Abandoned Property

News & Analysis as of

FHFA, City Of Chicago Resolve Dispute Over Vacant Property Ordinance

On April 3, the U.S. District Court for the Northern District of Illinois approved an order of dismissal and memorandum of understanding jointly entered by the FHFA and the City of Chicago to end more than two years of...more

New York Attorney General Seeks To Hold Banks Responsible for Abandoned Properties

New York Attorney General Eric Schneiderman has announced his intention to introduce legislation to compel banks and mortgagees to maintain vacant properties that are abandoned because of delays in the foreclosure process....more

Dealing with Abandoned Mobile Homes Without Utilizing the Courts: The 60-Day Election by a Landlord

Many times, landlords of manufactured housing communities utilize the courts when dealing with tenants they want to evict and abandoned mobile homes. However, there is an alternative method to deal with abandoned mobile homes...more

Freddie Mac Updates Foreclosure, Abandoned Property Requirements

On October 18, Freddie Mac issued Bulletin 2013-22, which updates servicing requirements related to foreclosures and management of abandoned properties. The Bulletin states that servicers may, without obtaining prior written...more

Practical Considerations for Dealing with OREO Properties: Part II - Post-Sale Considerations

In the Summer issue of the West Virginia Banker Magazine, we discussed certain factors that banks should consider before taking ownership of real estate collateral at a foreclosure sale. Once taken into a lender’s inventory,...more

Unclaimed Property Reporting - Are You In Compliance?

Most states require the holder of “abandoned” or “unclaimed” property to report (and remit) such property after the expiration of a certain number of years (the “holding period”). These “escheat” laws generally apply to any...more

FHFA Seeks To Clarify Relief From City Of Chicago Vacant Property Ordinance

On September 20, the FHFA filed a motion requesting that the U.S. District Court for the Northern District of Illinois amend an order it issued after holding on August 23 that Fannie Mae and Freddie Mac are exempt from a 2011...more

Federal District Court Holds Fannie Mae, Freddie Mac Exempt From Chicago’s Property Maintenance Ordinance

On August 23, the U.S. District Court for the Northern District of Illinois held that Fannie Mae and Freddie Mac are exempt from a 2011 ordinance that established new requirements for mortgagees and their agents regarding the...more

Legislative Update 2013 -- SC Tax Incentives Legislative Update

In This Presentation: - A.Economic Development: 1.Film 2.Port 3.Abandoned Buildings 4.Angel Investors 5.Nascar/Darlington Speedway 6.Unemployment Insurance - B.Practice and...more

Is the State Holding Your Association’s Money?

Like many other states, Connecticut has appointed itself as the official “lost and found” for all money abandoned within the state’s borders. We’re not talking about coins dropped on a sidewalk. Abandoned money can include...more

Proceed with Caution when Considering the Acquisition of a Busted Deal

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

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

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

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

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

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

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

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

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

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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