Residential Real Estate Bankruptcy

Read Residential Real Estate law updates, news, and legal analysis from leading lawyers and law firms:
News & Analysis as of

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

Eleventh Circuit Doubles Down on Lien Stripping

When the Fourth Circuit handed down its opinion in the case of In re Davis, which permitted lien stripping in “Chapter 20” proceedings, the stage was set for the Eleventh Circuit to expand debtor’s ability to escape from...more

Hold That ReFi! A Reason to Think Twice Before Entering Post-Petition Agreements with Discharged Debtors

After months of phone calls, loan modifications and discussions with borrowers, one finally receives the dreaded bankruptcy notice in the mail. A chapter 7, no-asset case, with the loan listed on the bankruptcy schedules as a...more

Navigating Foreclosure in States with 'One Action Rules'

Late last year, the New York Supreme Court decided 172 Madison (NY) LLC v. NMP Grp., LLC, in which it examined New York’s one-action rule, a complex and often misunderstood rule that can have huge implications for lenders...more

The Consumer Financial Protection Bureau (CFPB): The New Federal Landscape For Lenders and Servicers

Following the recession and financial crisis of the late 2000s, the “Bureau of Consumer Financial Protection”—commonly known as the Consumer Financial Protection Bureau (CFPB)—was created. Aimed at promoting “fairness and...more

Fourth Circuit Clarifies that Bankruptcy Proceedings Need Not Defeat Your Unperfected Mechanics Lien

The statutory mechanics lien is a powerful tool for contractors and suppliers aggrieved by an owner or prime contractor who fails or refuses to pay. Before a mechanics lien may be enforced, the Code of Virginia mandates that...more

Potpourri Of Issues In Foremost Building Bankruptcy Sale

In In re Scimeca Foundation Inc., 497 B.R. 783 (Bankr. E.D. Pa. 2013), a Chapter 7 trustee sought court approval for a sale of the debtor’s property and resolution of related issues over the objections of the debtor. In...more

Supreme Court Denies Certiorari To Hear Bank Of America’s Challenge To Eleventh Circuit’s Rule Regarding Lien Stripping In Chapter...

The United States Supreme Court recently denied certiorari to an Eleventh Circuit appeal which would have addressed the issue of whether section 506(d) of the Bankruptcy Code permits a chapter 7 debt to “strip off” a wholly...more

Orrick's Financial Industry Week in Review

FCA Updates AIFMD Web Page - The Financial Conduct Authority (FCA) has updated its "latest news" Web page on the Alternative Investment Fund Managers Directive (AIFMD) with additional information relating to...more

Florida Law on Assignment of Rents Provisions

A recent bankruptcy decision from a New Jersey Bankruptcy Court (In re Surma, 504 B.R. 770 (Bankr. D.N.J. 2014)) has once again drawn attention to the effect assignment of rents provisions in mortgages can have, depending on...more

SCOTUS Denies Certiorari In Lien Stripping Case

On March 31, the U.S. Supreme Court denied a petition for a writ of certiorari in an Eleventh Circuit case that raises the issue of whether, under section 506(d) of the Bankruptcy Code, a chapter 7 debtor can “strip off” a...more

Deviation From Statutory Scheme In Sale Of Receivership Property

The sale of real and personal property in a receivership estate is governed by 28 U.S.C. §§ 2001 and 2004, and both contain procedures for both a public and private auction of property. Regarding personal property, § 2004...more

And the Bidding Starts At . . .? The Impact of Two Recent Bankruptcy Decisions On Determining Foreclosure Sale Bids

In today’s economy, banks all too commonly find themselves foreclosing on real property collateral. As a result, banks are regularly in the position of having to determine the starting bid in foreclosure proceedings. This...more

Playing Zone(-ing) Defense

ZONE(-ING) DEFENSE --- With March Madness in full swing, now is a great time to review how local zoning ordinances can turn a mortgage servicer’s foreclosure layup into a blocked shot. Many U.S. states rely on a judicial...more

A Section 363 Sale Does NOT Transfer Property Free and Clear of an Equitable Servitude

Sales in bankruptcy court under 11 U.S.C. § 363 (called “363 Sales”) are often used to sell property during a bankruptcy case. The 363 Sale process provides an efficient procedure to liquidate estate property and offers...more

West Virginia Bankruptcy Courts Split on When Foreclosure Sale is Final

Lenders that exercise their rights to foreclose upon collateral are often met with a bankruptcy filing near or shortly after the date of sale. Obviously, if a lender learns of a bankruptcy prior to the foreclosure, the sale...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

What The U.S. Supreme Court’s Unamimous Decision In A Homestead Exemption Case Says About The Power Of Bankruptcy Courts In...

It seems that most bankruptcy decisions by the U.S. Supreme Court involve individual debtors, and the Supreme Court’s latest opinion is no exception. Even though the decision is not in a business bankruptcy case, it examines...more

Not All Property Acquired Post-Petition is Safe from Creditors

Although property obtained by a debtor after filing for bankruptcy is usually safe from creditors, a recent case from the Ninth Circuit Bankruptcy Appellate Panel allowed a Chapter 7 Trustee to sell real property obtained by...more

Recent Deed of Trust Act Cases Pose New Challenges

In 2013, Washington courts issued several decisions impacting the way banks, loan servicing companies, foreclosure trustees and other industry participants must approach claims arising out of nonjudicial foreclosure...more

Appeal Court Re-Writes Rules Relating to Insolvent Tenants

Landlords' set to obtain "full value" as a result of re-statement of ancient equitable principle - Pillar Denton Limited and others v Jervis and others - Outline - In a ruling relating to the stricken...more

Orrick's Financial Industry Week in Review - February 24, 2014

ESMA Q&A on Application of AIFMD - On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers...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

473 Results
|
View per page
Page: of 19

Follow Residential Real Estate Updates on: