News & Analysis as of September 21, 2024

Foreclosure › Assignments

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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 -

Federal Real Estate in a Turbulent Market, Part II

Holland & Knight LLP on 8/15/2024

This is the second of a two-part series addressing special considerations for government lessors in the current commercial real estate market. Part I addressed the risks posed by government downsizing and early lease...more

Ninth Circuit Weighs in on “Preemptive” Challenges to Lender’s Authority to Foreclose

Patton Sullivan Brodehl LLP on 7/31/2020

Can a California real property owner challenge a lender’s authority to foreclose before a foreclosure sale has occurred? It’s looking less likely with each new appellate opinion....more

Foreclosure Against a Commercial Landlord: Impact on Lease Rights

Patton Sullivan Brodehl LLP on 10/28/2019

Foreclosure can often have tricky impacts on lease rights... See Eviction After Foreclosure: California Supreme Court Weighs In and When a Lender Forecloses on a Leasehold Interest…. An opinion recently published by...more

FHA Extends Non-Borrowing Spouse Protections

Bradley Arant Boult Cummings LLP on 9/26/2019

The United States Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2019-15, in which it announced several modifications to the Mortgagee Optional Election (MOE) Assignment claim process for Home...more

Trustee Has No Duty to “Verify” Validity of Loan Assignment Before Foreclosure

Patton Sullivan Brodehl LLP on 8/25/2019

A trustee in charge of administering a trust has many duties. A trustee appointed pursuant to a deed of trust, however, is different. The duties of a deed of trust trustee are exceptionally narrow. A recent opinion...more

Real Property, Financial Services, & Title Insurance Update: Week Ending February 22, 2019

Carlton Fields on 3/20/2019

Real Property Update - Foreclosure / Paragraph 22: bank failed to introduce sufficient evidence to prove default letter was sent to borrower pursuant to paragraph 22 of the mortgage where bank's witness never testified that...more

The Difference Between a “Voidable” and “Void” Assignment of a Deed of Trust, and Why It Matters

Patton Sullivan Brodehl LLP on 11/5/2018

For nearly three years, one of the rapidly developing areas of California foreclosure law has focused on whether a borrower has “standing” to challenge a wrongful foreclosure based on defective assignments of the note or deed...more

Important Lessons for Mortgage Lenders in Delaware

Troutman Pepper on 9/20/2017

In a recent opinion, the Supreme Court of Delaware held that a mortgage holder must be entitled to enforce the underlying obligation that secures the mortgage in order to foreclose on the mortgage. As a result of the court’s...more

Need Another Reason To Avoid Mixing Family & Finances?

BCLP on 7/26/2017

You have a big heart and a little bit of money. You want to help out a cash-strapped family member, and – “because you’re family” – you don’t put down how much you’ll loan or how it’ll be paid back. ...more

Sixth Circuit Nixes TILA Rescission Claim

Butler Snow LLP on 8/18/2016

Two homeowners tried to rescind their home mortgage loan when they weren’t notified that the deed of trust had been assigned. Although this argument may have been a creative way to stave off a foreclosure, it was not...more

West Coast Real Estate Update: March 2016 #1

Holland & Knight LLP on 3/2/2016

Supreme Court of California Makes Mortgage Due Diligence More Difficult - The Supreme Court of California ruled that borrowers have standing to challenge a foreclosure on the grounds that an assignment of the mortgage...more

California Supreme Court Finds Borrowers Have Standing To Challenge “Void” Assignment Of Loan After Foreclosure Sale

Locke Lord LLP on 2/22/2016

On February 18, 2016, the California Supreme Court issued its eagerly anticipated decision inYvanova v. New Century Mortgage Corporation, et al., Case No. S218973, finding that a borrower has standing to state a claim for...more

