Foreclosure

Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of... more +
Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -
News & Analysis as of

“Operation Mis-Modification” Targets Foreclosure Relief Companies

The CFPB continues to ramp up its enforcement actions and its collaboration with state AG offices as part of the new “Operation Mis-Modification.” The CFPB, the FTC and fifteen states announced a series of lawsuits...more

Standing To Foreclose– Revisited

There have been several articles posted on this blog on the subject of standing – the legal right to enforce a promissory note and/or mortgage. This continues to be a popular issue for defense counsel to raise and, as a...more

Freddie Mac Updates Alternative To Foreclosure Requirements, Other Servicing Policies

On July 15, Freddie Mac issued Bulletin 2014-14, which announced a new automated settlement process for mortgage modification settlements. Effective December 1, 2014, servicers must submit the required settlement data for a...more

HUD Updates Requirements For Pre-Foreclosure Sales And Deeds-In-Lieu Of Foreclosure

On July 10, HUD issued Mortgagee Letter 2014-15, which updates requirements for pre-foreclosure sales (PFS) and deeds-in-lieu (DIL) of foreclosure for all mortgagees servicing FHA single-family mortgages....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

Statute of Limitations Issues in Foreclosure Actions

An important issue that arises for lenders when pursuing foreclosure actions is determining when the statute of limitations begins to run. Florida Statutes provide that a party has five years to foreclose a mortgage, but...more

Real Property, Financial Services & Title Insurance Update

Easements: trial court erred in denying statutory easement or “way of necessity” where owners established all elements pursuant to section 704.01(2), Fla. Stat. – Messer v. Sanders, No. 1D13-3084 (Fla. 1st DCA July 9, 2014)...more

California Foreclosure Law: A Defaulting Borrower Cannot Enjoin A Foreclosure Sale By Asserting That The Lender Lacks Standing

Under California’s non-judicial foreclosure statutes, a defaulting borrower cannot enjoin a lender’s initiation of foreclosure proceedings by asserting that the lender lacks standing. (Keshtgar v. U.S. Bank, N.A. (2014) 192...more

S.D.N.Y. U.S. Attorney Obtains FHA, GSE False Claims Settlement

On July 1, the U.S. Attorney for the Southern District of New York announced that a large bank agreed to pay $10 million to resolve allegations that prior to 2011 it violated the False Claims Act and FIRREA by failing to...more

Florida Federal District Court Dismisses Miami’s Fair Housing Act Cases

On July 10, the U.S. District Court for the Southern District of Florida dismissed with prejudice the Fair Housing Act claims in three suits filed by the City of Miami against mortgage lenders. City of Miami v. Bank of Am.,...more

Walking Dead? Beware the Zombie Foreclosure

The so-called "zombie foreclosure" is a new, big CFPB issue. A zombie foreclosure is a foreclosure that is started, then the borrowers either move out of the property before receiving or just after receiving notice....more

Georgia Court of Appeals Expands Lenders' Ability to Pursue Guarantor Deficiency Judgment Suits Beyond Foreclosure Confirmations

The Court of Appeals of Georgia further clarified Georgia's treatment of deficiency judgment suits against guarantors in instances where lenders cannot obtain foreclosure confirmations of secured property. Community &...more

Big Win for our Florida team in U.S. Bank N.A. v. Bartram

In U.S. Bank N.A. v. Bartram, ____ So.3d ____, 2014 WL 1632138 (Fla. 5th DCA April 25, 2014), the Fifth District Court of Appeals for the State of Florida reversed a decision from the Circuit Court of St. Johns County...more

Main Street Cashes $3.1 Billion in Checks from Wall Street

With the mortgage crisis almost a decade in the rear-view mirror, some harmed homeowners are just now starting to see reparations for the transgressions of the country’s largest financial institutions. ...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

Under Well Established California Law, Judgment In Favor Of Borrower In A Lawsuit Brought To Foreclose A Mechanic's Lien After...

The issue before the Second District Court of Appeal ("Appellate Court") in this published opinion was whether a senior trust deed holder loses its priority lien position after accepting a deed in lieu of foreclosure from its...more

The Doctrine of Equitable Assignment is Alive and Well in Wisconsin

That was the holding of the Wisconsin Supreme Court in an opinion issued on Thursday in Dow Family, LLC v. PHH Mortgage Corporation, 2014 WI 56. The facts of the case are similar to thousands of foreclosure cases prosecuted...more

Six Months in Review: Florida Case Law

Florida has witnessed developments in three areas of mortgage foreclosure litigation already this year. The opinions offered by various courts of appeal have come at a time when litigants crave guidance more than ever, but...more

Orrick's Financial Industry Week in Review

New York's Highest Court Will Review First Department Decision on RMBS Putback Statute of Limitations - On June 27, the Court of Appeals for the State of New York agreed to review the First Department's December 2013...more

Who is Reading Your Mail? The Florida Condominium Termination Trap

Crowded dockets, understaffed courts, increased foreclosure times, mandatory mediation, trial mortgage modifications, last-minute bankruptcy petitions and litigation tactics, which in far too many instances fell somewhere...more

Error to Dismiss Case for Lack of Prosecution When Party Awaits Action on Notice of Trial

In this mortgage foreclosure case, the trial court dismissed the case because appellant failed to schedule the matter for non-jury trial, despite the fact that appellant had filed a notice of trial. ...more

The Full Credit Bid at a Foreclosure Sale: Don’t Make One Without the Advice of Knowledgeable Counsel

While the Great Recession appears to be slowly receding, rising oil costs and other price increases threaten to choke off what had appeared to be an economic recovery. Accordingly, foreclosures may become more frequent in the...more

Appellate Court Notes

SC19047 - Commissioner of Public Safety v. Freedom of Information Commission - 1994 legislation that expanded the disclosure requirements of law enforcement agencies beyond just the name, rank & serial number of the...more

Real Property, Financial Services, & Title Insurance Update

Foreclosure: reservation of jurisdiction in final judgment to determine amount of attorneys’ fees renders that portion of judgment non-final and non-appealable – BAC Home Loans Servicing LP v. Ridgway, No. 1D13-3853 (Fla. 1st...more

New Jersey Bill Requires Creditors to Maintain Vacant Property During Pending Foreclosures

Effective July 14, 2014, New Jersey municipalities will be authorized to penalize creditors who do not address code violations or abate nuisances on vacant or abandoned residential property subject to a pending foreclosure...more

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