News & Analysis as of September 18, 2024

Mortgages

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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

New York Enacts Retroactive Foreclosure Legislation

Mayer Brown on 1/6/2023

While many around the world are setting their calendars forward for the year 2023, residential mortgage loan owners and servicers may need to also look backward in time now that New York Governor Kathy Hochul signed the...more

New York’s COVID-19 Emergency Eviction And Foreclosure Prevention Act Of 2020 Offers Broad Benefits For Borrowers And Tenants

McCarter & English, LLP on 1/12/2021

On December 28, 2020, New York Governor Andrew M. Cuomo signed into law the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”), an act designed to prevent—until May 1, 2021—both evictions of...more

COVID-19: Massachusetts Legislature Stays Evictions and Foreclosures

Pierce Atwood LLP on 4/22/2020

On April 20, 2020, Massachusetts Governor Charlie Baker signed House Bill 4647 (the Act), which prohibits certain evictions and foreclosures due to the economic effects of the COVID-19 pandemic. ...more

California Further Expands Protections to Servicemembers, Restricts Credit Reporting About Active Duty Status, Requires Written...

Ballard Spahr LLP on 10/5/2018

On September 19, 2018, California enacted AB-3212. The Bill amends the California Military and Veterans Code to expand the protections offered to qualifying servicemembers under state law and to impose new criminal penalties...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

Department of Defense Issues Additional MLA Rule Interpretive Guidance; SCRA Foreclosure Protections Extended

Ballard Spahr LLP on 12/19/2017

Last week the Department of Defense (DoD) issued an interpretive rule under the DoD’s Military Lending Act final rule (MLA Rule). The interpretive rule amends four of the “Q&A” format interpretations that DoD issued on August...more

Nevada Enacts Multiple Laws Affecting Consumer Finance

Ballard Spahr LLP on 7/18/2017

Nevada is rolling out a slate of legislation affecting consumer finance, including a measure to protect consumers’ privacy online and programs aimed at mitigating their risk of foreclosure. Here is a list of measures recently...more

New Nevada Laws Governing Commercial Foreclosure and Receivership

Ballard Spahr LLP on 6/20/2017

With the financial crisis still in mind and the potential “wall of maturities” perpetually on the horizon, the Nevada Legislature has enacted two bills addressing commercial real property foreclosure and commercial real...more

West Coast Real Estate Update: October 2016 #1

Holland & Knight LLP on 10/10/2016

California Coastal Act Blocks Housing Project in Venice Despite Earlier Approvals - Judge James C. Chalfant of the California Court of Appeal on Sept. 29, 2016, affirmed a lower court ruling denying a developer’s petition...more

SCRA Will Continue to Receive Regulatory Scrutiny

Bradley Arant Boult Cummings LLP on 4/20/2016

On March 22, 2016, the U.S. House of Representatives passed the Foreclosure Relief and Extension for Servicemembers Act of 2015. This bill was signed into law by President Obama on March 31, 2016. This follows the...more

“An Act Clearing Titles to Foreclosed Properties” in Massachusetts … Maybe

K&L Gates LLP on 12/14/2015

On November 25, 2015, Governor Charlie Baker did what his predecessor, Deval Patrick, did not do -- he signed “An Act Clearing Titles to Foreclosed Properties” (the “Act”), which is designed to clear legal title for...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

Court Rulings as Drivers of Mortgage Foreclosure Legislation

Winthrop & Weinstine, P.A. on 8/28/2013

My crystal ball tells me to anticipate the passage of new mortgage foreclosure legislation during the 2014 session of the Minnesota State Legislature. And if I am right, what will be unique about this is that, unlike the...more

Recent, Significant Changes in Florida's Law of Foreclosure

Baker Donelson on 7/19/2013

On June 7, 2013, Florida Governor Rick Scott signed into law House Bill 87, now known as Chapter 2013-137, which provides for substantial changes in mortgage foreclosures filed in Florida....more

Governor Scott Signs Expedited Foreclosure Bills

Burr & Forman on 6/27/2013

Legislative Response to the Mortgage Foreclosure Crisis - The mortgage foreclosure crisis has exacted a toll on Florida’s economy and judiciary. In the span of four years, foreclosure filings in Florida increased almost...more

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