Bank of America Mortgages

News & Analysis as of

Can Lenders Foreclose While a Borrower’s Loan Modification Application is Under Review?

A recent decision by the California Court of Appeal held that the practice called “dual tracking” – when a lender forecloses on a property while the borrower’s application for a loan modification is under review – violates...more

Real Property, Financial Services & Title Insurance Update: Week Ending January 22, 2016

REAL PROPERTY UPDATE - Foreclosure/Condition Precedent: providing a notice of the assignment of mortgage loan, as required by section 559.715, Florida Statutes, is not a condition precedent to filing a mortgage...more

The Priority of Interests in Real Estate

In Bank of America, N.A. v. Kipps Colony II Condominium Association, Inc., the Second District Court of Appeal reversed a 2011 final judgment entered in favor of Kipps Colony II Condominium Association, Inc. (“Association”)....more

Mortgage Acknowledgements: Can A Boo-Boo Be Fixed?

Bank of America, N.A. v. Casey, 517 B.R. 1 (D. Mass. 2015) – A Chapter 7 trustee sought to avoid a mortgage using “strong-arm” powers based on a defect in the acknowledgement. The mortgagee contended that the defect was...more

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

Banks Get Big Win in Challenge to New York Ordinance

Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more

Eleventh Circuit Allows Miami’s Claims under the Fair Housing Act to Move Forward

The Eleventh Circuit Court of Appeals recently reversed a lower court ruling that dismissed discriminatory lending claims against Wells Fargo & Co., Bank of America Corp. and Citigroup Inc., all brought by the City of Miami....more

Real Property, Financial Services & Title Insurance Update: Weeks Ending August 21 & 28 , 2015

Foreclosure/Statute of Limitations: statute of limitations did not bar foreclosure action even though filed more than five years after breach and acceleration of note upon which previous foreclosure action that had been...more

CFPB Issues Monthly Complaint Snapshot – Failure to Provide Normalization and Other Necessary Comparison Metrics Continues

On August 15, 2015, the CFPB released its latest “consumer complaint snapshot.” The Bureau’s “snapshots” generally provide updated national complaint information, and further include product and geographic spotlights that...more

Yet Another Florida Court Rejects Unpopular Decision on Statute of Limitations for Mortgage Foreclosure, But This Time it’s...

With its decision up on re-hearing, Florida’s Third District Court of Appeal may be rethinking its decision in Deutsche Bank Trust Co. Americas v. Beauvais, No. 3D14-575, 2014 WL 7156961 (Fla. 3d DCA Dec. 17, 2014). In...more

Chorus of Critics Grows Again for Third DCA’s Beauvais Opinion on Statute of Limitations, Rehearing Granted by Third DCA

The opinion of Florida’s Third District Court of Appeal in Deutsche Bank Trust Co. Americas v. Beauvais, No. 3D14-575, 2014 WL 7156961 (Fla. 3d DCA Dec. 17, 2014) has been a lightning rod for criticism from federal courts in...more

Courts, States Continue to Wrestle with Homeowners Association Assessment Liens

The circumstances under which a condominium or homeowners association (HOA) lien for unpaid assessments may wipe out a lender’s mortgage lien continues to evolve across the country. As noted in our previous alerts regarding...more

Third Federal Judge in a Row Declines to Follow Florida Appellate Opinion on Statute of Limitations for Mortgage Foreclosure

Florida’s Third District Court of Appeal shocked many court watchers with its opinion in Deutsche Bank Trust Co. Americas v. Beauvais, No. 3D14-575, 2014 WL 7156961 (Fla. 3d DCA Dec. 17, 2014) when it created a split of...more

Florida Court Rules Borrowers Who Surrender Property in Bankruptcy Can't Later Take it Back

Thanks to several recent United States Bankruptcy Court decisions in Florida, mortgage servicers should now expect borrowers who surrender their real property in bankruptcy to not contest foreclosure later. Since the...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 26 & July 3, 2015

REAL PROPERTY UPDATE - Standing: parent entity has no right to enforce note and mortgage owned by subsidiary entity absent evidence that parent entity acquired such right – Wright v. JPMorgan Chase Bank, N.A., Case No....more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Recent Unanimous Supreme Court Decision Holds That Underwater Mortgages in a Chapter 7 Cannot be “Stripped off"

The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more

Cramdown Hurdles Round 3: Try, Try Again

In re Ramz Real Estate Co., LLC, 510 B.R. 712 (Bankr. S.D.N.Y. 2013) – An undersecured mortgagee objected to a debtor’s proposed plan of reorganization on several grounds, including that (1) the plan was not approved by...more

Burr Commentary: Third District Court of Appeal Adds to List of Solutions to Prior Servicer Business Records Issue

In Bank of America, N.A., v. Delgado, et al., 3D13-910 (Fla. 3d DCA May 6, 2015) the Third District Court of Appeal offered some relief to banks and loan servicers still reeling from the effects of Hunter v. Aurora Loan...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending May 1 & 8, 2015

Foreclosure: trial court abused its discretion in dismissing foreclosure action with prejudice, cancelling substantial debt, and denying lender ability to refile a foreclosure action without making finding of facts as...more

Foreclosures: Beware Unexpected Violations

Field v. Bank of America, N.A. (In re Gibbs), 522 B.R. 282 (Bankr. D. Hawaii 2014) – A bankruptcy trustee sued a mortgage lender to recover for defects in a prepetition non-judicial foreclosure sale. The lender brought a...more

Sanity in Florida? New Ruling Sheds Some Light on the Business Records Exception

On May 6, 2015, Florida's Third District Court of Appeal finally weighed in on an important tactic relied on by servicers in residential foreclosure actions. In Bank of America, N.A. v. Delgado, No. 3D13-910 (Fla. 3d DCA May...more

Dodd-Frank News: April 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Important Fair Debt Collection Practices Act Holding by the Third Circuit Court of Appeals: Misstatements in Foreclosure...

On April 7, 2015, a decision in the case of Kaymark vs. Bank of America, N.A. was handed down by the Third Circuit Court of Appeals, in a precedential opinion authored by Judge Fisher and joined in by Judges Fuentes and...more

Orrick's Financial Industry Week in Review

FHFA Updates Requirements for Freddie and Fannie Sales of Non-Performing Loans - On March 2, FHFA announced changes to requirements for sales of non-performing loans (NPLs) by Freddie and Fannie to reduce the number of...more

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