News & Analysis as of

Washington Court of Appeals Confirms Lenders’ Right to Obtain Deficiency Judgments Against Guarantors Following Nonjudicial...

The Deed of Trust Act generally bars a lender from seeking a deficiency judgment against a borrower following nonjudicial foreclosure of a deed of trust securing the borrower's loan. The Act contains some exceptions in the...more

Recent Deed of Trust Act Cases Pose New Challenges

In 2013, Washington courts issued several decisions impacting the way banks, loan servicing companies, foreclosure trustees and other industry participants must approach claims arising out of nonjudicial foreclosure...more

Why Take a Deed in Lieu of Foreclosure? Why Not?

So you're headed for receivership and foreclosure, when the borrower rep or your counsel asks, "What about a deed in lieu?" "I don't know," you think. "Getting a receiver appointed and foreclosing is what I'm most familiar...more

Arizona Court of Appeals Holds That Certain Residential Developers Are Not Protected By The Anti-Deficiency Statute After...

Nearly three years ago, in M&I Marshall & Isley Bank v. Mueller, the Arizona Court of Appeals held that the Arizona anti-deficiency statute protects a borrower who started, but never completed, construction of a single-family...more

Bank Obtains Dismissal Of Surviving Heir’s Reverse Mortgage Class Action

On January 3, the U.S. District Court for the Northern District of California dismissed with prejudice a putative class action alleging a bank breached its Home Equity Conversion Mortgage Deed of Trust and HUD regulations by...more

A Non-Purchase Money Second Deed of Trust is Not Protected by Arizona’s Anti-deficiency Statute

Arizona anti-deficiency laws do not prohibit a non-purchase money lender from suing on its note after foreclosure by a senior lender. In Wells Fargo Bank, N.A. v. Brewer, No. 1CA-CV 12-0383 (Ariz. Ct. App. May 21, 2013...more

Changes to the Recordation Tax in Maryland for Refinancing Commercial Mortgage Loans: Recordation Tax Imposed Only on New Money

Maryland Governor Martin O’Malley signed into law an act providing relief to commercial borrowers that wish to refinance or modify loans originally secured by indemnity deeds of trust. This new law, effective July 1, 2013,...more

Important Changes to Nevada's Non-Judicial Foreclosure Process

Lenders who secure loans with real property and their foreclosing trustees should be aware of important changes to the Nevada Revised Statutes regarding non-judicial foreclosures that went into effect on June 1, 2013....more

Oregon Supreme Court Rulings Allow Nonjudicial Foreclosures To Proceed

On June 6, the Oregon Supreme Court issued a pair of rulings resolving issues around the role of MERS in the non-judicial foreclosure process and allowing such foreclosures to move forward....more

Tax Lien Purchasers Must Give MERS Notice, Says Arizona Appeals Court

Recognizing MERS’s role in modern day mortgage lending, the Arizona Court of Appeals confirmed in Delo v. GMAC Mortgage, LLC that tax lien purchasers must notify MERS when identified in the Deed of Trust before foreclosing on...more

Maryland Removes Potential Barrier To Refinance Transactions

On May 2, Maryland enacted SB 199, which authorizes a mortgagor to refinance the full balance of a loan secured by a first mortgage or deed of trust without the permission of the holder of a junior lien if (i) the principal...more

Servicemembers Civil Relief Act: Provisions Affecting Banking Institutions

According to December 2012 data from the federal Bureau of Labor Statistics, the unemployment rate for Gulf War Era veterans, hovering around eight percent, remains higher than the national rate. Over the last decade, more...more

Tennessee Court of Appeals Confirms Foreclosures Cannot Be the Basis for a TCPA Claim

On September 25, 2012, the Middle Section of the Tennessee Court of Appeals issued an opinion confirming that foreclosure proceedings cannot serve as the basis for a Tennessee Consumer Protection Act (TCPA) claim. ...more

Good News for Lenders! Minor Errors in Deeds of Trust Less Costly As Result of New Bankruptcy Court Opinion

Worried that a minor typo will invalidate your deed of trust? After several years of rulings causing lenders in North Carolina to be understandably nervous, the United States Bankruptcy Court for the Eastern District of North...more

Neither Failure to Name Trustee In Deed of Trust Nor Absence of The Original Note Will Invalidate A Nonjudicial Foreclosure Sale –...

In this recent Court of Appeal opinion, an issue of first impression in California was addressed: That is, can a borrower seek to set aside a nonjudicial foreclosure under a deed of trust which initially failed to identify a...more

Navigating Non-Judicial Foreclosures -- After Bain v. Metropolitan Mortgage Group, Inc., et al.

Originally published in Washington Bankers' Issues & Answers - November/December 2012. In August, the Washington State Supreme Court weighed in on the role of Mortgage Electronic Registration Systems, Inc. (“MERS”) in...more

Notice of "Material Violations" under California's Homeowners Bill of Rights pursuant to Civil Code Sections, 2923.55, 2924.12, &...

Notice of "Material Violations" under California's Newly Enacted Homeowners Bill of Rights pursuant to California Civil Code sections, 2923.55, 2924.12, and 2924.17. Reference is made to Wells Fargo’s (“Defendant”)...more

CALIFORNIA HOMEOWNERS BILL OF RIGHTS: CALIFORNIA SENATE BILL No. 278

CALIFORNIA ASSEMBLY BILL No. 278 CHAPTER 86 An act to amend and add Sections 2923.5 and 2923.6 of, to amend and repeal Section 2924 of, to add Sections 2920.5, 2923.4, 2923.7, 2924.17, and 2924.20 to, to add and repeal...more

Maryland taxes on refinancings to increase – the end of (new) "IDOTS"

On May 22, 2012, Maryland's Governor O'Malley signed legislation mandating that indemnity mortgages and indemnity deeds of trust will be subject to recordation taxes. Property owners now have just over a month to refinance...more

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