Borrowers, Foreclosure | JD Supra Law News

Successor Banks of FDIC assets Not so Jolly after Jolley - A New Duty to Investigate?

by Allan Ickowitz, John Kim, Jennifer Meeker | Nossaman LLP on 5/7/2013

A recent California case appears to contradict the general rule holding that a successor bank that has acquired a commercial loan through an FDIC receivership may owe a duty to a commercial borrower to reasonably investigate...more

TBTF Servicing: Another Issue for Originators to Consider

by Russell Koonin, Robert Siegel | Bilzin Sumberg Mortgage Repurchase Group on 4/18/2013

As widely reported recently, close to 1.2 million borrowers (about 30% of the more than 3.9 million households that faced foreclosure proceedings by the 11 leading financial institutions in 2009 and 2010), had to battle...more

Bank Regulators Announce First Foreclosure Review Payments

by BuckleySandler LLP on 4/18/2013

On April 9, the Federal Reserve Board and the OCC announced that payments to borrowers impacted by allegedly improper foreclosure practices would begin on April 12, 2013. ...more

New California Court of Appeal Decision May Affect Administration of Foreclosure-Avoidance Actions

by Joshua Castillo, Tim Hsu | Allen Matkins Leck Gamble Mallory & Natsis... on 4/17/2013

California's Legislature responded to the residential foreclosure crisis by, among other things, enacting new statutes aimed at clarifying the rights of borrowers facing foreclosure and imposing new restrictions on...more

Mortgage Foreclosure Mediation Program Terminated By Florida Supreme Court

by Messer & Caparello, P.A. on 4/4/2013

Florida has the highest foreclosure rate in the country, with some sources showing a 3.11% foreclosure rate in 2012 – more than double the national average. At the end of 2009, with nearly 500,000 pending foreclosures and a...more

A Loan Enforcement e-Newsletter - Missouri Foreclosures: A Changing Landscape?

by Brett Anders, Michael A. Campbell | Polsinelli on 3/15/2013

In This Issue: - Missouri Foreclosures: A Changing Landscape? - Missouri Law on Non-Judicial Foreclosure: A Primer Measuring Deficiencies Under Missouri Law - Fischer & Frichtel - Sunrise Farms -...more

Nevada Ruling Suggests Lenders Wait Until Foreclosure Before Pursuing Guarantor Claim

by Meagen Leary | Duane Morris LLP on 2/27/2013

In a recent case, the Supreme Court of Nevada agreed that a lender needed to wait until the completion of a foreclosure sale before making a deficiency claim against a guarantor. In Ken L. Templeton Family Trust, et al. v....more

First Circuit Holds Massachusetts Borrower Can Challenge The Validity Of A Mortgage Assignment, But Holds The Assignment Valid

by BuckleySandler LLP on 2/26/2013

On February 15, the U.S. Court of Appeals for the First Circuit held a borrower had standing to challenge the assignment of the borrower’s mortgage under certain circumstances, even though the borrower was not a party to the...more

Oregon Finalizes Foreclosure Avoidance Mediation Program Rules

by BuckleySandler LLP on 2/25/2013

On February 1, the Oregon Department of Justice published final rules to implement the foreclosure avoidance mediation program established by legislation enacted in April 2012, which requires beneficiaries to (i) enter into...more

California Supreme Court Eases Admissibility of Oral Statements in Contract Fraud Disputes

by Melissa Lor | Schnader Harrison Segal & Lewis LLP on 2/22/2013

California, like most jurisdictions, prohibits parties to integrated contracts from introducing “parol evidence” — this is, evidence of prior written or verbal agreements made by a party to a contract — if those alleged...more

MERS Has Power To Assign Interest in Deed of Trust, Borrower Can Challenge Assignment of Mortgage, First Circuit Rules

by Anthony Kaye, Emily Wegener | Ballard Spahr LLP on 2/20/2013

Under Massachusetts law, Mortgage Electronic Registration Systems, Inc., or MERS, has the power, as nominee beneficiary, to assign its interest under a deed of trust, the U.S. Court of Appeals for the First Circuit has ruled....more

House Democrats Urge President Obama To Nominate FHFA Director

by BuckleySandler LLP on 2/19/2013

On February 7, 45 Democratic Members of the House of Representatives sent a letter to President Obama requesting he nominate a permanent director for the FHFA to replace Acting Director Edward DeMarco. ...more

"I Knew You Were Trouble": Recent Trends in Lender Liability Litigation

by Timothy Lupinacci | Baker, Donelson, Bearman, Caldwell &... on 2/15/2013

Lender liability claims generally arise in one of following contexts: (i) claims seeking recovery of damage or "leverage" to accept discounted payoffs; (ii) counterclaims to foreclosure/receivership/guarantor actions; or...more

California Court Holds That Borrowers May Enjoin A Foreclosure If A Lender Fails To Meet Servicing Guidelines

by Alejandro E. Moreno, Shannon Petersen | Sheppard Mullin Richter & Hampton LLP on 2/5/2013

In Pfeiffer v. Countrywide Home Loans, --- Cal.Rptr.3d ----, 2012 WL 6216039 (Dec. 13, 2012), mortgage borrowers filed a damages claim against a trustee for violating the federal Fair Debt Collection Practices Act (“FDCPA”)...more

Federal Regulators Announce Additional Monetary Settlements In Lieu Of Independent Foreclosure Review

by BuckleySandler LLP on 1/24/2013

On January 16, the Federal Reserve Board announced that two additional mortgage servicers subject to consent orders issued in April 2011 agreed in principle to a monetary resolution of allegations that the firms engaged in...more

California Supreme Court Broadens Borrower Fraud Defense to Written Loan Agreements

by Peter Isola, Harvey Schochet | Davis Wright Tremaine LLP on 1/21/2013

The California Supreme Court handed down a unanimous decision earlier this week, broadening the scope of the “fraud exception” to the parol evidence rule, to allow a plaintiff challenging the terms of a written agreement to...more

Florida Mortgage Law: Receiverships

by Schecter Law on 1/18/2013

When a lender seeks to foreclose a property, it may be advantageous to have a receiver appointed by the court. A receiver’s responsibilities are to take custody of, manage, and preserve property. In deciding whether or not to...more

U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay

by Linda Ann Bartosch, Patrick D. Dolan, Robert H. Ledig, Ralph R. Mazzeo, Laurie Nelson, Thomas P. Vartanian | Dechert LLP on 1/16/2013

Congress in the Dodd-Frank Act responded to concerns about the quality of mortgage loans by establishing incentives for lenders to seek to ensure that borrowers had the ability to repay mortgage loans made to them. In...more

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