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.
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On March 6, Fannie Mae issued Servicing Guide Announcement SVC-2013-04, which requires servicers to cancel hazard insurance coverage (for both borrower and lender-placed policies) within 14 calendar days after a property...more
On February 8, Illinois Governor Pat Quinn signed SB 16, a bill introduced in January 2011, which creates a fast-track foreclosure process for certain abandoned and vacant properties. ...more
Think your house has been foreclosed? Think again…
As reported by Michelle Conlin at Reuters, when banks fail to follow through on foreclosure of homes, this has serious, often dramatic ramifications for the homeowner....more
On December 3, New Jersey Governor Chris Christie signed SB 2156, which authorizes lenders to bring summary actions to foreclose mortgages on vacant and abandoned residential properties, and grants state courts the authority...more
In This Issue:
- FEDERAL ISSUES
- STATE ISSUES
- FIRM NEWS
- FIRM PUBLICATIONS
- CONSUMER FINANCE
- PRIVACY/DATA SECURITY
Originally published in Western Real Estate Business, October 2012.
The economic downturn has resulted in a record number of foreclosures in California. Many property owners have simply abandoned these foreclosed...more
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