News & Analysis as of September 23, 2024

Mortgage Lenders

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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 -

New York Courts Split on the Constitutionality of the Foreclosure Abuse Prevention Act

Goodwin on 7/7/2023

In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively....more

NY restricts lenders’ ability to reset statute of limitations on foreclosures

Orrick, Herrington & Sutcliffe LLP on 1/13/2023

In December, the New York governor signed A 7737-B, the “Foreclosure Abuse Prevention Act,” which amends the rights of parties in foreclosure actions....more

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

BCLP on 6/18/2018

New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment (see link at the bottom of this post), statutory pre-foreclosure ninety day notices (RPAPL 1304) and a...more

Liberalization of Louisiana Foreclosure Law: Cat on a Hot Tin Roof

Baker Donelson on 7/20/2015

Legislation liberalizing Louisiana foreclosure law was signed by Louisiana’s governor on June 5. House Bill 697 becomes effective on August 1, 2015. One particular area where lenders strive to use technology involves...more

Newly-Enacted Texas Law Confirms Mechanism for Lenders to Unilaterally Rescind Acceleration

Locke Lord LLP on 6/24/2015

On June 17, 2015, Governor Greg Abbott signed House Bill 2067, which amends the Texas Civil Practice and Remedies Code to provide a clear mechanism for lenders to unilaterally rescind acceleration of a defaulted loan. ...more

Nevada Senate Passes Bill Affecting Super-Priority Liens in Foreclosure

Ballard Spahr LLP on 6/16/2015

The Nevada Legislature recently passed a bill intended, in part, to address issues resulting from the Nevada Supreme Court’s decision that a homeowners association lien is a true super-priority lien that, if foreclosed,...more

Congress votes unanimously to extend SCRA one-year foreclosure protection period

Ballard Spahr LLP on 12/18/2014

Congress has unanimously approved legislation to extend until January 2016 a provision of the Servicemembers Civil Relief Act (SCRA) that prohibits foreclosing on a servicemember’s house for one year following the...more

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