Virtually all the REMIC trusts were common law trusts formed under New York law for a lot of reasons. So...more

Bank Did Not Alter Right To Foreclose By Agreeing To Work With The Debtor After Bankruptcy Dismissal

In Branch Banking and Trust Company v. TCI Luna Ventures, LLC, BB&T appealed a temporary injunction order prohibiting it from foreclosing on two properties owned by TCI Luna. No. 05-12-00653-CV, 2013 Tex. App. LEXIS 1745...more

Maryland's highest court blocks another foreclosure defense

On March 22, 2013, the Maryland Court of Appeals clarified the meaning of an "endorsement in blank" on mortgage notes, saying that physical transfer without additional endorsement stamps gives the loan servicer standing to...more

MICHAEL L. JONES v WELLS FARGO BANK

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF LOUISIANA OPINION AFFIRMING $3.1 MILLION PUNITIVE DAMAGE AWARD AGAINST WELLS...

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF LOUISIANA MICHEAL L. JONES vs WELLS FARGO BANK OPINION Before the Court is Appellant Wells Fargo Bank, N.A.'s Appeal from a decision of the United States...more

In re: Chapter 7 Case No. 11-24269 JUANITA STRASSFIELD, Debtor.

ORDER DENYING WELLS FARGO’S MOTION TO VACATE AUTOMATIC STAY BASED ON FILING FALSE DOCUMENTS WITH THE COURT

ORDER DENYING WELLS FARGO’S MOTION TO VACATE AUTOMATIC STAY AND PARTIALLY GRANTING RELIEF SOUGHT IN OBJECTIONS THERETO Upon the motion, dated January 24, 2012 (the “Motion”), of Wells Fargo Bank, N.A. (“Wells Fargo”) to...more

Illinois Supreme Court Holds Judgment of Foreclosure Not Immediately Appealable

Under Illinois law, a judgment of foreclosure does not end a mortgage foreclosure case; it remains modifiable by the trial court and is strictly interlocutory. After such a judgment is entered, the property is sold once...more

Rogers Towers: The Threat of Lien Stripping in “Chapter 20” Bankruptcy

As discussed in the McNeal posts below, junior mortgage holders are increasingly finding that their mortgages are worth less than the paper they were printed on. Especially troubling to lenders, are conflicting decisions that...more

CFPB Proposes New Servicing Rules - TILA

On September 26, 2012, we notified you about the proposed rules promulgated by the Bureau of Consumer Financial Protection (Bureau) to amend Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA)...more

FHFA Can Pursue Claims Against Non-Debtor Affiliates of Residential Capital

On July 17, Judge Denise Cote of the United States District Court for the Southern District of New York ruled that the Federal Housing Finance Agency (“FHFA”) can pursue certain RMBS-related claims against affiliates of...more

Rogers Towers: “Down” is Out, “Off” is In: Stripping Liens in Chapter 7 after McNeal

Prior to the real estate market crash in 2008, homeowners routinely borrowed against the equity in their homes, in turn, granting lenders second or even third mortgages. However, once the market crashed, their equity...more

Bankruptcy and Evictions

If you are faced with an eviction notice from your landlord for not paying your rent, could you file a bankruptcy petition and repay your debt through bankruptcy? If it was before 2005, it was legally possible. But post-2005...more

What does the Eaton decision mean for Massachusetts homeowners facing foreclosure?

If you are a Massachusetts resident that faces foreclosure or may be facing foreclosure in the future, you sure want to read this post. Contact: George E. Bourguignon, Jr. Phone: (508) 769-1359 or (413)...more

Eaton v. Federal National Mortgage Association

Final decision in Eaton, the decision that changes foreclosure practice in Massachusetts.

This is a copy of the long-awaited, important Massachusetts decision concerning foreclosures in Massachusetts titled Eaton v. Federal National Mortgage Association. It was issued 22 June 2012 and makes a substantive change...more

Slumlords and Deadbeats: Issues in Landlord/Tenant Bankruptcy

In This Presentation: - Non-residential Real Property Leases as Part of the Bankruptcy Estate - A Debtor-Tenant’s Obligations and a Landlord’s Protections Under §365(d)(3) - "Obligations" Arising From and Under the...more

Supreme Court Affirms the Right of Secured Creditors to Credit Bid in a Sale under a "Cramdown" Plan of Reorganization

On May 29, 2012, in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, the United States Supreme Court unanimously held that a debtor may not confirm a chapter 11 plan of reorganization providing for the “free and clear” sale of...more

SCOTUS' RadLAX Decision Affirms Lenders' Rights to Credit Bid in Chapter 11

May a Chapter 11 plan permit a debtor to auction property free and clear of a creditor’s lien while preventing that creditor from credit-bidding the amount of its debt? A question that split the U.S. Circuit Courts was...more

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