Deed-in-Lieu of Foreclosure

News & Analysis as of

Wanna Fight? Illinois District Court Refuses To Grant Summary Judgment To Lender On Bad Boy Provision In Guarantee Agreement

In the case of Wells Fargo Bank N.A. v. RLJ Lodging Trust, an Illinois district court denied a lender’s motion for summary judgment seeking to enforce a bad boy carve-out provision in a guaranty agreement providing for full...more

The District of Massachusetts Calls for Review of Practice of “Surrendering” Underwater Property

For secured lenders, a consumer debtor’s chapter 13 bankruptcy filing can be a mixed bag. A chapter 13 bankruptcy petition often is utilized by a consumer debtor to avoid a foreclosure by allowing a debtor time (usually...more

CR&B Alert - Commercial Restructuring and Bankruptcy News - January 2016, No. 1

Deed-In-Lieu, or Not - The fact situation was fairly typical in In re 364 N.B.E. Corp., United States Bankruptcy Court, Eastern District of New York (Case No. 13-46771) (December 29, 2015). After the debtor defaulted on...more

City of Chicago to Tax Assignments of Mortgages

Recently the City of Chicago’s Department of Finance issued Real Property Transfer Tax Ruling #4, which clarifies the intent of the City’s Real Property Transfer Tax. The ruling details the application of the exemptions to...more

HUD’s Proposal to Terminate FHA Insurance Policies Could Terminate the FHA Program

If there is anything that galls servicers of government-insured loans, it is the forfeiture or curtailment of all accrued interest from mortgage insurance claims resulting from the failure to foreclose fast enough within...more

“Deed in Lieu”: Deed That Is Not Really In Lieu Of Foreclosure Will Likely Not Be Treated As a Deed

In re Primes, 518 B.R. 466 (Bankr. N.D. Ill. 2014) – A mortgagee moved for relief from the automatic stay, arguing that it acquired title to property prior to the bankruptcy under a quit claim deed given to it by the...more

Real Property, Financial Services & Title Insurance Update: Week Ending March 20, 2015

REAL PROPERTY UPDATE - Probate/Quit Claim Deeds: trial court correctly ordered personal representative to issue deeds conveying properties to son and mother, subject to life estate held by son – Ciungu v. Bulea, Case...more

A Welcome Change of Law in NC: A Workable Framework for Transferring Declarant Rights in a Foreclosure or Deed in Lieu

Good news! The murkiness surrounding declarant rights in North Carolina became a little clearer this summer. On July 7, 2014, Governor McCrory signed an amendment to the Planned Community Act addressing the transfer of...more

Merger Doctrine Does Not Prevent Deed of Trust Beneficiary From Extinguishing Junior Lien through Foreclosure, California Court...

The California Court of Appeal recently held that a foreclosure by the beneficiary under a first deed of trust extinguished a junior lien, even though the beneficiary acquired the property by way of a deed in lieu of...more

An Overview of Trustee's Sales in the Commonwealth of Virginia

Lenders most often choose to proceed with the trustee's sale pursuant to the deed of trust because a trustee's sale is faster and cheaper than proceeding with a judicial sale, and it has advantages over accepting a deed in...more

Banks Not Required to Capitalize OREO Costs

The Office of the Chief Counsel of the Internal Revenue Service has issued a Legal Memorandum (Number AM2013-001, dated March 1, 2013) (the “Memorandum”), which has important implications and represents a victory for lenders...more

Federal Help to Get Residential Real Estate Market Back on Track: 2 New Programs to Resolve Mortgage Issues Debut for Freddie Mac,...

The federal government, through the Federal Housing Finance Agency which oversees Freddie Mac and Fannie Mae, continues to find ways to resolve the Housing Crisis and news this week is that two new, big programs that are...more

I Owe More Than My House is Worth and I am Waiting on the Bank to Threaten Foreclosure - What Can a Homeowner Do?

The United States is going through one of the worst recessions since the Great Depression. Bankruptcy filings have increased, unemployment is high and home values have decreased exponentially since 2007 highs. Many home...more

Should a Lender Obtain an Owner’s Title Insurance Policy after Foreclosure?

In a time when foreclosures are all too common, many secured lenders end up taking title to the real properties securing their loans. One of the questions, then, is should a lender obtain an owner’s title insurance policy or...more

Top 7 Tips To Avoid Foreclosure

7 steps distressed homeowners can take to avoid the foreclosure of their home. Options include: 1. Loan modification 2. Refinancing 3. Litigation 4. Chapter 13 bankruptcy 5. Chapter 7 bankruptcy 6. Short sale,...more

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