News & Analysis as of September 21, 2024

Foreclosure › Proposed Amendments

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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 -

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

Holland & Knight LLP on 7/25/2024

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

The New York Foreclosure Abuse Prevention Act (FAPA): Potential Impact on Real Estate Finance

Dechert LLP on 3/14/2023

On December 30, 2022, Governor Hochul signed the New York Foreclosure Abuse Prevention Act (“FAPA”) into law, with immediate effect. FAPA not only applies to mortgage foreclosures sought in 2023 and beyond, it also applies...more

CFPB Proposes COVID-19-Related Amendments to the Mortgage Servicing Rules

Bradley Arant Boult Cummings LLP on 4/6/2021

On April 5, 2021, the Consumer Financial Protection Bureau issued a proposal to amend the existing loss mitigation rules in Regulation X. As stated in the Bureau’s press release, the proposal is designed to “help prevent...more

Update to Michigan’s Receivership Act

Foley & Lardner LLP on 12/21/2020

In 2018, Michigan adopted the Uniform Commercial Real Estate Receivership Act (the “Act”), which only applied to receiverships over commercial real estate. In October 2020, Michigan enacted an amendment to the Act. The...more

New York Court System Proposes Identification of Mortgage Servicer at Initiation of Foreclosure Case

Ballard Spahr LLP on 8/23/2013

The New York State Unified Court System recently proposed an amendment to the Request for Judicial Intervention form (RJI) filed at the initiation of a residential mortgage foreclosure case to require identification of the...more

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