News & Analysis as of September 21, 2024

Foreclosure › Auction

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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 -

Has the Appellate Court of Maryland Disrupted the Tax Sale Market?

Rosenberg Martin Greenberg LLP on 4/2/2024

Real property tax certificate sales provide a way for taxing authorities to collect delinquent taxes without having to foreclose on properties and take ownership. When the purchaser of the tax sale certificate obtains the...more

UCC Foreclosure Commercially Reasonable

Morrison & Foerster LLP on 3/7/2024

In a recent case, U.S. District Judge Edgardo Ramos ruled that a foreclosure sale governed by Article 9 of the New York Uniform Commercial Code (UCC) was “commercially reasonable” when viewed as a whole, denying claims made...more

AB 2170 Changes California Law on Foreclosure Sales

Snell & Wilmer on 7/27/2023

California changed its law at the beginning of the 2023 to require that certain sellers of foreclosed properties containing one to four residential units only accept offers from eligible bidders during the first 30 days after...more

Michigan Court of Appeals Holds That Development Agreement Obligations are Extinguished in Tax Foreclosure

Miller Canfield on 5/6/2021

The Michigan Court of Appeals recently held that assessments on a property under a development agreement between a city and the property's former owner did not survive a tax foreclosure and therefore were not liens against...more

SB 1079: Changes to Nonjudicial Foreclosure Process Aim to Benefit Tenants, Primary Residence Occupants and Community Groups;...

Sheppard Mullin Richter & Hampton LLP on 11/10/2020

After the recent passage of Senate Bill 1079 (“SB 1079”), significant changes to the nonjudicial foreclosure process will go into effect on January 1, 2021 for real properties containing 1 to 4 single-family residences....more

A Mortgage Foreclosure Primer

Fox Rothschild LLP on 11/10/2020

We have recently had inquiries about foreclosures. Given the current economic climate, this is probably going to become more common. The good news is that home prices are up, particularly in the Philadelphia suburbs. But for...more

New York Court Temporarily Enjoins UCC Foreclosure Sale

White and Williams LLP on 8/17/2020

New York courts have become a battleground for challenges to foreclosure sales under the Uniform Commercial Code (UCC) amidst the COVID-19 pandemic. Another trial court of the New York State Supreme Court (New York County)...more

Counties May Not Retain Excess Tax Foreclosure Proceeds, Michigan Supreme Court Holds

Miller Canfield on 7/28/2020

On July 17, 2020, the Michigan Supreme Court in Rafaeli, LLC v Oakland County held that the retention of excess tax foreclosure proceeds by county treasurers from tax auctions constitutes "an unconstitutional taking without...more

Third Circuit Clarifies the Inner Workings of Foreclosure on Repo Collateral

Dechert LLP on 1/7/2020

In the fifth opinion involving the repo liquidation saga of HomeBanc, the Third Circuit addressed several crucial issues involving the liquidation and valuation of repo collateral in bankruptcy. In re HomeBanc Mortg....more

Florida Supreme Court Clears Up Timeframe to Claim Surplus Funds from Foreclosure

Balch & Bingham LLP on 10/1/2018

Earlier this month, Florida’s Supreme Court clarified that the 60-day period to claim surplus funds from judicial foreclosure sales begins from the county clerk’s issuance of the certificate of disbursements, not from when...more

DOJ Nabs Two More in Real Estate Bid Rigging Conspiracy

McDermott Will & Emery on 1/12/2016

Two real estate investors pleaded guilty to participating in a conspiracy to rig bids and commit mail fraud at public real estate foreclosure auctions in Georgia. The guilty pleas, entered on Monday, January 4, are the 11th...more

DOJ Criminal Cartel Enforcement: Six-Month Summary

Patterson Belknap Webb & Tyler LLP on 11/14/2014

This is the first in what we expect to be a series of updates on DOJ criminal actions in the cartel area. Here, we look at highlights over the last six months in the DOJ’s investigations of the auto parts industry, LIBOR, and...more

Auction Rigger Enters Guilty Plea

McDermott Will & Emery on 11/11/2013

A thirty-seventh individual pleaded guilty to participating in a conspiracy to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California. The guilty plea, entered on Monday, November 4,...more

Delaware Court Provides Critical Guidance as to the Commercial Reasonableness of a UCC Article 9 Foreclosure Sale

Sheppard Mullin Richter & Hampton LLP on 6/10/2013

Secured lenders often resort to non-judicial foreclosure sales of personal property upon a borrower’s default. Article 9, Part 6 of the Uniform Commercial Code requires that every aspect of such a sale must be commercially...more

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Foreclosure › Auction

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