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Foreclosure › Fair Market Value

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 -
McGlinchey Stafford

Am I Entitled to Indemnification? - McGlinchey Commercial Law Bulletin - September 29, 2023

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Ohio- Conversion- Bradford v. A Star Properties, LLC, 9th Dist. Summit No. 2023-Ohio-3451- In this appeal, the Ninth Appellate District affirmed the trial court’s decision to grant defendants judgment on a claim for...more

Hinshaw & Culbertson - Consumer Crossroads

Sixth Circuit Applies Recent SCOTUS Tax-Taking Decision to Affirm an Owner’s Right to Net Tax Lien Foreclosure Proceeds

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We previously reported on the U.S. Supreme Court’s decision, Tyler v. Hennepin County, where the court concluded that the State of Minnesota violated a property owner’s constitutional rights by keeping the excess sale...more

Bricker Graydon LLP

Take that, federal Sixth Circuit! Ohio Supremes reject “takings” claims against county tax foreclosures

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The see-sawing of emotions among advocates for county land banking activities in Ohio continued this week, with hopes again rising upon a favorable decision by the Supreme Court of Ohio. On April 4, 2023, the Court...more

Fox Rothschild LLP

Real Estate Tax Appeals During The Pandemic – 10 Key Takeaways

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As the COVID-19 pandemic continues to impact the commercial real estate market, property owners will be focusing on ways to reduce operating expenses, including real estate taxes... ...more

Patton Sullivan Brodehl LLP

A Trustee’s Sale Says Nothing About a Property’s “Fair Market Value”

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Under California’s Revenue and Taxation Code, the purchase price of real property usually creates a rebuttable presumption regarding the property’s “fair market value.”  However, for that presumption to apply, the sale must...more

White and Williams LLP

Debt Forbearance/Settlement Agreements: One of the Most Important and Often Overlooked Clauses

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The economic impact of the global COVID-19 pandemic will likely result in a considerable number of borrower defaults, workouts and debt restructurings. An often overlooked but significant consequence of debt modifications or...more

Hinshaw & Culbertson LLP

Massachusetts Mortgage Holders Beware — Foreclosure Winning Bids May Now Need to Consider Development Potential of a Property

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Under Massachusetts law, a foreclosing lender has a duty of good faith and reasonable diligence to obtain the highest possible price for a property at auction. Until recently, it was considered appropriate for the lender to...more

Nutter McClennen & Fish LLP

Legal Advisory: Enforcement Issues in Massachusetts Real Estate Loans

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Two recent Massachusetts Appeals Court decisions offer both clarity and caution to mortgage lenders seeking to enforce their loan documents. These decisions address the importance of properly drafting prepayment provisions in...more

Stoel Rives LLP

Debtor May Be Entitled to Credit for “Reasonable Value” of Property Purchased by Lender at Mortgage Foreclosure Sale

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In Idaho, it has long been understood that a secured creditor that has foreclosed a mortgage may be able to also get a judgment against the debtor for the remainder of the debt, if the proceeds of the foreclosure sale are not...more

Parker Poe Adams & Bernstein LLP

Lenders Welcome Cinco de Mayo Ruling From NC Supreme Court on Deficiency Judgments

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Readers of my case alerts may remember a July 2015 alert about the troubling North Carolina Court of Appeals decision in United Community Bank v. Wolfe, which made it a lot harder for lenders to obtain a post-foreclosure...more

Spilman Thomas & Battle, PLLC

Highmark Properties Revisited: Lender Credit Bids

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The dust has yet to settle on the landmark decision of High Point Bank & Trust Co. v. Highmark Properties, LLC, 776 S.E.2d 838 (N.C. 2015). Before delving into the decision that should serve as a harbinger of imminent and...more

Spilman Thomas & Battle, PLLC

Guarantors Can Use Anti-Deficiency Statute in North Carolina

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The North Carolina Supreme Court recently handed down the final word in a dispute over whether guarantors get the benefit of the state’s anti-deficiency statute after the lender bids on and buys the real property at a...more

Womble Bond Dickinson

High Point Bank v. Highmark and Guarantor Liability in North Carolina

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When a borrower’s default results in a foreclosure sale and purchase of the secured property by the mortgagee lender, can a guarantor’s deficiency liability be reduced by the difference between the property’s fair market...more

Nexsen Pruet, PLLC

Deficiency Judgment Cases In North Carolina Just Got A Lot More Complex: CentsAbility: Creditors' Rights Law Update

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A question that continually arose during the foreclosure deficiency actions that were spurred by the recent “Great Recession,” was whether or not a guarantor on a loan could raise the “defense” offered in N.C. Gen. Stat. §...more

Parker Poe Adams & Bernstein LLP

Tough News for Lenders - Major NC Supreme Court Decision on Collection of Post-Foreclosure Deficiencies

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Fall is football time. And as every football fan knows, not every player on the line of scrimmage is an eligible receiver. Imagine how dramatically it would change the game if the entire offensive line were eligible to catch...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Weeks Ending August 21 & 28 , 2015

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Foreclosure/Statute of Limitations: statute of limitations did not bar foreclosure action even though filed more than five years after breach and acceleration of note upon which previous foreclosure action that had been...more

Ballard Spahr LLP

New York Court of Appeals Provides Guidance on Deficiency Judgments

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The level of proof that a lender must submit to obtain a deficiency judgment following a mortgage foreclosure was recently clarified by the New York Court of Appeals. Under RPAPL § 1371, a lender may seek a deficiency...more

Clark Hill PLC

2015 Update of Arizona's Anti-Deficiency Laws

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Deadline for seeking deficiency. Section 33-814(A) of the Arizona Revised Statutes allows a foreclosing creditor (the "beneficiary"), within 90 days after the date of a trustee's sale, to commence an action to recover a...more

Snell & Wilmer

Update – Prospective Waivers of “Fair Market Value” Hearings are Definitely Void.

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In 2013, we blogged about the Arizona Court of Appeals’ determination that prospective contractual waivers of “fair market value” hearings are unenforceable as a matter of public policy. The link to our prior blog post is...more

Snell & Wilmer

Can an HOA "Super-Priority" Lien Extinguish a Lender's Deed?

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It is hard to imagine that a lender’s first-position deed of trust on a residence worth hundreds of thousands of dollars could be extinguished by a homeowners’ association (HOA) lien for overdue neighborhood assessments,...more

Burr & Forman

Surprising Ruling By Georgia Court Of Appeals May Allow For Pursuit Of Guarantors Without First Confirming Foreclosure Sale In...

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As any lender who’s had a loan secured by real property collateral in Georgia knows, in order to pursue a deficiency balance following a non-judicial foreclosure of its collateral, the foreclosure sale has to be “confirmed”...more

Baker Donelson

Tennessee’s Deficiency Statute and Out-of-State Deficiency Judgments

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We've previously written about Tenn. Code Ann. § 35-5-118, which governs deficiency suits in Tennessee. As explained in that post, a lender is typically entitled to recover its full deficiency unless the foreclosure sales...more

Winstead PC

Court Upheld A Waiver Of Property Code Rights And Affirmed A Deficiency Judgment Based On The Foreclosure Price

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In New Millennium Homes, Inc. v. Texas Community Bank, NA, a debtor appealed a summary judgment granted to a lender based on a deficiency claim. No. 09-12-00073-CV, 2013 Tex. App. LEXIS 1598 (Tex. App.—Beaumont February 21,...more

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