News & Analysis as of

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 -

Section 1111(b) Election Not Available When Collateral Is Sold Post Petition

by Dechert LLP on

The facts in Salamon are straightforward. Salamon (“Buyer”) purchased real property from Behrend (“Seller”) that was already subject to two liens (the “Preexisting Debt”). Instead of paying cash at closing, the Buyer executed...more

Cities Can Sue Banks for Predatory Lending, U.S. Supreme Court Says

by Best Best & Krieger LLP on

While the nationwide economy has steadily improved since the recession, many cities are still clawing their way back to financial stability. California, in particular, was hit hard by the foreclosure crisis, leaving cities in...more

Attention Mortgage Loan Servicers: Highest Court in Massachusetts Attempts to Clarify When Default Notices Must Strictly Comply...

by Hinshaw & Culbertson LLP on

The Massachusetts Supreme Judicial Court (SJC) provided further guidance - up to a point - on mortgagees’ strict compliance with the notice of default provisions within paragraph 22 of the standard mortgage (or the...more

Lender's Edge Newsletter

by Polsinelli on

Deeds in Escrow - Deeds in escrow, or “pocket deeds,” have increased in popularity in recent years. But are they the right option in connection with a workout of your distressed loan? Please see full Publication...more

Real Property & Title Insurance Update: Week Ending May 12, 2017

by Carlton Fields on

REAL PROPERTY UPDATE: Foreclosure/Conditions Precedent: plaintiff not required to given notice under section 559.715 as condition precedent to foreclosure, and plaintiff’s default notice to borrowers pursuant to...more

Recent Cases Highlight Latest Potential Foreclosure Evidentiary Pitfall

Over the last few years, financial institutions have been forced to modify their policies and procedures to ensure that they are able to demonstrate compliance with notice provisions contained in residential mortgages prior...more

U.S. Supreme Court Sides with Cities, Allowing Lawsuits Against Banks for Fair Housing Act Violations - Bank of America v. City of...

by Best Best & Krieger LLP on

The U.S. Supreme Court has given the City of Miami the go-ahead to sue banks under the Fair Housing Act for alleged racially discriminatory lending practices that resulted in increased foreclosures and fiscal harm to the...more

North Carolina Supreme Court Adopts "Substantial Competent Evidence" Requirement for Borrowers Asserting "True Value" Defense in...

by Ward and Smith, P.A. on

On Friday, May 5, 2017, in a major victory for lenders, the North Carolina Supreme Court reversed the North Carolina Court of Appeals’s decision in United Community Bank v. Wolfe. In July 2015, the Court of Appeals decided in...more

Georgia Supreme Court Weighs in On Guarantor Liability for Deficiencies

by Bryan Cave on

On April 17, 2017, the Supreme Court of Georgia made yet another critical decision in a line of cases which together, create the framework for a guarantor’s liability for a deficiency after a foreclosure has been conducted....more

Lenders Welcome Cinco de Mayo Ruling From NC Supreme Court on Deficiency Judgments

Readers of my case alerts may remember a July 2015 alert about the troubling North Carolina Court of Appeals decision in United Community Bank v. Wolfe, which made it a lot harder for lenders to obtain a post-foreclosure...more

Real Property & Title Insurance Update: Week Ending April 28 & May 5, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure: final summary judgment in borrower’s favor inappropriate where borrower merely asserted that lender mistakenly filed copy of original note with court, instead of original, and where...more

Supreme Court Rules that Cities Can Sue Banks for Predatory/Discriminatory Lending

by Ballard Spahr LLP on

The U.S. Supreme Court has ruled, by a 5-3 majority, that the city of Miami was authorized to bring lawsuits based on allegations that banks engaged in financial-crisis-era discriminatory lending. The city alleged that the...more

Shrewsbury v. Bank of N.Y. Mellon: Altering the Landscape of Foreclosure Actions in Delaware or Much Ado About Nothing?

by McCarter & English, LLP on

J.M. Shrewsbury v. Bank of N.Y. Mellon, 2017 WL 1374746 (Del. Apr. 17, 2017) – The Supreme Court of Delaware, sitting en banc, issued a decision of interest to lenders seeking to foreclose on real property in the state of...more

Conflicts of Laws, Deficiency Actions, and Statutes of Limitations – Oh My!

by Snell & Wilmer on

What law governs a deficiency action if the choice-of-law provisions in the note and deed of trust conflict? The Arizona Court of Appeals answered that very question in ZB, N.A. v. Hoeller, No. 1 CA-CV 16-0071 (Ct. App. April...more

Supreme Court Decides Bank of America Corp. v. Miami

by Faegre Baker Daniels on

On May 1, 2017, the Supreme Court of the United States decided Bank of America Corp. v. City of Miami, No. 15-1111, holding (1) that a city qualifies as an “aggrieved person” able to bring suit under the Fair Housing Act, but...more

Landlords Beware: Subordination Agreements

by Snell & Wilmer on

In the recent Arizona Court of Appeals case Earle Investments, LLC v. Southern Desert Medical Center Partners, 762 Ariz. Adv. Rep. 12 (2017), the Court of Appeals addressed the question of the scope of a subordination...more

Banking & Financial Services E-Note - April 2017

by Burr & Forman on

In an article published in the Winter/Spring 2017 issue of Thomson Reuter’s Real Estate Finance Journal, Samantha Alves Orender provides guidance on how debtors who misuse collateral may be at risk of losing the benefit of...more

Discharge In Bankruptcy Without Reaffirmation Is Not A Shield And A Sword

by SmithAmundsen LLC on

Many borrowers use bankruptcy as a shield against a lender’s foreclosure action. Some also try to use bankruptcy as a sword to bring up defenses that stem from the mortgage contract to defeat a foreclosure. A recent second...more

Appellate Court Notes

by Pullman & Comley, LLC on

Appellate Court Advance Release Opinions: AC39614 - In re Harmony Q. - AC37573 - Rosa v. Commissioner of Correction - AC37913 - State v. Berthiaume - AC37913 Concurrence - State v. Berthiaume...more

Real Property & Title Insurance Update: Week Ending April 14 & 21, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Attorneys’ Fees: mortgage foreclosure plaintiffs seeking attorney’s fees must support their claim with competent, substantial evidence of the number of hours worked and evidence that...more

Enforcement of Vacant and Abandoned Property Ordinances on Rise

by Barley Snyder on

Banks and other mortgage servicers are receiving notices from companies like ProChamps, which have been retained to assist municipalities with enforcement of vacant property ordinances. These enforcement actions could...more

Appellate Court Notes

by Pullman & Comley, LLC on

Supreme Court Advance Release Opinions: SC19661 - ARS Investors II 2012-1 HVB, LLC v. Crystal, LLC - Owner recorded an unapproved subdivision map of its commercial property into three lots and then granted a...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Times gives us an intriguing long read on Uber’s Travis Kalanick, the controversial CEO whose vision has helped propel the ride-hailing company even as his no-limits approach has led the company into months of crisis....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The City of Cincinnati is suing Harbour Portfolio Advisors—“one of the nation’s largest sellers of foreclosed homes”—for skipping out on housing code violations and for targeting buyers with “predatory and unconscionable”...more

Bankruptcy Court Imposes Massively Disproportionate $45 Million Punitive Exaction, Then Plays Santa Claus With $40 Million Of It

A bankruptcy judge in the Eastern District of California recently issued a decision that is sure to raise appellate eyebrows. Concluding in In re Sundquist that the defendant bank had violated the automatic stay by...more

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