Fifth Circuit Court of Appeals Upholds MERS’ Authority to Assign Mortgages

Bradley Arant Boult Cummings LLP on 10/23/2015

The Fifth Circuit Court of Appeals recently handed Mortgage Electronic Registration Systems, Inc. (MERS) another victory against challenges to MERS’ authority to assign a mortgage. In Ferguson v. Bank of New York Mellon, the...more

Mortgage Assignment Validity

Miles & Stockbridge P.C. on 10/16/2015

In Marcuzzo v. Bank of the West, 862 N.W. 2d 281 (Neb. 2015), the Nebraska Supreme Court upheld a lower court’s ruling that the borrower-plaintiffs in a consumer foreclosure action lacked standing to challenge the validity of...more

Court Decisions Extend Chicago’s Transfer Tax Ordinance to Cover Mortgage Assignment

Seyfarth Shaw LLP on 8/20/2015

Earlier this month, in a case of first impression, the Circuit Court of Cook County, Illinois in the consolidated cases of City of Chicago v. KTCP 225, LLC, Case No. 13 L 050290, and City of Chicago v. Horizon Group XXI, LLC,...more

Breaking News! Fair Debt Collection Practice Issue

Tucker Arensberg, P.C. on 8/7/2015

The U.S. Court of Appeals for the Sixth Circuit has held that a Delaware Limited Liability Company was a “person” as defined by the FDCPA, and reversed the District Court decision which had dismissed an FDCPA claim against a...more

No Notice of Mortgage Assignment in Florida? No Problem

Bradley Arant Boult Cummings LLP on 7/28/2015

Earlier this month, the United States District Court for the Southern District of Florida in Summerlin Asset Mgmt. V Trust v. Jackson decided an issue of first impression regarding whether compliance with Florida Statute...more

Nevada Amends Law Regarding Deficiency Judgment Calculation

Ballard Spahr LLP on 7/22/2015

By amending a statute that limits deficiency judgment amounts in certain cases, Nevada lawmakers have attempted to restore balance as the law applies to commercial properties. The amendments follow a recent wave of litigation...more

New York’s Highest Court Clarifies Judicial Foreclosure Standing Requirements

Goodwin on 6/22/2015

The New York Court of Appeals has clarified the requirements for showing standing to pursue judicial foreclosures in New York state courts after borrowers default on payment obligations, in a ruling that could resolve...more

Borrowers Cannot Challenge Mortgage Assignments, Says Nebraska Joining Other States

Bradley Arant Boult Cummings LLP on 5/8/2015

Attacking sufficiency, accuracy, or validity of assignments of mortgages and deeds of trust has been among the most common strategies employed by borrowers to challenge foreclosures. Allegations regarding the status of MERS,...more

Use of Prior Servicer’s Records at Trial Depends on Proper Foundation

Carlton Fields on 4/7/2015

Mortgage servicing duties are routinely transferred, requiring lenders, servicers and financial institutions to rely on the prior servicer’s business records to prove their cases against borrowers – specifically, to prove the...more

California Foreclosure Law: California Supreme Court Grants Review Of The Keshtgar Decision

Miller Starr Regalia on 1/9/2015

As reported in our blog article below, in June the Second District Court of Appeal held that California’s non-judicial foreclosure statutes do not grant a defaulting borrower the right to enjoin a foreclosure sale by alleging...more

UDAAP Council Weekly UDAAP Standards Report - 12/10/2014

Foley & Lardner LLP on 12/12/2014

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the...more

Alabama Federal Court Ruling May Enable Borrowers with Tenants To Challenge Foreclosures

Ballard Spahr LLP on 1/20/2014

A recent decision from the U.S. District Court for the Northern District of Alabama may provide borrowers who rent portions of their property to tenants with an avenue for challenging a foreclosure. The court's analysis...more

Extraordinary Florida Foreclosure Remedies

Baker Donelson on 9/26/2013

When servicers or lenders think of having to foreclose on commercial property in the State of Florida, what immediately comes to mind is a lengthy judicial foreclosure process, and difficulty in enforcing rights provided in...more

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Foreclosure › Assignments

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