News & Analysis as of September 20, 2024

Mortgages

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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 -

Secured Creditors’ State Court Rights Affected By Proof Of Claim Choices

Fox Rothschild LLP on 4/8/2021

Secured creditors have many choices when it comes to how to file a proof of claim in bankruptcies. Those choices should be weighed carefully, however, because certain choices can have important unexpected consequences that...more

CARES Act Provisions Affecting Bankruptcy And Residential Mortgage Loans

Rosenberg Martin Greenberg LLP on 3/31/2020

The Coronavirus Aid, Relief and Economic Security Act (“CARES”) enacted on March 27, 2020 contains a number of provisions affecting bankruptcy cases, modification and enforcement of federally backed residential mortgage...more

Real Property, Financial Services, & Title Insurance Update: Week Ending February 7, 2020

Carlton Fields on 2/19/2020

Real Property Update - Fraudulent Transfer: Real property that was worth less than mortgage encumbering it was not an asset per the plain language of section 726.102(2) and, therefore, could not support fraudulent transfer...more

Part I: Navigating the Maze of Servicing Discharged Debt

Bradley Arant Boult Cummings LLP on 1/29/2019

Mortgage servicers are plagued by their nebulous relationships with the borrowers who discharge their personal liability in bankruptcy. Issues arise when the borrower whose debt has been discharged continues to engage with...more

Sixth Circuit: FDCPA Requirement to Cease Collection Pending Debt Validation Can Include Third-Party Activities

Ballard Spahr LLP on 1/17/2019

In a matter of first impression, the U.S. Court of Appeals for the Sixth Circuit has ruled that the Fair Debt Collection Practices Act (FDCPA) requirement for a debt collector to "cease collection of the debt" after receipt...more

Florida Passes Bill to Stop Bankruptcy Debtors From “Having Their Cake and Eating It Too”

BakerHostetler on 3/27/2018

On March 20, Florida Governor Rick Scott signed Senate Bill 220 into law. The bill is designed to limit the ability of defendants in foreclosure proceedings to keep contesting the foreclosure after agreeing, in bankruptcy, to...more

Can a Lease Survive Foreclosure?

Locke Lord LLP on 10/4/2017

Two recent federal foreclosure cases applied Texas law and one highlighted a fact situation that may involve a new (2015) statute. In Arbuckle v. Chesapeake, Case No. 3:14-CV-04584-M (N.D. Texas, Dallas Division September...more

Upcoming Amendments to Bankruptcy Rule 3002 to Impact Bankruptcy Filing Practices for Mortgagees

K&L Gates LLP on 8/10/2017

Effective December 1, 2017, certain amendments to the Federal Rules of Bankruptcy Procedure (“the Bankruptcy Rules”) recently adopted by the Supreme Court will impact the allowance of secured claims in bankruptcy. Below, we...more

Client Alert: Federal Appeals Court Rules That Bankrupt Debtors’ Choice to "Surrender" Real Property Waives Their Right to Contest...

Shumaker, Loop & Kendrick, LLP on 10/31/2016

Under Section 521(a)(2)(A) of the federal bankruptcy code, a debtor in a chapter 7 bankruptcy must file a statement within 30 days of the bankruptcy filing notifying the court, creditors and the trustee whether the debtor...more

Surrendering Your Property in Bankruptcy Means You Must Actually Surrender It

Carlton Fields on 10/10/2016

The title of this article seems self-evident. Lenders, servicers, and others active in the foreclosure arena these past few years know that it has been anything but. Borrowers surrender property in bankruptcy but,...more

How Long Is Too Long To Reopen A Bankruptcy Case?

Tucker Arensberg, P.C. on 11/5/2015

In a per curiam opinion that is not precedential but of interest to lenders who take mortgages as security, the Court of Appeals for the Third Circuit decided that the Debtor’s effort to reopen her bankruptcy case was too...more

Another Bankruptcy Court Confirms Plan Reference to “Surrender” Means Not Defending a Lender’s Foreclosure

Burr & Forman on 8/13/2015

Foreclosure defense and bankruptcy often go hand in hand, but sometimes it seems like the left hand doesn’t talk to the right. This has proven especially common with bankruptcy plans that propose to “surrender” real property...more

Florida Court Rules Borrowers Who Surrender Property in Bankruptcy Can't Later Take it Back

Baker Donelson on 7/16/2015

Thanks to several recent United States Bankruptcy Court decisions in Florida, mortgage servicers should now expect borrowers who surrender their real property in bankruptcy to not contest foreclosure later. Since the...more

Recent Unanimous Supreme Court Decision Holds That Underwater Mortgages in a Chapter 7 Cannot be “Stripped off"

Seyfarth Shaw LLP on 6/23/2015

The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more

“Deed in Lieu”: Deed That Is Not Really In Lieu Of Foreclosure Will Likely Not Be Treated As a Deed

Troutman Pepper on 6/3/2015

In re Primes, 518 B.R. 466 (Bankr. N.D. Ill. 2014) – A mortgagee moved for relief from the automatic stay, arguing that it acquired title to property prior to the bankruptcy under a quit claim deed given to it by the...more

Watt Final Order

Stoel Rives LLP on 5/6/2015

AIKEN, Chief Judge: Bank of New York Mellon, as trustee for certificate holders of the CWALT, Inc., alternative loan trust 2006-0A21, mortgage pass-through certificates series 2006-0A21 ("BNYM"), appeals the...more

Cure and Reinstatement of Home Mortgages in Chapter 13: Florida's Bright-Line Rule is Not So Bright

Burr & Forman on 11/20/2014

Section 1322(c)(1) of the Bankruptcy Code allows debtors to cure defaults and reinstate a mortgage on their principal residence "until such residence is sold at a foreclosure sale that is conducted in accordance with...more

Mortgage Enforcement: Dot Those “i”s and Cross Those “t”s – Or Else

Troutman Pepper on 8/20/2014

A chapter 13 debtor objected to the portion of a mortgagee’s claim consisting of expenses related to foreclosure of its mortgage. She argued that since the mortgagee failed to comply with notice requirements under the...more

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