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.
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Special servicers and lenders who have loans secured by real property in Nevada should be aware of a case that is on appeal in that state. Briefing is about to begin on what could be an important win, or loss, for the lending...more
On June 6, the Oregon Supreme Court issued a pair of rulings resolving issues around the role of MERS in the non-judicial foreclosure process and allowing such foreclosures to move forward....more
If you are looking for a temporary reprieve from your loan obligations, you are probably falling behind on your payments — either because you were prequalified for a loan that is out of your reach or because you have recently...more
Today, the Georgia Supreme Court, in You v. JP Morgan Chase Bank, N.A. et al., S13Q0040, held that the assignee of a security deed can conduct a non-judicial foreclosure sale without holding or owning the underlying...more
Subordination, Non-Disturbance and Attornment agreements (SNDAs) allow lenders, landlords and tenants to collectively plan for the worst case scenario — foreclosure. In the event of foreclosure and in the absence of an SNDA,...more
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
Lenders foreclosing by advertisement in Minnesota must comply with many technical requirements. One requirement is "that the mortgage has been recorded and, if it has been assigned, that all assignments thereof have been...more
On April 11, HUD issued Mortgagee Letter 2013-11, which amends prior guidance related to the origination and servicing of FHA-insured loans in declared disaster areas. The letter stresses that prior guidance requiring a...more
In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - Excerpt from Consumer...more
California's Legislature responded to the residential foreclosure crisis by, among other things, enacting new statutes aimed at clarifying the rights of borrowers facing foreclosure and imposing new restrictions on...more
Florida has the highest foreclosure rate in the country, with some sources showing a 3.11% foreclosure rate in 2012 – more than double the national average. At the end of 2009, with nearly 500,000 pending foreclosures and a...more
The new mandatory regulations regarding foreclosures, recently developed by the Illinois Supreme Court, went into effect on Match 1st. The rules came about due to the deceptive practices that judges observed as well as the...more
On February 7, the House Civil Justice Subcommittee voted to pass Florida’s newest bill designed to improve the efficiency of mortgage foreclosures: House Bill 87. While it is still early in the legislative process, this is a...more
Mortgage lenders in Illinois are required to use the judicial process to obtain collateral and enter deficiency judgments against borrowers. In February 2013, Illinois crafted two new rules adding additional requirements to...more
In two recent decisions, the Superior Court of New Jersey, Chancery Division, Bergen County, held that homeowners may defend against foreclosure actions by asserting that lenders acted in bad faith with respect to post-notice...more
On February 22, 2013, the Illinois Supreme Court adopted a set of new procedural rules that will impact both residential and commercial foreclosures in Illinois. The new rules are scheduled to go into effect as early as March...more
In the context of residential foreclosures, one of the biggest issues facing foreclosing lenders is handling non-borrower tenants and occupants of the subject property. Tenant and occupant issues have, until recently, been...more
In a recent case, the Supreme Court of Nevada agreed that a lender needed to wait until the completion of a foreclosure sale before making a deficiency claim against a guarantor. In Ken L. Templeton Family Trust, et al. v....more
On February 1, the Oregon Department of Justice published final rules to implement the foreclosure avoidance mediation program established by legislation enacted in April 2012, which requires beneficiaries to (i) enter into...more
California, like most jurisdictions, prohibits parties to integrated contracts from introducing “parol evidence” — this is, evidence of prior written or verbal agreements made by a party to a contract — if those alleged...more
Lender liability claims generally arise in one of following contexts: (i) claims seeking recovery of damage or "leverage" to accept discounted payoffs; (ii) counterclaims to foreclosure/receivership/guarantor actions; or...more
The California Supreme Court handed down a unanimous decision earlier this week, broadening the scope of the “fraud exception” to the parol evidence rule, to allow a plaintiff challenging the terms of a written agreement to...more
When a lender seeks to foreclose a property, it may be advantageous to have a receiver appointed by the court. A receiver’s responsibilities are to take custody of, manage, and preserve property. In deciding whether or not to...more
Congress in the Dodd-Frank Act responded to concerns about the quality of mortgage loans by establishing incentives for lenders to seek to ensure that borrowers had the ability to repay mortgage loans made to them. In...more
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