News & Analysis as of

Foreclosure › Acceleration

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 -
Hinshaw & Culbertson - Consumer Crossroads

The Texas Supreme Court Has Spoken: Mortgage Servicers May Rewind and Restart the Statute of Limitations Clock Within the Same...

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Last week, the Texas Supreme Court answered the Fifth Circuit’s certified question as to whether simultaneous rescission and reacceleration can reset the limitations period under Texas Law by holding that “a rescission that...more

Akerman LLP

Akerman Team Supports Shellpoint Successfully Reversing Texas Trial Court Opinions Voiding Liens Based on Statute of Limitations

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Akerman recently obtained judgments from Texas’s 9th and 14th courts of appeals on behalf of Shellpoint Mortgage Servicing reversing Harris and Jefferson county district court judgments invalidating its liens based on the...more

Harris Beach PLLC

New York State Court of Appeals Provides Guidance on Acceleration in Foreclosure Cases

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The New York State Court of Appeals recently provided much needed guidance to mortgagees on the issue of acceleration and determining the commencement date for the statute of limitation after acceleration in the decision...more

Hinshaw & Culbertson - Consumer Crossroads

Landmark New York Court of Appeals Decision Clarifying Calculation of Statute Of Limitations in Mortgage Foreclosure Actions

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The New York Court of Appeals reversed four Appellate Division decisions and decided in favor of the mortgagees in a consolidated decision issued on February 18, 2021, ruling, inter alia, that...more

Locke Lord LLP

The Massachusetts Supreme Judicial Court Ends Confusion on Right to Reinstate Prior to Foreclosure

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On November 25, 2020, the Supreme Judicial Court of Massachusetts (“SJC”) issued a decision in Thompson v. JPMorgan Chase Bank, N.A., SJC-12798, ___ Mass ___ (2020), holding that state law overrides the requirement in the...more

Balch & Bingham LLP

Alabama Appellate Court Voids Foreclosures For Using The Word “May”

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This past June, in Barnes v. U.S. National Bank, No. 2180699, the Alabama Court of Civil Appeals held that a mortgagee’s notice of acceleration failed to strictly comply with the notice provisions contained in Paragraph 22...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending December 6, 2019

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Real Property Update - Due Process: Trial court violated developer’s due process rights by considering and ruling upon developer’s motion to quash service of process, which was not set for hearing, despite developer’s...more

BCLP

RESPA is a Shield, Not a Sword

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In a case of first impression, the Fifth Circuit held that a defendant is not required to plead as an affirmative defense under the Real Estate Settlement Procedures Act that it had complied with Section 1024.41 of the Code...more

Blank Rome LLP

NY’s Fourth Department Holds That Notice of Default Did Not Provide Clear and Unequivocal Notice to Accelerate the Debt

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In Ditech Financial LLC v. Corbett, 2018 WL 6006682, at *1, —N.Y.S.3d —- (2d Dept. Nov. 16, 2018), the Appellate Division, Fourth Department, held that a notice of default sent to the borrowers-defendants, which discussed a...more

Blank Rome LLP

NY Appellate Court Holds Default Letter Stating Debt “Will Be Accelerated” Does Not Accelerate the Debt, De-Acceleration Must Be...

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Mortgagees and their servicers should take note that a New York appellate court has confirmed that a default letter, stating the mortgage debt “will be accelerated” if the default is not cured, does not clearly and...more

Blank Rome LLP

Does the Word 'Will' Clearly Accelerate a NY Mortgage Debt?

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Mortgage servicers and other financial institutions have been battling the issue of what affirmative act “clearly and unequivocally” accelerates a mortgage debt for years. Currently, there is a split in authority between the...more

Snell & Wilmer

Not so Fast! How Does Revoking Acceleration of a Note Impact the Statute of Limitations?

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Lenders routinely accelerate notes after a default occurs, calling the entire loan due immediately. Less regularly, a lender may change its mind and unilaterally revoke the acceleration. Rarely, however, does a lender fail to...more

Hogan Lovells

New York decision on use of "De-Acceleration" letters to combat statute of limitations to foreclose

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On 23 May 2018, New York’s Appellate Division, Second Judicial Department (an intermediate appellate court covering a vast swath of “downstate” New York) decided Soroush v. Citimortgage, Inc.  – a closely watched case that...more

Bradley Arant Boult Cummings LLP

Recent Cases Highlight Latest Potential Foreclosure Evidentiary Pitfall

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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

Carlton Fields

Real Property & Title Insurance Update: Week Ending March 31 & April 7, 2017

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REAL PROPERTY UPDATE - Foreclosure/Deficiency Judgment: where a foreclosing bank acquires in rem jurisdiction via service by publication in underlying foreclosure action, bank may still seek personal service over an...more

Locke Lord LLP

Federal Court Finds Foreclosing Mortgagees Must Strictly Comply with “Paragraph 22” Under Rhode Island Law, Consistent With Recent...

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The United States District Court for the District of Rhode Island recently decided that a mortgagee must strictly comply with paragraph 22 of the mortgage in order to obtain a valid foreclosure in Rhode Island. Martins v....more

Locke Lord LLP

Florida Supreme Court Holds That Limitations Period Does Not Bar Second Foreclosure Within 5 Years of Default Without Regard to...

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The Florida Supreme Court has decided a question of critical importance to the mortgage servicing industry: Whether, following involuntary dismissal of a foreclosure action, the mortgagee must commence a subsequent...more

Williams Mullen

Money, Dirt and Steel: Spring 2016 Newsletter

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A snapshot of noteworthy cases from the Spring terms of the North Carolina appellate courts related to lending practices, property rights and construction in North Carolina - Money - FORECLOSURE: - Lender...more

Foley & Lardner LLP

A Trifecta of Legal Victories for Lenders in Florida

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Deutsche Bank Trust Co. v. Beauvais, Case No.: 3D14-575 (Fla 3rd DCA April 13, 2016) - Based on Beauvais, lenders should take a look at their loan documents, paying particular attention to any non-waiver and...more

Ballard Spahr LLP

First Circuit Holds Failure to File a Claim in Probate Proceedings Would Not Bar Foreclosure

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The failure of a mortgagee to file a claim in the probate of an estate does not bar the mortgagee from later pursuing a foreclosure, the U. S. Court of Appeals for the First Circuit recently held. The plaintiff inherited a...more

Bradley Arant Boult Cummings LLP

Fifth Circuit Court of Appeals Clarifies Abandonment of Loan Acceleration

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The Fifth Circuit Court of Appeals recently clarified how mortgage lenders and servicers can abandon a loan acceleration under Texas law. Although Texas generally requires foreclosure actions to be brought no more than four...more

Baker Donelson

Avoiding a Limitations Fight by Rescinding Acceleration

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Texas recently added a new statute aimed at providing lienholders and loan servicers an unambiguous method for unilaterally abandoning the acceleration of a loan's maturity. When a borrower defaults in paying an...more

Locke Lord LLP

Newly-Enacted Texas Law Confirms Mechanism for Lenders to Unilaterally Rescind Acceleration

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On June 17, 2015, Governor Greg Abbott signed House Bill 2067, which amends the Texas Civil Practice and Remedies Code to provide a clear mechanism for lenders to unilaterally rescind acceleration of a defaulted loan. ...more

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