News & Analysis as of

Foreclosure › Mortgages › Default

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 -
Holland & Knight LLP

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

Holland & Knight LLP on

The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

Morrison & Foerster LLP

Deed in Escrow

Morrison & Foerster LLP on

Is a “deed in escrow,” sometimes referred to as a “deed in a box,” enforceable in New York? While many real estate attorneys believe that it is not, a recent court ruling illustrates that the answer may not be as...more

McGlinchey Stafford

Alabama Supreme Court Decision: Former Mortgagees are Necessary and Indispensable Parties in Ejectment Action with Wrongful...

McGlinchey Stafford on

In April 2024, the Alabama Supreme Court issued an opinion in Alavest, LLC v. Harris that significantly expands the application of Rule 19 of the Alabama Rules of Civil Procedure to post-foreclosure proceedings when it held...more

Morrison & Foerster LLP

UCC Foreclosure Commercially Reasonable

Morrison & Foerster LLP on

In a recent case, U.S. District Judge Edgardo Ramos ruled that a foreclosure sale governed by Article 9 of the New York Uniform Commercial Code (UCC) was “commercially reasonable” when viewed as a whole, denying claims made...more

Cadwalader, Wickersham & Taft LLP

There’s No Going Back: The Finality of Mortgage Foreclosures

Cadwalader, Wickersham & Taft LLP on

In New York, it is settled precedent that a judgment of foreclosure and sale is final as to all questions at issue between the parties. Thus, once a final judgment is entered, both parties have no recourse or ability to raise...more

Stark & Stark

Commercial Foreclosures in Pennsylvania: How Deal Formation Impacts Litigation

Stark & Stark on

The fact that commercial transactions can very easily become complex is not a novel statement. When financial institutions lend money to commercial entities, the basic documentation required to evidence the loan, promise to...more

Freiberger Haber LLP

Pleading Reasonable Reliance Is “Always Nettlesome”

Freiberger Haber LLP on

By: Jeffrey M. Haber In TD Bank, N.A. v. Keenan, 2023 N.Y. Slip Op. 06158 (2d Dept. Nov. 29, 2023) (here), the Appellate Division, Second Department examined the often “nettlesome” question of whether a plaintiff claiming...more

Fox Rothschild LLP

A “Note” About Your Mortgage. There is a Difference.

Fox Rothschild LLP on

Most of us wander through life unconcerned about the vagaries of house finance laws until we decide we want a house. Candidly, because of how house purchases come about, most of us don’t know much about mortgage financing...more

Kohrman Jackson & Krantz LLP

Rising Vacancy Rates in Downtown Office Buildings May Cause Wave of Commercial Foreclosures

Kohrman Jackson & Krantz LLP on

The COVID-19 pandemic has brought about significant changes in work dynamics, leading to a rise in vacant office buildings across the United States. Remote work arrangements and the adoption of flexible work models have...more

McCarter & English, LLP

New Law Will Soon Improve Commercial Receivership Rules, Appointment Process in Connecticut

McCarter & English, LLP on

Lenders, investors, and mortgage servicers will have a more favorable and standardized framework for protecting their interests in distressed debt when applying for appointments of commercial receivers beginning July 1, 2023,...more

Miller Starr Regalia

A New Class Of Redemptioners: The Enhanced Position Of Tenants, Prospective Owner Occupants, And Nonprofit Or Governmental...

Miller Starr Regalia on

The borrower has no post-sale redemption right in California’s nonjudicial foreclosure process. This redemption bar has long been justified as a trade-off for the lender’s post-sale deficiency bar under Civ. Proc. Code, §...more

Cadwalader, Wickersham & Taft LLP

Further Developments in Mezzanine Foreclosures

Cadwalader, Wickersham & Taft LLP on

The New York State Supreme Court, New York County Commercial Division (the “Court”) decided in U.S. Bank, N.A. v. 342 Property LLC, on February 14, 2022, that a mezzanine lender that is not a party to loan documents that...more

Farrell Fritz, P.C.

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

Farrell Fritz, P.C. on

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

Cadwalader, Wickersham & Taft LLP

The ESG Factor, January 2022 - One of These Things Is Not Like the Other: New York State Court Upholds Commercial Reasonableness...

