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Foreclosure › Consumer Financial Products

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 -
Alston & Bird

CFPB Releases Long-Awaited Proposal to Amend Regulation X Loss Mitigation Rules

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What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more

Troutman Pepper

VA Announces “Targeted Foreclosure Moratorium” on VA Loans Through December 31, 2024

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On May 29, the Department of Veterans Affairs (VA) announced a targeted foreclosure moratorium on VA-guaranteed loans intended to allow servicers sufficient time to implement the Veterans Affairs Servicing Purchase (VASP)...more

Hudson Cook, LLP

CFPB Settles Decade-Long Case Against Foreclosure Relief Company and Four Attorneys for $12 million

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On February 8, 2024, after nearly a decade of litigation, the CFPB announced a final settlement for a total of $12 million with a Foreclosure Relief Company and four individual attorneys. The settlement resolves litigation...more

Ballard Spahr LLP

VA Urges Servicers to Implement Foreclosure Moratorium on VA Loans

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The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-25 in which VA “is strongly encouraging a foreclosure moratorium on all VA-guaranteed loans through May 31, 2024.” Additionally, VA “urges servicers...more

Alston & Bird

Correspondent Lending on the Rise: Increasing Gains Point to Increasing Risk

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A&B Abstract: According to a recent edition of Inside Mortgage Finance, correspondent lending is the only lending channel that posted gains in Q3 2023. While it is always nice to see gains, it should also serve as a reminder...more

Mandelbaum Barrett PC

Three Major Differences Between Recourse and Non-Recourse Loans

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Borrower / Guarantor Liability Recourse – The borrower (or guarantor) is personally liable for the full amount of the loan, including any debt remaining after the collateral is foreclosed upon and sold. To satisfy the...more

Cadwalader, Wickersham & Taft LLP

Wire You Foreclosing?

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Does a lender have the right to foreclose its mortgage if a payoff of such mortgage is made by wire transfer, but the payment does not make it to the lender’s account? A recent case, heard on appeal by the New York Supreme...more

Goulston & Storrs PC

The Importance of Having All Your Docs in a Row On a Commercial Foreclosure Summary Judgment Motion

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Like many of you, we are seeing a significant increase in commercial real estate (“CRE”) loan workouts. The magnitude of the swell in distressed CRE loans remains unclear, although one thing is certain: appreciating the...more

Freiberger Haber LLP

Proper Evidentiary Support for Compliance with RPAPL 1304 Remains an Issue for Foreclosing Lenders

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Because there have been a number of appellate decisions interpreting RPAPL 1304, this Blog has written frequently on that topic. By way of background, and as previously noted in the Blog, RPAPL 1304 requires that at least...more

Goodwin

New York Courts Split on the Constitutionality of the Foreclosure Abuse Prevention Act

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In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively....more

Alston & Bird

Structured Finance Spectrum – February 2023

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a new year for a new UCC Article 12, a farewell to LIBOR, and an appraisal...more

Orrick, Herrington & Sutcliffe LLP

CFPB says servicers should suggest sales over foreclosures for some borrowers

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On January 20, the CFPB encouraged mortgage servicers to advise homeowners struggling to pay their mortgages that a traditional sale may be better than foreclosure. The Bureau reported that due to the Covid-19 pandemic many...more

Orrick, Herrington & Sutcliffe LLP

NY restricts lenders’ ability to reset statute of limitations on foreclosures

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In December, the New York governor signed A 7737-B, the “Foreclosure Abuse Prevention Act,” which amends the rights of parties in foreclosure actions....more

BCLP

New SDNY Order & Legislative Developments Potentially Impacting New York Foreclosure & Debt Collection Proceedings and Judgments

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The Southern District of New York has granted a preliminary injunction prohibiting state officials from implementing or enforcing retroactive applicability of recently passed legislation (S.B. 5724A, 244thLeg. Sess., c. 831...more

Patton Sullivan Brodehl LLP

Lenders Have No Duty to “Process, Review, and Respond Carefully and Completely” to Loan Modification Applications

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One of the unresolved issues over the past several years in the realm of lender liability law is whether lenders owe tort duties to borrowers in connection with loan modification applications. Until now, case law has been all...more

Farrell Fritz, P.C.

An Interesting Tale of New York’s One-Action Rule

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As mortgage loan transactions continue to become increasingly complex, lenders often worry about the remedies they have if borrowers fail to live up to their obligations. In the event of a default, lenders have the choice...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 3, Issue 2

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Buying Virtual Real Estate in the Metaverse Now has Its Own Mortgage - "A Vancouver firm has provided one of the first lending solutions for the whole new world we need to learn about." Why this is important: A...more

Hudson Cook, LLP

CFPB Bites of the Month - July Top 10

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So what happened at the CFPB in the past month? Bite #10 - The CFPB released its Spring 2021 rulemaking Agenda. The CFPB published its Spring 2021 rulemaking Agenda, which outlines the current plans for the CFPB...more

Burr & Forman

5 Key Provisions in the CFPB’s New COVID-19 Mortgage Servicing Final Rule

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On August 31, 2021, a new final rule amending Regulation X’s mortgage servicing rules for borrowers experiencing hardship due to COVID-19 will take effect. The Bureau of Consumer Financial Protection (“CFPB”) hopes that these...more

Akerman LLP

CFPB Finalizes COVID-19 Amendments Regarding Foreclosure Protections for Borrowers

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On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule to amend the mortgage servicing rules in Regulation X, which implements the Real Estate Settlement Procedures Act, to provide additional...more

Goodwin

CFPB Seeks to Hold Mortgage Servicers Accountable, and Establish New Mechanisms for Protecting Borrowers, Against Forthcoming...

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This month the Consumer Financial Protection Bureau (CFPB) doubled-down on its earlier warning that the end of 2021 could see widespread foreclosures as COVID-19-related protections expire, by issuing guidance to mortgage...more

Goodwin

CFPB Proposes Amendments to Regulation X to Prevent Wave of COVID-19 Foreclosures

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On April 5, 2021, the Consumer Financial Protection Bureau (CFPB) issued a press release and proposed rule requesting public comment on proposed amendments to Regulation X which “would establish a temporary COVID-19 emergency...more

Bricker Graydon LLP

CFPB issues warning to mortgage servicers

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On April 1, 2021, acting Director of the Consumer Financial Protection Bureau (CFPB), David Uejio, fired a shot across the bow of mortgage servicers in the form of a Compliance Bulletin and Policy Guidance (Bulletin)....more

Ballard Spahr LLP

CFPB issues mortgage servicing notice of proposed rulemaking

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On April 5, 2021, the CFPB issued a Notice of Proposed Rulemaking to amend Regulation X in various ways related to the COVID-19 national emergency (the “Proposed Rule”). With the goal of enhancing protections for impacted...more

Goodwin

CFPB Proposes Mortgage Servicing Changes; Supreme Court Weighs in on TCPA

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In This Issue. The Consumer Financial Protection Bureau (CFPB) continued to be active under its new leadership this week, warning mortgage servicers to prepare now for an anticipated surge of homeowners needing assistance...more

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