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

Real Property, Financial Services & Title Insurance Update: Week Ending February 27, 2015

Foreclosure/Statute of Limitations: filing date of amended complaint for purposes of statute of limitations relates back to filing date of original complaint – HSBC Bank USA, National Association as Trustee for Nomura Asset...more

When "Shall" Means "Shall": Wisconsin Supreme Court Requires Mortgage Lenders to Sell Abandoned Properties in Foreclosure

Last week the Wisconsin Supreme Court issued its decision in Bank of New York v. Carson, 2015 WI 15. The case is significant for its potential lasting effects on mortgage foreclosures in Wisconsin. The Carson case involves...more

Authenticating Evidence In Support of Summary Judgment

Florida’s Fifth District Court of Appeal recently filed an opinion that emphasizes the importance of properly authenticating evidence in support of a motion for summary judgment. In Colon v. JP Morgan Chase Bank, N.A. et al.,...more

Alterations Don’t Always Render a Deed Void (or How NOT to do Foreclosure Investing)

Most real estate investors assume that when a deed is altered by someone other than the grantor, without the grantor’s knowledge or consent, before it is recorded, then the deed is void and conveys no title, even as to bona...more

Wisconsin Courts Can Force Lenders to Make Prompt Sales of Foreclosed Properties Which Have Been Abandoned by the Borrowers

In a case that “radically revises the law on mortgage foreclosure,” the Wisconsin Supreme Court recently held in Bank of New York Mellon v. Carson, 2015 WI 15, that Wisconsin circuit courts have the authority to order a sale...more

The Sixth Circuit, Relying upon Michigan’s Nonrecourse Mortgage Loan Act, Rejects the Enforceability of an Insolvency Covenant

Notwithstanding Michigan’s 2012 Nonrecourse Mortgage Loan Act (NMLA), which provides that solvency covenants in nonrecourse loans unenforceable, in Borman, LLC v. 18718 Borman, LLC, a third-party purchaser of a foreclosed...more

CFPB Details Complaints About Reverse Mortgages

On February 9, the CFPB released a report detailing complaints associated with reverse mortgages. According to the report, a high volume of complaints concern requests for changes to loan terms, issues related to loan...more

Condominium Association Assessments in Mortgage Foreclosure Cases

Recently, in Montreaux at Deerwood Lake Condominium Ass’n, Inc. v. Citibank, N.A., _ So. 3d _, 2014 WL 7183213 (Fla. 1st DCA Dec. 18, 2014), Florida’s First District Court of Appeal followed the Third District in Central...more

Equitable Subrogation: Protecting Lien Position in a Foreclosure Action

The doctrine of subrogation enables a party discharging another’s debt to step into the shoes of the creditor who held the discharged debt. Subrogation plays a significant role in the mortgage context, as the concept acts as...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 13, 2015

Foreclosure: trial court violated purchaser’s procedural due process rights in setting aside judicial sale of property without giving notice to purchaser. Further, trial court abused its discretion in setting aside judicial...more

Compliance with California Foreclosure Recording Law: What Level of "Defect" in Foreclosure Recordings "Void" a Foreclosure Sale?

In the wake of the California foreclosure crisis, one of several arguments relied on by borrowers facing foreclosure (and their attorneys) in “wrongful foreclosure” suits has been that some aspect of the statutory foreclosure...more

Illinois Supreme Court Agrees to Decide Whether a Condo Foreclosure Extinguishes Association’s Lien

In the closing days of its January term, the Illinois Supreme Court agreed to decide an issue of considerable potential importance to the real estate bar – when does a foreclosure sale on a condominium unit extinguish the...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 6, 2015

REAL PROPERTY UPDATE - Service of Process: return of service is not required to expressly list the factors defining the “manner of service” contained in Section 48.031(1)(a), Florida Statutes, not included in the...more

Supreme Court of Washington Clarifies Guarantor Liability for Deficiency Judgments

The Supreme Court of Washington has upheld a lender’s right to pursue a deficiency judgment against a guarantor following a nonjudicial foreclosure of collateral under Washington’s Deed of Trust Act (the “Act”). The court’s...more

Foreclosure Sales in Florida’s Federal Courts

Although typically foreclosure actions are brought in state court, lenders may occasionally find themselves pursuing foreclosure in federal court. Although the costs and procedures for conducting the foreclosure sale are...more

Appellate Court Notes

SC19216 - Sikorsky Financial Credit Union, Inc. v. Butts - Finally some clarity in rules pertaining to the award of post-judgment interest. Here the (consumer) loan agreement provided that interest would accrue at 9%...more

Texas Supreme Court opinions (2/15)

In its weekly orders (2/6/15), the Texas Supreme Court issued four new opinions and granted no petitions for review. The new opinions are as follows: No. 12-0136, Wackenhut Corp. v. Gutierrez -- This case...more

Mortgage Foreclosure Ordinances Preempted by Existing State Law

The Massachusetts Supreme Judicial Court (the “SJC”) recently decided that two mortgage foreclosure ordinances adopted by the City of Springfield were preempted by existing state law. In Easthampton Savings Bank v. City of...more

Acceleration and Florida’s Five-Year Statute of Limitations

Florida’s Third District Court of Appeal recently filed an opinion that illuminates when a lender’s acceleration of debt triggers the five-year statute of limitations. In Snow v. Wells Fargo Bank, N.A., 2015 WL 160326 (Fla....more

HUD Issues New Rules about Surviving Spouses Following Death of Reverse Mortgage Borrower

For the past year and a half, mortgagees of FHA-insured Home Equity Conversion Mortgages (“HECMs”), commonly referred to as reverse mortgages, have had to grapple with issues related to the foreclosure of homes occupied by...more

A New Case Interprets First Mortgagee’s Safe Harbor for Past Due Condominium Assessments

Florida Statute § 718.116(1)(b) limits a foreclosing first mortgagee’s liability for past due condominium assessments by providing that liability will be the lesser of twelve months of past due assessments or one percent of...more

Single Asset Real Estate Owners Have Options

The economic struggles of the past several years have put significant pressure on many aspects of the U.S. economy, none more so than the real estate market. For owners of single asset real estate in distress, the question...more

Loan Document Interpretation – Wow! Drafter Beware.

A California Court of Appeals recently opined on what appear to be fairly normal yield maintenance provisions. The Borrower defaulted. The bank accelerated the note and later foreclosed. The note provided that the prepayment...more

Real Property, Financial Services & Title Insurance Update: Week Ending January 30, 2015

REAL PROPERTY UPDATE - Restrictive Covenants: restrictive covenant providing that an ostentatious site feature, which “may be offensive to adjacent neighbors is unacceptable” was improperly interpreted by architectural...more

Indiana Court of Appeals Reverses “E-Mortgage” Decision

The Indiana Court of Appeals reversed and remanded for further proceedings a trial court’s grant of partial summary judgment and held that because the plaintiff did not show that it controlled the electronic mortgage note...more

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