Cadwalader, Wickersham & Taft LLP on

On November 10, 2021, the owner of the State Street Financial Center in Boston, Massachusetts defaulted on its debt, consisting of a mortgage loan in the amount of $535,000,000 and three mezzanine loans in the aggregate...more

Rivkin Radler LLP

The Title Reporter — Summer 2021

Rivkin Radler LLP on

Here is what we cover in this issue of The Title Reporter: A Legal Update for the Title Insurance Industry: •An appellate court in New York has ruled that a title insurance policy excluded coverage for a “Declaration and...more

Locke Lord LLP

The Massachusetts Supreme Judicial Court Ends Confusion on Right to Reinstate Prior to Foreclosure

Locke Lord LLP on

On November 25, 2020, the Supreme Judicial Court of Massachusetts (“SJC”) issued a decision in Thompson v. JPMorgan Chase Bank, N.A., SJC-12798, ___ Mass ___ (2020), holding that state law overrides the requirement in the...more

Goodwin

Issues To Consider On The Path Forward For The Hospitality Industry

Goodwin on

It is hard to pick any event or series of events that has adversely impacted the hospitality industry as hard as the COVID-19 pandemic. While the summer witnessed increased RevPAR in the U.S. as compared to the depths of...more

Rosenberg Martin Greenberg LLP

Pennsylvania Supreme Court Clarifies Applicability of Act 6 To Residential Mortgage Foreclosures (Sort Of)

Rosenberg Martin Greenberg LLP on

When the loan documents provide for confession of judgment and the collateral encumbered by the mortgage securing the loan is commercial real property, the foreclosure process in Pennsylvania is straightforward.  The lender...more

Hinshaw & Culbertson - Consumer Crossroads

Rhode Island Supreme Court Demands Strict Compliance with Fannie Mae/Freddie Mac "Paragraph 22" in Foreclosures

Hinshaw & Culbertson - Consumer Crossroads on

In a case of first impression, the Rhode Island Supreme Court concluded in Woel v. Christiana Trust that mortgage default notices sent to borrowers must strictly comply with the notice requirements included in a mortgage. The...more

Locke Lord LLP

Rhode Island Supreme Court Requires Strict Compliance with Notice of Default Requirements in Mortgage, Following Federal Courts

Locke Lord LLP on

On June 2, 2020, the Rhode Island Supreme Court issued its long-awaited decision regarding the requirements of declaring a default and acceleration under the requirements of paragraph 22 of the standard mortgage form. See...more

Moritt Hock & Hamroff LLP

UCC Sales Held Not Subject To Cuomo Executive Order Barring Mortgage Foreclosures

Moritt Hock & Hamroff LLP on

A recent New York State Supreme Court judge has answered the question of whether Governor Andrew Cuomo’s Executive Order 202.8 precluding mortgage foreclosures for ninety (90) days, applies to Uniform Commercial Code (“UCC”)...more

Bilzin Sumberg

Legal Magic: Turning Real Property Foreclosures Into Uniform Commercial Code Sales

Bilzin Sumberg on

Remedies for defaults under loans secured by real property varies on a state-by­-state basis. In the eastern part of the country, enforcement is mostly by mortgage foreclosure. In the western states, there are enforcement...more

Patton Sullivan Brodehl LLP

Can a Loan Modification Waive the Borrower’s Right of Reinstatement?

Patton Sullivan Brodehl LLP on

Loans secured by a deed of trust typically provide that upon default (commonly, missed interest payments) the lender may elect to “accelerate” the loan, making the entire balance of principal and interest due....more

Carlton Fields

COVID-19: What Can a Lender Do to Prepare for the Inevitable Defaults?

Carlton Fields on

The spread of COVID-19 across the globe has created immediate and dynamic concerns for the financial sector, which are beginning to trigger financial repercussions unlike anything since the Great Recession began in 2007/2008....more

Williams Mullen

Partial Subordination: A Circuitous Route to a Fair Result

Williams Mullen on

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

62 Results
 / 
View per page
Page: of 3
Next »

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide