News & Analysis as of September 21, 2024

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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 -

Partial Subordination: A Circuitous Route to a Fair Result

Williams Mullen on 2/4/2020

In Futuri Real Estate, Inc. v. Atlantic Trustee Servs., LLC, borrowers Milton and Armida Cortez (the “Borrowers”) obtained three loans secured by separate deeds of trust on their residence: (A) a $415,000 deed of trust in...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

Developers Must Explicitly Reserve Construction Right in Phased Condominium Project

Conn Kavanaugh on 6/14/2019

As any seasoned developer knows, condominium development projects involve a delicate interplay between the developer, unit owners, the condo association, and the lenders that fund construction and acquisition costs. Last...more

Landlords Beware: Subordination Agreements

Snell & Wilmer on 4/28/2017

In the recent Arizona Court of Appeals case Earle Investments, LLC v. Southern Desert Medical Center Partners, 762 Ariz. Adv. Rep. 12 (2017), the Court of Appeals addressed the question of the scope of a subordination...more

Secured Lenders – Stay on Top of the Law or Proceed at Your Own Risk

Poyner Spruill LLP on 10/6/2015

For years, the typical post-default strategy of secured lenders has been to foreclose the collateral through the power-of-sale contained in the deed of trust, credit the foreclosure proceeds to the outstanding loan balance,...more

Beware of Deed of Trust Securing Multiple Loans: Priorities May Not Be as They Appear!

Miller Starr Regalia on 4/11/2013

In R.E. Loans LLC v. Investors Warranty of America, Inc. (2013) 212 Cal.App.4th 1432, the court of appeal decided that a subordination agreement was enforceable even though the new deed of trust (“subordinating loan”) to...more

Servicemembers Civil Relief Act: Provisions Affecting Banking Institutions

Spilman Thomas & Battle, PLLC on 3/25/2013

According to December 2012 data from the federal Bureau of Labor Statistics, the unemployment rate for Gulf War Era veterans, hovering around eight percent, remains higher than the national rate. Over the last decade, more...more

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