Mortgage Servicers Foreclosure

News & Analysis as of

Are Statute Of Limitation Defenses On Your Radar?

Mortgage servicers and their clients have been working with a population of defaulted loans in the hundreds of thousands for the better part of the last seven years. Now, as regulatory and statutory changes have extended...more

Florida Court Rules Borrowers Who Surrender Property in Bankruptcy Can't Later Take it Back

Thanks to several recent United States Bankruptcy Court decisions in Florida, mortgage servicers should now expect borrowers who surrender their real property in bankruptcy to not contest foreclosure later. Since the...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

In its Supervisory Highlights recently released, which cover the period from January to April 2015, the Consumer Financial Protection Bureau (“The Bureau”) reported its examination observations in consumer reporting, debt...more

Notice Me: The New Notice Requirements for HOA Lien Foreclosures in Nevada

In a previous blog post, we reported on Senate Bill 306, passed by Nevada Governor Brian Sandoval on May 28, 2015. The legislation redresses the substantial harm caused by SFR Investments Pool 1, LLC v. U.S. Bank, N.A. In SFR...more

Financial Regulatory Developments Focus - June 2015 #4

In This Issue: - Board of Governors of the Federal Reserve System Approves Final Rule Amending Regulation D - US Federal Banking Agencies Finalize Revisions to the Capital Rules Applicable to Advanced...more

Do the CFPB Mortgage Servicing Rules Provide For Rescission?

The Consumer Financial Protection Bureau’s (CFPB) mortgage servicing rules have now been in place for nearly 18 months. These rules have set forth extensive loss mitigation procedures that nearly all servicers must follow. In...more

OCC to Escheat Funds from Foreclosure Review; Agency Terminates Three Consent Orders and Issues Six Amended Orders

On June 17, the OCC announced that, at year-end 2015, it will escheat any remaining uncashed payments made pursuant to the Independent Foreclosure Review Payment Agreement. Despite the IFR Payment Agreement having already...more

Locke Lord QuickStudy: California Court of Appeal Expands Borrowers’ Ability to Recover Attorneys’ Fees Under HBOR

On June 12, 2015, the California Court of Appeal, Third Appellate District, issued its decision in Monterossa v. Superior Court (PNC Bank), Case No. C077683, 2015 WL 3653319 (Jun. 12, 2015). The court decided an issue of...more

Locke Lord QuickStudy: Rhode Island Superior Court Decision Impacting Servicers

A Rhode Island superior court recently ruled that, pursuant to R.I. Gen. Laws § 34-27-3.2, foreclosing lenders are required to send mediation notices in any foreclosure initiated after the effective date (October 2014)...more

When Is Face-To-Face Not Face-To-Face Enough? Wells Fargo Bank, N.A. vs. Cook and 24 C.F.R. 203.604(b)

According to 24 C.F.R. 203.604(b), a “mortgagee must have a face-to-face interview with the mortgagor, or make a reasonable effort to arrange such a meeting, before three full monthly installments due on the mortgage are...more

Mortgage Servicing and Unfair Trade Practices

When can mortgage servicing and related debt-collection activities violate N.C. Gen. Stat. § 75-1.1? Two recent cases provide some answers....more

Sanity in Florida? New Ruling Sheds Some Light on the Business Records Exception

On May 6, 2015, Florida's Third District Court of Appeal finally weighed in on an important tactic relied on by servicers in residential foreclosure actions. In Bank of America, N.A. v. Delgado, No. 3D13-910 (Fla. 3d DCA May...more

California Foreclosure Law: Plaintiff May Recover Tort Damages For A Claim Of Wrongful Foreclosure

In a wrongful foreclosure lawsuit, the plaintiff may recover tort damages – i.e., any damages proximately caused by the foreclosing defendant, the Fourth District Court of Appeal held last week. Miles v. Deutsche Bank...more

Servicer Foreclosing in Own Name Must Establish Standing and Ratification by Real Party in Interest

In Russell v. Aurora Loan Services, LLC, 40 Fla. L. Weekly D967a (Fla. 2d DCA Apr. 24, 2015), Florida’s Second District Court of Appeal added to the emerging line of case law regarding the proof required to establish standing...more

HUD Announces Changes to Distressed Asset Stabilization Program

On April 24, the U.S. Department of Housing and Urban Development changed its Distressed Asset Stabilization Program to require loan servicers to wait one-year before initiating a foreclosure action....more

Mortgage Servicers Can Submit Proof of Standing after Filing Complaint, Says Ohio Supreme Court

In Wells Fargo Bank, N.A. v. Horn, the Ohio Supreme Court held “that the plaintiff in a foreclosure action must have standing at the time it files its complaint. But…the plaintiff [is not required to] submit proof of standing...more

Plaintiff in Foreclosure Action Snared by Evidence of Damages, Attorney’s Fees & Costs

In Colson v. State Farm Bank, F.S.B., Case No. 2D13-5526, Florida’s Second District Court of Appeals just reversed a final judgment of foreclosure entered in favor of the plaintiff, finding that a “total lack of evidence as...more

Wisconsin Foreclosure Sale Process Just Got a Lot Faster

Recently, in Bank of New York Mellon v. Carson, the Wisconsin Supreme Court issued a decision that, in the words of Justice David Prosser, Jr., “radically revises the law on mortgage foreclosures” and could significantly...more

Use of Prior Servicer’s Records at Trial Depends on Proper Foundation

Mortgage servicing duties are routinely transferred, requiring lenders, servicers and financial institutions to rely on the prior servicer’s business records to prove their cases against borrowers – specifically, to prove the...more

Bernstein Shur Business and Commercial Litigation Newsletter #50

We are pleased to present the 50th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent cases that address waiver of appeal rights, Constitutional standing, and the...more

An Unlikely Condition Precedent to Foreclosure in Florida

Mortgage servicers beware. Mortgagors in Florida are defending residential mortgage foreclosures based on the allegation that the servicer failed to give them notice of assignment of the right to bill and collect on the debt...more

Second Bite At Fla. Foreclosures May Not Be So Sweet

Financial services companies pursuing judicial foreclosures in Florida already face a host of unique and challenging hurdles. The varying and often court- or judge-specific procedural, substantive and evidentiary requirements...more

Real Estate Tip: Foreclosure Confusion

The financial crisis has taught us a great deal about the mortgage transfer business, secondary markets and loan securitization. In the Spring 2014 issue of the Real Property, Trust & Estate Law Journal, Prof. Dale A. Whitman...more

Second Bites at the Apple in Florida Foreclosures May Not Be so Sweet: New Appellate Court Cases Raise the Specter of Statute of...

Financial services companies pursuing judicial foreclosures in Florida already face a host of unique and challenging hurdles. The varying and often-times court- or judge-specific procedural, substantive, and evidentiary...more

Mortgage Foreclosure Rules Amendments

Pursuant to an out of cycle amendment, Rule 1.110 has been modified to remove certain language specific to mortgage foreclosures and Rule 1.115 has been created to address specific pleading requirements for mortgage...more

48 Results
|
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×