News & Analysis as of

Foreclosure Abandoned Property

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 -

Fast-Track Foreclosure Process Coming to Maryland, is Pennsylvania Next?

by Barley Snyder on

Pennsylvania now has two neighbors that have passed fast-track foreclosure bills and the Keystone State is considering adding its own as a method to avoid a backlog of blighted properties. Maryland recently joined Ohio in...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

Ohio Legislature Concludes 131st General Assembly in Marathon Session Lasting Until 3:30 AM Last Friday

by Roetzel & Andress on

After a whirlwind final week of the lame duck session, where the Legislature passed various, often times emotion-evoking measures (including gun rights, abortion, unemployment compensation fund changes, municipal minimum wage...more

The Eleventh Circuit has spoken: “Debtors who surrender property must get out of the creditor’s way”

In recent years, there has been a hotbed of litigation across the nation, particularly in Florida state and bankruptcy courts, regarding a debtor’s ability to contest a secured creditor’s foreclosure notwithstanding the...more

What Do I Do With This Stuff? Dealing With Abandoned Property After Foreclosure

by Snell & Wilmer on

You’ve successfully foreclosed on a commercial building in California, and, thankfully, the borrower moved out after foreclosure or after a period of tenancy. But the borrower left behind all sorts of property – furniture,...more

NY Strengthens Law Concerning Zombie Properties as Well as Good Faith Negotiations

by Hinshaw & Culbertson LLP on

New York Senate Bill S8159 - On June 23, 2016, the New York State Legislature passed a bill imposing new requirements upon mortgage servicers seeking to foreclose on defaulted home loans. The bill — S8159, dubbed the...more

New York Imposes Duty on Mortgage Lenders to Maintain “Zombie Properties” and Increases Lenders’ Exposure for Premises Liability...

by Wilson Elser on

On June 23, 2016, New York State enacted legislation imposing a duty on banks and mortgage companies to maintain one- to four-family residential properties abandoned by their owners before they have foreclosed on the...more

FDIC Clarifies Supervisory Expectations for Abandoned Foreclosures

by Locke Lord LLP on

On March 2, 2016, the FDIC issued clarification of their supervisory expectations of financial institutions’ risk management policies concerning the discontinuation of foreclosure proceedings, commonly referred to as...more

West Coast Real Estate Update: March 2016 #2

by Holland & Knight LLP on

FDIC Clarifies "Abandoned Foreclosures" Guidelines - The Federal Deposit Insurance Corporation (FDIC) clarified on March 2, 2016, its existing guidelines with respect to the decision by any FDIC-supervised institution to...more

Wisconsin Foreclosure Sale Process Just Got a Lot Faster

Recently, in Bank of New York Mellon v. Carson, the Wisconsin Supreme Court issued a decision that, in the words of Justice David Prosser, Jr., “radically revises the law on mortgage foreclosures” and could significantly...more

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

by Foley & Lardner LLP on

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

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

by Foley & Lardner LLP on

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

Land Banking Comes to Birmingham

On Tuesday, May 6, 2014, the City of Birmingham joined a number of other municipalities in a vote to authorize a Land Bank Authority. The Birmingham City Council passed the resolution to establish a land bank in hopes of...more

“Predatory Lending” Claims by Cities and Counties Against Financial Institutions Escalate in 2014

by King & Spalding on

Cities and counties that have experienced increased foreclosure and vacancy rates in the aftermath of the housing market crash of 2007-2008, perhaps emboldened by recent court decisions, have recently filed several new...more

New York Attorney General Seeks To Hold Banks Responsible for Abandoned Properties

by Ballard Spahr LLP on

New York Attorney General Eric Schneiderman has announced his intention to introduce legislation to compel banks and mortgagees to maintain vacant properties that are abandoned because of delays in the foreclosure process....more

Zombie Title

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

California Foreclosure Update: New registration requirements for foreclosed properties may lead to penalties, fines for lenders

by Snell & Wilmer on

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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