News & Analysis as of

SCOTUS Denies Certiorari In Lien Stripping Case

On March 31, the U.S. Supreme Court denied a petition for a writ of certiorari in an Eleventh Circuit case that raises the issue of whether, under section 506(d) of the Bankruptcy Code, a chapter 7 debtor can “strip off” a...more

Natural Gas Boom Fuels Requests for Partial Releases from Mortgage Liens

Residential lenders and servicers are continuing to see a larger impact from the natural gas boom, and it is not just from properties hosting drilling operations. More lenders are seeing increasing numbers of borrowers...more

Making Home Affordable Supplemental Directive

On July 30, the Obama Administration released a supplemental directive providing updates to the Making Home Affordable program, specially with respect to the Second Lien Modification Program (2MP)....more

Bibbidi Bobbidi Boo: Eminent Domain Needs More Than a Magic Wand to Overcome Title Defects

Oh, if it only were that easy. A city seizes “underwater” residential mortgage loans through eminent domain, waves its magic wand, says Abracadabra or Bibbidi Bobbidi Boo, and then the mortgage lien of the prior loan holder...more

Florida Supreme Court Declares "Superpriority" Municipal Liens Invalid

It has become increasingly common in recent years for Florida municipalities to enact local ordinances granting so-called “superpriority” status to liens for municipal assessments. These types of ordinances typically state...more

CFPB Clarifies 2013 Escrow Rule, Publishes Final List Of Rural And Underserved Counties

On May 16, the CFPB issued a final rule clarifying its January 2013 final rule on escrow account requirements for first-lien higher-priced mortgage loans (HPMLs). ...more

Florida to Government: Your Lien Doesn't Foreclose This Old Mortgage

The Florida Supreme Court has ruled that cities cannot create ordinances that subject prior recorded mortgages to their subsequently recorded county or governmental liens, because it conflicts with Florida's state statutes on...more

Rogers Towers: Municipal Liens vs. Mortgages: Florida’s Supreme Court Rules on Superpriority Issue

In my April 18th post, I discussed the recent trend of municipalities enacting ordinances designed to give their code enforcement liens “superpriority” over prior-recorded mortgages. Basically, the municipalities have sought...more

What Factors Establish The Lien Priority Of A Refinanced Loan?

The legal doctrine of "equitable subrogation" has recently become familiar to lenders who refinanced or will be refinancing existing loans secured by real property....more

Mortgagees: Don’t Lose Collateral — Take Action To Ensure You Receive Notice Of Pending Tax Deed Sales

Summary: Mortgagees and other lienholders whose proper address does not appear in a recorded mortgage or lien may not receive notice of a pending tax deed sale and may therefore lose collateral. A recent Florida court held...more

Municipal Liens vs. Mortgages: Which Has Priority?

I have recently encountered several situations in which local governments are claiming, under ordinances they have enacted, that their liens and fines have “superpriority” status over existing mortgages, regardless of when...more

State Law Update: Indiana Amends Lien Release Provisions

On April 1, Indiana enacted a bill to retroactively amend certain lien release provisions. The bill, HB 1079, provides that if the record of a mortgage or vendor’s lien was created before July 1, 2012 and does not show the...more

Mortgage Banking Update - March 21, 2013

In This Issue: - Uniform State Test Implementation Nearing - Mortgage Servicer's Alleged Failure To Be Licensed Subjects Company to Claims under State and Federal Debt Collection Statutes - Sixth Circuit...more

Residential Lenders in Nevada Losing Out in HOA Lien Foreclosures

In recent months, homeowners associations (HOAs) in Nevada have been foreclosing on their liens for delinquent assessments. HOAs are a part of everyday life for homeowners and lenders in Nevada, but the recent trend of HOA...more

North Carolina Legislature Uncovers "Hidden Liens"

Executive Summary: North Carolina implements “lien agent” law for construction projects. The North Carolina General Assembly recently enacted significant changes to North Carolina's mechanics lien laws. These changes...more

Appellate Notes: Recent Decisions of the Connecticut Supreme and Appellate Courts - January 2013

In This Issue: -AC31211 - Aguinaldo v. Warner -AC33771 - Thompson Gardens West Condominium Assn., Inc. v. Masto -AC33850 - Unifund CCR Partners v. Schaeppi -AC33400 - Samnard Associates, LLC...more

CFPB Amends Requirements for Providing Appraisals to Home Loan Applicants

The Consumer Financial Protection Bureau (“CFPB”) has issued amendments to Regulation B requiring creditors to provide to applicants free copies of all appraisals and other written valuations developed in connection with an...more

CFPB Issues Final ECOA Appraisal Rule

The Consumer Financial Protection Bureau has issued a final rule to implement Dodd-Frank amendments to the Equal Credit Opportunity Act that require creditors to provide to a first lien mortgage applicant a copy of all...more

REO-To-Rental Update: Moody's Issues Guidance on Structuring Risks

Yesterday, Moody’s issued a Sector Comment expressing concerns with respect to proposed REO-To-Rental deals structured to utilize a collateral package comprised of equity-pledges in the SPV property owners in lieu of...more

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