Abandoned Property

Proceed with Caution when Considering the Acquisition of a Busted Deal

by Thompson Coburn LLP on 3/28/2013

Do not underestimate the importance of due diligence when evaluating the acquisition of a busted deal. In the world of land use and zoning, a busted deal is a planned real estate development that has failed, and the future of...more

Fannie Announces Hazard Insurance Change For Vacant Properties

by BuckleySandler LLP on 3/15/2013

On March 6, Fannie Mae issued Servicing Guide Announcement SVC-2013-04, which requires servicers to cancel hazard insurance coverage (for both borrower and lender-placed policies) within 14 calendar days after a property...more

Delaware Amends Abandoned And Unclaimed Property Self-Disclosure Program

by BuckleySandler LLP on 2/25/2013

Recently, Delaware enacted HB 2, which amends the state’s voluntary self-disclosure program for abandoned and unclaimed property. Among other things, the bill creates additional incentives for holders of such property to...more

Illinois Enacts Fast-Track Foreclosure Legislation

by BuckleySandler LLP on 2/25/2013

On February 8, Illinois Governor Pat Quinn signed SB 16, a bill introduced in January 2011, which creates a fast-track foreclosure process for certain abandoned and vacant properties. ...more

Zombie Title

by Russell Koonin, Robert Siegel | Bilzin Sumberg Mortgage Repurchase Group on 1/16/2013

Think your house has been foreclosed? Think again… As reported by Michelle Conlin at Reuters, when banks fail to follow through on foreclosure of homes, this has serious, often dramatic ramifications for the homeowner....more

Assignee Judgment Creditor May Apply For And Receive Property Held By The State Controller Pursuant To The Unclaimed Property Law

by June D. Coleman, Linda M. Monje | Kronick, Moskovitz, Tiedemann & Girard on 12/28/2012

In Weingarten Realty Investors v. Chiang (Cal. App. 4th, December 19, 2012), a California court of appeal considered whether a judgment creditor could claim property being held by the State Controller’s office on behalf of...more

State Law Update: New Jersey Creates Summary Foreclosure Process For Vacant And Abandoned Properties

by BuckleySandler LLP on 12/17/2012

On December 3, New Jersey Governor Chris Christie signed SB 2156, which authorizes lenders to bring summary actions to foreclose mortgages on vacant and abandoned residential properties, and grants state courts the authority...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - December 14, 2012

by BuckleySandler LLP on 12/17/2012

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE - PRIVACY/DATA SECURITY - CRIMINAL...more

Delaware & New Jersey Abandoned & Unclaimed Property Developments

by Sharon R. Paxton | McNees Wallace & Nurick LLC on 12/1/2012

Delaware VDA’s - Legislation adopted in July 2012 authorizes Delaware’s Secretary of State (as opposed to the State Escheator) to enter into voluntary disclosure agreements with holders of unclaimed property who are...more

California Foreclosure Update: New registration requirements for foreclosed properties may lead to penalties, fines for lenders

by Greg M. Carpenter, Lyndsey A. Tadlock | Snell & Wilmer L.L.P. on 11/27/2012

Originally published in Western Real Estate Business, October 2012. The economic downturn has resulted in a record number of foreclosures in California. Many property owners have simply abandoned these foreclosed...more

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