Foreclosure, Right of Redemption

Navigating the Complexities of Tax Lien Investments in Georgia: Time Horizons, Legal Challenges, and Strategies for Success

Womble Bond Dickinson on 8/12/2024

Obtaining a return on a tax lien investment can have a long time horizon in Georgia. After purchasing a tax lien, an investor must wait at least a year before foreclosing the right of redemption of the tax debtor, taking...more

Deed in Escrow

Morrison & Foerster LLP on 6/19/2024

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

Has the Appellate Court of Maryland Disrupted the Tax Sale Market?

Rosenberg Martin Greenberg LLP on 4/2/2024

Real property tax certificate sales provide a way for taxing authorities to collect delinquent taxes without having to foreclose on properties and take ownership. When the purchaser of the tax sale certificate obtains the...more

Hotel Mortgage Holder Barred from Converting Mortgage Loan In Part to Mezzanine Loan

Morrison & Foerster LLP on 12/22/2023

In a case litigated in the New York Supreme Court, the Court recently ruled that a private equity firm that acquired a mortgage loan made on the Maxwell Hotel in New York does not have the authority necessary to convert...more

Rhode Island Supreme Court Continues to Strictly Interpret "Clear and Unforgiving" Statutory Language Regarding Court-Approved...

Hinshaw & Culbertson - Consumer Crossroads on 9/27/2023

In Westconnaug Recovery Co., LLC v. U.S. Bank N.A, the Rhode Island Supreme Court has continued to rule against redemption and in favor of strict application of the Rhode Island's Tax Title Act. Specifically, an interested...more

New York County Supreme Court Upholds Accommodation Pledges

White and Williams LLP on 8/28/2023

In recent years, the claim that an accommodation pledge attached to a mortgage loan effectively “clogs” a borrower’s right of redemption has been the basis of numerous civil actions in New York courts. With the case of Atlas...more

Foreclosure Does Not Extinguish Assignment of Rents

Miller Canfield on 6/30/2022

Previously, we alerted you that Michigan had passed its version of the Uniform Assignment of Rents Act (MUARA). Among other things, this law clarifies that an assignment of rents is not extinguished by a foreclosure sale...more

Going Green - February 2022 - Further Developments in Mezzanine Foreclosures

Cadwalader, Wickersham & Taft LLP on 2/28/2022

The New York State Supreme Court, County of New York (the “Court”) decided in Atlas Brookview Mezzanine LLC v. DB Brookview LLC, on November 18, 2021, that an accommodation pledge entered into in connection with a mortgage...more

Do I Have To File A Claim To Foreclose On A Deceased Borrower’s Mortgage? - The Bullet Point: A Commercial Law Bulletin

McGlinchey Stafford on 11/30/2021

Ohio- Insurance coverage for data breach- Emoi Servs., LLC v. Owners Ins. Co., 2d Dist. Montgomery No. 29128, 2021-Ohio-3942 In this appeal, the Second Appellate District reversed and remanded the trial court’s...more

Deed in a Box: An Advantageous Loan Workout Method in the Time of the COVID-19 Pandemic

Cozen O'Connor on 10/9/2020

Most real estate attorneys would typically be dismissive of a transaction that places a deed in escrow as collateral for a loan. This is because it is universally known that any loan term that interferes with a borrower’s...more

California Legislature Creates “Redemption Right” for Trustee Sales of Residential Properties

Snell & Wilmer on 10/8/2020

On September 28, 2020, Governor Newsom signed into law SB 1079 (the “Bill”), granting a right of redemption or first refusal to purchase a foreclosed residential property to tenants, buyers intending to use the property as...more

DRANO Revisited: Further Updates on the Doctrine of Clogging the Equity of Redemption

Cadwalader, Wickersham & Taft LLP on 7/17/2020

On June 2, 2020, in HH Mark Twain LP v. Acres Capital Servicing LLC, the Supreme Court of the State of New York (the “Court”) denied the defendant’s motion to dismiss the plaintiff’s “clogging” claim, thereby providing a...more

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

Bilzin Sumberg on 5/5/2020

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

First Circuit Bankruptcy Panel Affirms “Gavel Rule” as Determinative of When a Bankruptcy Debtor’s Right of Redemption Terminates

Hinshaw & Culbertson LLP on 2/6/2020

The Bankruptcy Appellate Panel for the First Circuit has affirmed an earlier decision that concluded a borrower’s right to redeem terminates when the gavel falls at a foreclosure auction, and not when a deed is recorded. ...more

“It Ain’t Over ‘Til It’s Over” The Third Circuit Channels Yogi Berra In Ruling On Tax Sale

Rosenberg Martin Greenberg LLP on 9/18/2019

Anyone who listens to the radio on the way to work has heard ads inviting them to free seminars in their local area at which they can learn how to make easy money buying “government secured” tax certificates. Purchasing such...more

Real Property, Financial Services, & Title Insurance Update: Week Ending July 27, 2018

Carlton Fields on 8/2/2018

REAL PROPERTY UPDATE - Foreclosure/Statute of Limitations & Res Judicata: trial court erred in finding that bank's foreclosure action was barred by statute of limitations and res judicata - U.S. Bank Nat'l Ass'n, etc. v....more

Michigan to Enact the Uniform Commercial Real Estate Receivership Act

Miller Canfield on 2/20/2018

A commercial real estate receiver’s powers will be clarified when Michigan’s Uniform Commercial Real Estate Receivership Act (the “Act”) becomes effective in May. The legislation, signed by Gov. Rick Snyder on Feb. 6, 2018,...more

Debtor May Be Entitled to Credit for “Reasonable Value” of Property Purchased by Lender at Mortgage Foreclosure Sale

Stoel Rives LLP on 8/8/2017

In Idaho, it has long been understood that a secured creditor that has foreclosed a mortgage may be able to also get a judgment against the debtor for the remainder of the debt, if the proceeds of the foreclosure sale are not...more

Rhode Island Joins Lists of True Super-Priority Lien States for Condo Associations

Bradley Arant Boult Cummings LLP on 6/28/2016

In December 2015, the Rhode Island Supreme Court issued an opinion holding that Rhode Island’s Uniform Condominium Act provides a true “super-priority” lien to condominium owner associations (COAs) when a condominium owner is...more

Statutory Right of Redemption Must Be Strictly Construed

Burr & Forman on 8/12/2015

In Palm-Aire Vill. Private Homes Townhouse Park Bd., Inc. v. Epstein, No. COSO14-011561 (Fla. Cir. Ct. May 18, 2015), the Court was faced with the issue of whether the Homeowner successfully exercised his right of redemption...more

Recent Developments Concerning the Right of Redemption Relating to Homestead Property: Act of Apr. 23, 2015, Alabama Senate Bill...

Burr & Forman on 7/10/2015

Under current Alabama law, an interested party (e.g., mortgagor, junior mortgagor, judgment creditor) may redeem real property sold at foreclosure within one (1) year of the date of the foreclosure sale. See ALA.CODE...more

Foreclosure › Right of Redemption