Foreclosure, Lenders | JD Supra Law News

Georgia's Long-Awaited Ruling Finds in Favor of Lenders

by Joseph "Jay" Buller, Jonathan Green, Dylan Howard, Scott Michalove | Baker, Donelson, Bearman, Caldwell &... on 5/22/2013

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

Preparing for the Worst: Texas SNDAs get lenders, landlords and tenants on the same page in the event of foreclosure

by Lorin Combs, Holly Magliolo | Winstead PC on 5/21/2013

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

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

by David Johnson | Winstead PC on 5/14/2013

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

Failure to Comply with Minnesota's Statutory Requirements in Foreclosure by Advertisement Costs Lender

by Winthrop & Weinstine, P.A. on 4/25/2013

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

HUD Updates FHA Flood Zone Guidance, Issues Lender Insurance Program Guidance

by BuckleySandler LLP on 4/23/2013

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

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 19, 2013

by BuckleySandler LLP on 4/22/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - Excerpt from Consumer...more

New California Court of Appeal Decision May Affect Administration of Foreclosure-Avoidance Actions

by Joshua Castillo, Tim Hsu | Allen Matkins Leck Gamble Mallory & Natsis... on 4/17/2013

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

Mortgage Foreclosure Mediation Program Terminated By Florida Supreme Court

by Messer & Caparello, P.A. on 4/4/2013

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

New Foreclosure Rules

by Howard Ankin on 4/2/2013

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

Rogers Towers: HB 87 – Florida’s Foreclosure Bill is Back

by Douglas L. Waldorf, Jr., Sara White | Rogers Towers on 3/22/2013

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

Lenders Must Comply with New Foreclosure Requirements in Illinois Courts

by Christopher W. Carmichael, Francis L. Keldermans | Holland & Knight LLP on 3/8/2013

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

Homeowners May Fight Foreclosures by Alleging That Lenders Acted in Bad Faith Concerning Loan Modification Programs

by Francis X. Riley, III, Michael Rowan | Saul Ewing LLP on 3/7/2013

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

Illinois Supreme Court Issues New Procedural Rules for Foreclosures

by William Dorsey, Timothy Patenode | Katten Muchin Rosenman LLP on 3/1/2013

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

Burr Alert: Salt In A Lender's Wound: What Actions Should A Lender Take Under The Newest Version Of The ‘Protecting Tenants At...

by Meredith Minkus | Burr & Forman on 2/28/2013

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

Nevada Ruling Suggests Lenders Wait Until Foreclosure Before Pursuing Guarantor Claim

by Meagen Leary | Duane Morris LLP on 2/27/2013

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

Oregon Finalizes Foreclosure Avoidance Mediation Program Rules

by BuckleySandler LLP on 2/25/2013

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 Supreme Court Eases Admissibility of Oral Statements in Contract Fraud Disputes

by Melissa Lor | Schnader Harrison Segal & Lewis LLP on 2/22/2013

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

"I Knew You Were Trouble": Recent Trends in Lender Liability Litigation

by Timothy Lupinacci | Baker, Donelson, Bearman, Caldwell &... on 2/15/2013

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

California Supreme Court Broadens Borrower Fraud Defense to Written Loan Agreements

by Peter Isola, Harvey Schochet | Davis Wright Tremaine LLP on 1/21/2013

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

Florida Mortgage Law: Receiverships

by Schecter Law on 1/18/2013

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

U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay

by Linda Ann Bartosch, Patrick D. Dolan, Robert H. Ledig, Ralph R. Mazzeo, Laurie Nelson, Thomas P. Vartanian | Dechert LLP on 1/16/2013

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

Turnabout Is Fair Play: Homeowners Association Forecloses On Bank

by Win Mims | Jeff Field & Associates on 1/4/2013

A recent report entitled, "Florida Homeowners Foreclose On Deadbeat Banks", provides an interesting and unusual commentary on one effect of the on-going "soft" real estate market, especially for an "REO" property which the...more

Burr Alert: Is “Materially Less” The Same As “Grossly Inadequate”?

by Darlene Marsh | Burr & Forman on 12/27/2012

Tennessee was one of many states jumping on the debtor protection bandwagon following disclosures of lender misconduct in the wake of the 2007 real estate market collapse. The legislative solution crafted into Tenn. Code Ann....more

California Foreclosure Update: New registration requirements for foreclosed properties may lead to penalties, fines for lenders

by Greg M. Carpenter, Lyndsey A. Tadlock | Snell & Wilmer L.L.P. on 11/27/2012

Originally published in Western Real Estate Business, October 2012. The economic downturn has resulted in a record number of foreclosures in California. Many property owners have simply abandoned these foreclosed...more

Rogers Towers: A New Case Helps Lenders Avoid Foreclosure Delays Caused by Guarantors

by Rogers Towers on 11/8/2012

In many foreclosure cases, the strategy of the borrower is simply to delay the case. Typically, the borrower hopes that delay will allow time to either work out a settlement with the lender or find a third party buyer for the...more

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