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Loan Modifications › Foreclosure › Mortgages

Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist... more +
Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -
Troutman Pepper

VA Announces “Targeted Foreclosure Moratorium” on VA Loans Through December 31, 2024

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On May 29, the Department of Veterans Affairs (VA) announced a targeted foreclosure moratorium on VA-guaranteed loans intended to allow servicers sufficient time to implement the Veterans Affairs Servicing Purchase (VASP)...more

Ballard Spahr LLP

VA Urges Servicers to Implement Foreclosure Moratorium on VA Loans

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The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-25 in which VA “is strongly encouraging a foreclosure moratorium on all VA-guaranteed loans through May 31, 2024.” Additionally, VA “urges servicers...more

Patton Sullivan Brodehl LLP

Lenders Have No Duty to “Process, Review, and Respond Carefully and Completely” to Loan Modification Applications

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One of the unresolved issues over the past several years in the realm of lender liability law is whether lenders owe tort duties to borrowers in connection with loan modification applications. Until now, case law has been all...more

Patton Sullivan Brodehl LLP

Loan Modifications and Losing Lien Priority

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Modifying a loan can sometimes cause a loss of lien priority. It all depends on the facts underlying the modification, and even the original loan....more

Rivkin Radler LLP

The Title Reporter — Summer 2021

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Here is what we cover in this issue of The Title Reporter: A Legal Update for the Title Insurance Industry: •An appellate court in New York has ruled that a title insurance policy excluded coverage for a “Declaration and...more

Goodwin

CFPB Proposes Amendments to Regulation X to Prevent Wave of COVID-19 Foreclosures

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On April 5, 2021, the Consumer Financial Protection Bureau (CFPB) issued a press release and proposed rule requesting public comment on proposed amendments to Regulation X which “would establish a temporary COVID-19 emergency...more

Goodwin

Pennsylvania AG Sues Five Companies Involved in Alleged Mortgage Modification Scam

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On July 26, 2018, the Attorney General for the Commonwealth of Pennsylvania announced a lawsuit against five Pennsylvania mortgage foreclosure companies and two company owners for cheating consumers into signing contracts to...more

McGlinchey Stafford

NY Court Of Appeals Issues A Landmark Decision On The Statute Of Limitations In Mortgage Foreclosure Actions

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On February 18, 2021, the New York Court of Appeals issued a landmark decision in four cases related to the application of the statute of limitations to foreclose a mortgage in New York. Most notable is the long-anticipated...more

Rosenberg Martin Greenberg LLP

CARES Act Provisions Affecting Bankruptcy And Residential Mortgage Loans

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The Coronavirus Aid, Relief and Economic Security Act (“CARES”) enacted on March 27, 2020 contains a number of provisions affecting bankruptcy cases, modification and enforcement of federally backed residential mortgage...more

Patton Sullivan Brodehl LLP

Can a Loan Modification Waive the Borrower’s Right of Reinstatement?

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Loans secured by a deed of trust typically provide that upon default (commonly, missed interest payments) the lender may elect to “accelerate” the loan, making the entire balance of principal and interest due....more

Ballard Spahr LLP

New York DFS Urges Suspension of Foreclosures and Deferral of Mortgage Payments

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On March 19, 2020, the New York Department of Financial Services (NYDFS) issued guidance to urge all regulated and exempt mortgage servicers to alleviate the adverse impact caused by COVID-19 on mortgage brokers who...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending November 15, 2019

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Real Property Update - Foreclosure / Notice: Mail log sufficient evidence to establish mailing of notice to borrower of default and possibility of foreclosure – Stacknik v. U.S. Bank, N.A., No. 2D18-2156 (Fla. 2d DCA Nov....more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending September 20, 2019

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Real Property Update - Foreclosure / Doc Stamps: failure to pay documentary stamp and intangible taxes on increased principal balance under loan modification rendered final foreclosure judgment unenforceable - Schroeder v....more

Burr & Forman

Middle District of Florida Holds Aspect Dialer is Not an ATDS under the TCPA

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In addressing cross motions for summary judgment in BONNIE BROWN & JAMES BROWN, Plaintiffs, v. OCWEN LOAN SERVICING LLC, Defendant., 8:18-CV-136-T-60AEP, 2019 WL 4221718 (M.D. Fla. Sept. 5, 2019) (“Browns v. Ocwen”) on...more

Hogan Lovells

New York legislature moves to impose new requirements on reverse mortgage industry

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Originators and servicers of HECMs who do business in New York should take action now to prepare to comply with the new bill’s requirements. Ensuring compliance may require a thorough review of commercial advertisements and...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Weeks Ending August 10 & 17, 2018

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REAL PROPERTY UPDATE - Foreclosure/Loan Modification: foreclosing plaintiff was required to allege and prove default of loan modification agreement after trial court found the loan modification to be the operative...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending March 23, 2018

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Foreclosure / Amendments to Conform to Evidence: trial court erred in allowing Wells Fargo to amend its complaint during trial to conform to evidence presented of two unpled modification agreements – Tracey v. Wells Fargo...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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A group of current and former Citizen Bank branch employees from five states has admitted to fabricating information about the results of the Bank’s much-touted “Citizens Checkup” program (in which real customers are invited...more

Balch & Bingham LLP

Alabama Court of Civil Appeals Holds Questions Regarding Propriety of Foreclosure May Be Raised as Affirmative Defense to...

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The Alabama Court of Civil Appeals recently held in Pittman v. Regions Bank that questions about the propriety of a foreclosure may be raised more than one year after the foreclosure as an affirmative defense to an ejectment...more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending November 18 & 25, 2016

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REAL PROPERTY UPDATE - Settlement/Waiver: borrowers permitted to raise affirmative defenses and counterclaims against lender where subject Loan Modification Agreement failed to include waiver of claims, affirmative...more

Bradley Arant Boult Cummings LLP

Mortgage-Loan Modification Scam Ends with Serious Consequences

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A California man that operated as a high-level sales executive for a fraudulent residential mortgage-loan modification scheme will now spend several years in jail. From 2009 to 2016, Mehdi Moarefian (aka Michael Miller)...more

Ervin Cohen & Jessup LLP

Careful Who You Trust. A Lender Can Be Liable For The Negligence And Misrepresentations Of Its Loan Servicers, Even Absent Any...

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In the recent case of Daniels v. Select Portfolio Serving, Inc., the California Court of Appeal has held that a lender may be liable for the negligence and misrepresentations of the lender’s servicer, without any contractual...more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending June 10 & 17, 2016

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REAL PROPERTY UPDATE - - Foreclosure/Standing/Hearsay: copy of a note with undated allonge containing blank endorsement sufficient to establish standing as a matter of law, even though bank did not have formal...more

MoFo Reenforcement

FHFA Announces Home Modification Program

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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

Dorsey & Whitney LLP

Can Lenders Foreclose While a Borrower’s Loan Modification Application is Under Review?

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A recent decision by the California Court of Appeal held that the practice called “dual tracking” – when a lender forecloses on a property while the borrower’s application for a loan modification is under review – violates...more

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