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 -
News & Analysis as of

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

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

South Carolina Allows Expedited Foreclosures For Abandoned Properties

On June 2, South Carolina established a new expedited procedure for mortgage foreclosures on abandoned properties. Governor Nikki Haley signed SB 1007, which allows a mortgagee or its successor to petition a court for an...more

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

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 Jersey Allows Localities To Levy Fines For Failure To Maintain Vacant Properties

On May 15, New Jersey Governor Chris Christie signed AB 347, which authorizes municipalities to impose penalties on a creditor that fails to timely remedy violations related to the maintenance of vacant residential property...more

Maine Allows Expedited Foreclosure Of Abandoned Properties

On April 5, Maine Governor Paul LePage signed into law LD 1389, which expedites foreclosures on properties determined by a court to be abandoned by shortening the redemption period from 90 to 45 days....more

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

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

Freddie Mac Updates Foreclosure, Abandoned Property Requirements

On October 18, Freddie Mac issued Bulletin 2013-22, which updates servicing requirements related to foreclosures and management of abandoned properties. The Bulletin states that servicers may, without obtaining prior written...more

Practical Considerations for Dealing with OREO Properties: Part II - Post-Sale Considerations

In the Summer issue of the West Virginia Banker Magazine, we discussed certain factors that banks should consider before taking ownership of real estate collateral at a foreclosure sale. Once taken into a lender’s inventory,...more

Fannie Announces Hazard Insurance Change For Vacant Properties

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

Illinois Enacts Fast-Track Foreclosure Legislation

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

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

State Law Update: New Jersey Creates Summary Foreclosure Process For Vacant And Abandoned Properties

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

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - December 14, 2012

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE - PRIVACY/DATA SECURITY - CRIMINAL...more

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

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

15 Results
|
View per page
Page: of 1