News & Analysis as of

Foreclosure › Underwater Homeowners

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 -
MoFo Reenforcement

FHFA Announces Home Modification Program

MoFo Reenforcement on

On April 14, 2016, the Federal Housing Finance Agency (“FHFA”) announced the launch of a principal reduction program for first-lien mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac. According to the...more

Seyfarth Shaw LLP

Recent Unanimous Supreme Court Decision Holds That Underwater Mortgages in a Chapter 7 Cannot be “Stripped off"

Seyfarth Shaw LLP on

The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more

Allen Matkins

Supreme Court Reaffirms a Chapter 7 Debtor's Inability to Strip a Lien Against Real Property

Allen Matkins on

Reaffirming its 1992 decision in Dewsnup v. Timm, on June 1, 2015, the U.S. Supreme Court in Bank of America v. Caulkett, No. 13-1421, once again ruled that a chapter 7 debtor may not void a junior lien under Bankruptcy Code...more

Baker Donelson

The Supremes Tell the Eleventh Circuit: No Lien Stripping

Baker Donelson on

On June 1, 2015, the United States Supreme Court issued a unanimous ruling resolving a split amongst circuit courts in which the 11th circuit was the singular minority, addressing the permissibility of “lien-stripping” in...more

Nossaman LLP

Condeming Underwater Mortgages: Another Look at the Legality of it

Nossaman LLP on

OK, I'll admit it. A year ago I thought this whole condemnation-of-underwater-mortgages thing would die off pretty quickly. I predicted we'd never see any large-scale condemnation effort. So far, I've missed badly on the...more

Bilzin Sumberg

Editorial: How Fair Is The Florida Fair Foreclosure Act?

Bilzin Sumberg on

The purpose for the Florida Fair Foreclosure Act, which became effective in July, was to speed up the residential and commercial foreclosure process in Florida, where a foreclosure could take more than two years from start to...more

Nossaman LLP

Federal Court Halts Lender Underwater Mortgages Lawsuit Against Richmond

Nossaman LLP on

On September 12, the City of Richmond caught a small reprieve with respect to its plan to condemn underwater mortgages. As reported by Reuters, the federal district court ruled that the lawsuit filed by lenders Wells Fargo,...more

Sheppard Mullin Richter & Hampton LLP

Showdown in the Richmond: The City of Richmond Threatens Eminent Domain on Underwater Loans

Sheppard Mullin Richter & Hampton LLP on

BREAKING NEWS: In a contentious 4-3 decision and amid more than 300 community members on both sides of the issue, the City Council for the City of Richmond voted to continue pursuing its eminent domain plan in the early...more

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