Mortgage Servicers Foreclosure

News & Analysis as of

Tennessee Amends Condominium Lien Law to Clarify Lack of Superpriority Right

On April 19, 2016, Tennessee Governor Bill Haslam signed HB 2401, amending Tennessee’s condominium statue to make it clear that condominium associations cannot acquire a “superpriority” lien that trumps a first security...more

Eleventh Circuit Dismisses Plaintiff’s Complaint: Assignee Not Liable under TILA for Servicer’s Failure to Provide Payoff Balance

On March 1, the U.S. Court of Appeals for the Eleventh Circuit held that, as an assignee, Fannie Mae is not liable under TILA for a servicer’s failure to provide a borrower with a payoff statement. Evanto v. Federal Nat’l...more

New Jersey Enacts Provisions Concerning the Recording of Mortgages and Foreclosure of Mortgages

The state of New Jersey has enacted provisions related to the recording of mortgages and foreclosure of mortgages. A new provision permits only the established holder of a mortgage to take action to foreclosure on a mortgage....more

Business Records Hearsay Exception Applicable Only When Proper Foundation is Laid

In Ensler v. Aurora Loan Servs., LLC, the Fourth District Court of Appeal of Florida was faced with the issue of whether a prior mortgage loan servicer’s documents could be introduced into evidence when the current servicer...more

Federal Reserve Announces Plan to Redistribute Unclaimed Foreclosure Settlement Funds

On November 19, the Federal Reserve announced a plan to redistribute unclaimed funds from the Independent Foreclosure Review Payment Agreement (Agreement). Under the Agreement, borrowers whose homes were in any state of the...more

Taking Exception with the CFPB’s Attempt to Regulate Lawyers

The CFPB filed a lawsuit against two law firms, The Mortgage Law Group, LLP (MLG) and Consumer First Legal Group, LLC (CFLG), who provided foreclosure assistance to their clients. See CFPB v. The Mortg. Law Grp., Case No....more

Avoiding a Limitations Fight by Rescinding Acceleration

Texas recently added a new statute aimed at providing lienholders and loan servicers an unambiguous method for unilaterally abandoning the acceleration of a loan's maturity. When a borrower defaults in paying an...more

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

EXPECT FOCUS: Onboard Technology, NAIC Cybersecurity, DOL, ACA Litigation, SEC Regulation (Vol. III, Summer 2015)

In This Issue: IN THE SPOTLIGHT - - Your Data Breach Collided With My Personal Injury Coverage LIFE INSURANCE - - Phantom Injury Dooms “Shadow Insurance” Case - Latest NAIC Cybersecurity News...more

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

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

Florida Court Confirms Substantial Compliance Standard Concerning Foreclosures

The Florida Second District Court of Appeal recently issued a long-awaited opinion in Green Tree Servicing v. Milam. Until this decision, the district courts in Florida had not spoken directly on the issue of whether strict...more

CFPB Spotlights Mortgage Complaints in Latest Monthly Report

On September 22, the CFPB published the third volume of its monthly consumer complaints report, examining mortgage complaints received through its complaint database. In its latest snapshot report, the CFPB revealed that it...more

CFPB Highlights Mortgage Complaints in Third Monthly Complaint Report

The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado, metro...more

CFPB highlight mortgage complaints in third monthly complaint report

The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado metro...more

Nevada Supreme Court Reverses Course on MERS

The Nevada Supreme Court recently reversed – or at least clarified – the impact of MERS in Nevada under the approach set forth in the Restatement (Third) of Property: Mortgages. The Supreme Court had held in 2012 that at the...more

Real Property, Financial Services & Title Insurance Update: Week Ending September 4, 2015

REAL PROPERTY UPDATE - Foreclosure/Standing: party whose motion to intervene in foreclosure action was denied did not have standing to appeal final judgment of foreclosure – Market Tampa Investments, LLC. V Stobaugh,...more

BuckleySandler Secures Major Victory on Behalf of Mortgage Servicer in Putative Class Action Suit

On August 25, BuckleySandler secured a substantial victory in a putative class action in the Northern District of Illinois. McGann v. PNC, No. 11-c-6894 (N.D. Ill. Aug. 25, 2015). The suit alleged that a major mortgage...more

HUD’s Proposal to Terminate FHA Insurance Policies Could Terminate the FHA Program

If there is anything that galls servicers of government-insured loans, it is the forfeiture or curtailment of all accrued interest from mortgage insurance claims resulting from the failure to foreclose fast enough within...more

United States District Court: Mortgagor Lacks Standing to Bring RESPA Claim

On August 11, the U.S. District Court for the District of New Hampshire rejected the addition of a potential RESPA claim to plaintiff’s complaint due to lack of standing, and the court dismissed the remaining counts for...more

Yet Another Florida Court Rejects Unpopular Decision on Statute of Limitations for Mortgage Foreclosure, But This Time it’s...

With its decision up on re-hearing, Florida’s Third District Court of Appeal may be rethinking its decision in Deutsche Bank Trust Co. Americas v. Beauvais, No. 3D14-575, 2014 WL 7156961 (Fla. 3d DCA Dec. 17, 2014). In...more

Ohio District Court Distinguishes Date of Foreclosure Action from Date of Foreclosure Sale When Applying New CFPB Mortgage Rules

In Cooper v. Fay Servicing, LLC, 2015 WL 4470213 (S.D. Ohio July 17, 2015), the mortgagors sued the servicer of their real estate loan asserting claims for alleged violations of Regulation X relating to the loss mitigation...more

Florida Courts Continue to Take the Wind Out of Foreclosure Defense Attorneys’ Sails

In late July, another Florida appellate court took a sizable chunk out of foreclosure defense attorneys’ litigation playbook, holding that substantial compliance, rather than strict compliance, is the prevailing standard to...more

Mortgage Foreclosure Case Law Development: Substantial Compliance is the Legal Standard for Paragraph 22 Cases in Florida

On July 29, 2015, Florida’s Second District Court of Appeal held that substantial compliance, rather than strict compliance, is the legal standard for evaluating a foreclosing plaintiff’s compliance with contractual...more

Limited Liability Company Can Sue as “Person” Under FDCPA, Sixth Circuit Rules

A limited liability company is a “person” that can file a lawsuit under the Fair Debt Collection Practices Act (FDCPA), the U.S. Court of Appeals for the Sixth Circuit has ruled. In Anarion Investments LLC v. Carrington...more

Another Bankruptcy Court Confirms Plan Reference to “Surrender” Means Not Defending a Lender’s Foreclosure

Foreclosure defense and bankruptcy often go hand in hand, but sometimes it seems like the left hand doesn’t talk to the right. This has proven especially common with bankruptcy plans that propose to “surrender” real property...more

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