News & Analysis as of September 24, 2024

Loan Modifications › Negligence

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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 -

California Supreme Court Weighs In on Negligence Claims Related to Mortgage Loan Modifications

Snell & Wilmer on 3/22/2022

On March 7, the California Supreme Court settled the issue of whether a mortgage servicer owes a duty of care to a borrower in the context of loan modification review, holding that negligence claims related to loan...more

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

Carlton Fields on 8/28/2018

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

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

Ervin Cohen & Jessup LLP on 7/18/2016

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

Money, Dirt & Steel: Spring 2015 NC Real Property Litigation Update

Williams Mullen on 5/12/2015

MONEY: GUARANTORS CAN NOW RELY ON G.S. §45-21.36 VALUE DEFENSES - By statute in North Carolina, G.S. §45-21.36, certain obligors may defend a deficiency action where the bank is the successful bidder by arguing...more

New California Court of Appeal Decision Reaffirms General Rule that Residential Lenders Owe no Duty to Borrowers, Including in the...

Allen Matkins on 12/19/2013

In a recent decision, Lueras v. BAC Home Loans Servicing, LP, 2013 Cal. App. LEXIS 886, the California Court of Appeal returned to the general rule that, absent unique circumstances giving rise to a duty of care, lenders do...more

Lenders Beware -- California decision may ignite next wave of lender liability litigation

Sheppard Mullin Richter & Hampton LLP on 3/15/2013

In a recent decision from the California Court of Appeals entitled Jolley v. Chase Home Finance, LLC, the Court severely curtailed lenders’ ability to dispose of lender liability claims on summary judgment, thereby adopting a...more

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