Deed of Trust

News & Analysis as of

What’s In A Title?

While it is true that you most often cannot tell much about a book by its title, the same does not hold true when it comes to real estate, as how title is held to real estate, does tell you a lot. The question faced by a...more

A New Year and a New Arizona Anti-Deficiency Statute

In 2014, the Arizona Legislature enacted significant changes to the anti-deficiency statutes, which protect certain residential borrowers from a deficiency judgment following foreclosure. These statutory changes, which apply...more

California Foreclosure Law: California Supreme Court Grants Review Of The Keshtgar Decision

As reported in our blog article below, in June the Second District Court of Appeal held that California’s non-judicial foreclosure statutes do not grant a defaulting borrower the right to enjoin a foreclosure sale by alleging...more

Washington Supreme Court Affirms Washington Federal v. Gentry and Confirms Lenders’ Right to Obtain Deficiency Judgments Against...

The Washington Supreme Court issued an opinion today affirming the right of a lender to obtain a deficiency judgment against a commercial guarantor following a nonjudicial foreclosure. Divisions One and Two of the Washington...more

Real Estate Tip: Foreclosure Confusion

The financial crisis has taught us a great deal about the mortgage transfer business, secondary markets and loan securitization. In the Spring 2014 issue of the Real Property, Trust & Estate Law Journal, Prof. Dale A. Whitman...more

The Second District Court of Appeals Holds That Due To Inconsistencies Between The Provisions Of A Promissory Note And A Deed Of...

Facts - U.S. Bank's predecessor bank extended a $62,000,000 loan (Loan) to three legal entities (Borrowers). The Loan was secured by a deed of trust on real property. Mr. and Mrs. Yashouafar (Yashouafars) guaranteed...more

A Cautionary Tale for General Contractors

Construction lenders often go to great lengths to ensure their deeds of trust have priority over mechanic’s liens. Typically, as part of the construction loan process, general contractors are asked to sign documents...more

“First” Deeds of Trust now Second in Line?

Never a dull moment. We at Crunched Credit are probably guilty of excess and perhaps myopic focus on our federal government and its regulatory apparatus; it is such a consistently reliable source of commentary and outrage. ...more

Construction Law Alert: Appellate Court Rules General Contractors Can Contractually Subordinate Mechanics Lien Rights

In Moorefield Construction, Inc. v. Intervest-Mortgage Investment Co., 230 Cal. App. 4th 146 (4th Dist. 2014), a California appellate court upheld an agreement executed by a general contractor which subordinated its...more

Blog: HOA Liens Reign Supreme Under Nevada’s Interpretation of the Uniform Common Interest Ownership Act

Nevada is one of many states that adopted some iteration of the Uniform Common Interest Ownership Act, an act designed in part to aid homeowners’ associations (“HOAs”) in recovering delinquent fees from their members. As...more

Contractors: Beware the Subordination Clause

Did you know that California is the only state in the country in which mechanics liens are a constitutional right? Tis true. Article XIV of the California Constitution states: Mechanics, persons furnishing...more

New California Case Illustrates Peril of Full Credit Bid

In a new California case, a lender that made a full credit bid at a foreclosure sale lost its right as mortgagee under a lender’s insurance policy for damage to the property that occurred prior to foreclosure. This was so...more

Lenders Beware: the Nevada Supreme Court Holds That Foreclosures of Homeowners’ Association Liens May Extinguish First Priority...

Nevada has adopted the Uniform Common Interest Ownership Act of 1982 (the “Act”) which governs homeowners’ associations (“HOA”). One particular provision of that Act, enacted by Nevada in 1991 and later amended, and codified...more

Real Property, Financial Services & Title Insurance Update: September 2014 #1

REAL PROPERTY UPDATE - - Foreclosure/Standing: to establish a prima facie case for mortgage foreclosure, successor mortgagor must introduce evidence it was in possession of original note with blank endorsement at time...more

Improperly Indexed Mortgage: How Far Does Your Record Review Need to Go to Be Safe?

Albert v. Green Tree Servicing, LLC (In re El Erian), 512 B.R. 391 (Bankr. D. D.C. 2014) – A chapter 7 trustee sought to avoid the lien of a recorded deed of trust because (1) it contained both correct and incorrect...more

Arizona Supreme Court to Contractor: Sorry But Equitable Subrogation of a Bank’s Later Deed of Trust Trumps Earlier Mechanics’...

The smoke has finally cleared in a hard and long-fought battle between a bank and contractor both claiming priority to foreclose millions of dollars on a Phoenix condominium project. The project, well-known as Summit at...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

Preserving The Right To Foreclose After Accepting A Deed In Lieu

When a lender seeks to foreclose under a deed of trust, often a borrower who does not have the resources or incentive to resist the foreclosure will offer the lender a deed in lieu of foreclosure. This can be an attractive...more

Appellate Court Notes

AC35632- U.S. Bank, N.A. v. Foote - Second time is the charm. Defendant succeeded in getting plaintiff’s foreclosure action dismissed for lack of standing due to the inability of the witnesses to establish that the...more

Court Of Appeal Affirms Dismissal Of Action Against Numerous Financial Institutions Alleging Mortgage And Deed Of Trust On...

Pro Se Plaintiff Yvanova sued a number of financial institutions after her residence was nonjudicially foreclosed alleging one cause of action to quiet title to her residence in herself. Among other things, Plaintiff alleged...more

Virginia Supreme Court Allows Damages Claim for Violation of HUD Regulation Requiring Face-to-Face Meeting before Seeking...

The Virginia Supreme Court recently expanded the grounds under which a private borrower can sue a lender for violations of HUD regulations. In Squire v. Virginia Housing Development Authority, a decision issued on April 17,...more

Can an HOA "Super-Priority" Lien Extinguish a Lender's Deed?

It is hard to imagine that a lender’s first-position deed of trust on a residence worth hundreds of thousands of dollars could be extinguished by a homeowners’ association (HOA) lien for overdue neighborhood assessments,...more

Court Of Appeal Finds Lender Is Not Entitled To Recover Portion Of Developer's Future Judgment In Connection With Property Damage...

In Thoryk v. San Diego Gas & Electric Co. (2014) 225 Cal.App.4th 386, Thoryk owned a large piece of land ("Land") in San Diego County. Encumbering the Land was a first deed of trust in favor of PFI Realty ("PFI") and a...more

Supreme Court Seeks Federal Government Opinion on National Bank Act Preemption of State Foreclosure Law

Considering a petition for certiorari filed by Federal National Mortgage Association in a case concerning which state’s law governs a national bank’s authority to serve as trustee under a deed of trust—the state in which the...more

Lenders and Servicers: Be Aware of How Trustees Handle Excess Proceeds from HOA Foreclosure Sales in Nevada

Lenders and servicers have been addressing the issue of some Nevada courts ruling that a foreclosure sale by a homeowners association (HOA) "wipes out" a senior deed of trust. Since the date of our last legal alert on this...more

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