News & Analysis as of September 21, 2024

Mortgages › Local Ordinance

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -

Little-Known Chicago Rental Ordinance Amendment Impacts Unsuspecting Foreclosing Lenders

Holland & Knight LLP on 7/24/2024

A foreclosing lender must offer existing Chicago tenants a new 12-month lease or pay them a substantial $10,600 relocation fee – and the tenant can decide which one to choose. This 2021 amendment to the Keep Chicago Renting...more

Local Land Use On Location

Ballard Spahr LLP on 9/20/2019

Montgomery County, Maryland - Montgomery County has launched Thrive Montgomery 2050, an initiative to update the County’s General Plan for the first time since the 1960s. The County Planning Board seeks public input to...more

Short-Term Rental Update: Short-term rental operator Lyric raises $160m; Fannie Mae-backed mortgages allowed for short-term...

Foster Garvey PC on 5/3/2019

This week’s Short-Term Rental Update features a number of interesting topics, including these highlights...more

West Coast Real Estate Update: October 2016 #1

Holland & Knight LLP on 10/10/2016

California Coastal Act Blocks Housing Project in Venice Despite Earlier Approvals - Judge James C. Chalfant of the California Court of Appeal on Sept. 29, 2016, affirmed a lower court ruling denying a developer’s petition...more

Court Decisions Extend Chicago’s Transfer Tax Ordinance to Cover Mortgage Assignment

Seyfarth Shaw LLP on 8/20/2015

Earlier this month, in a case of first impression, the Circuit Court of Cook County, Illinois in the consolidated cases of City of Chicago v. KTCP 225, LLC, Case No. 13 L 050290, and City of Chicago v. Horizon Group XXI, LLC,...more

Mortgage Foreclosure Ordinances Preempted by Existing State Law

Partridge Snow & Hahn LLP on 2/6/2015

The Massachusetts Supreme Judicial Court (the “SJC”) recently decided that two mortgage foreclosure ordinances adopted by the City of Springfield were preempted by existing state law. In Easthampton Savings Bank v. City of...more

Massachusetts Supreme Judicial Court Rejects Municipal Foreclosure Ordinances

K&L Gates LLP on 1/15/2015

Can a Massachusetts municipality impose ordinances on banks that are more onerous than existing statewide law? In a recent landmark decision, the Massachusetts Supreme Judicial Court (“SJC”) answered “no.” In Easthampton...more

St. Louis County Ordinance Requiring Pre-Foreclosure Mediation Unconstitutional, Missouri Supreme Court Holds

Ballard Spahr LLP on 11/25/2014

The Missouri Supreme Court recently ruled that a St. Louis County ordinance requiring lenders to mediate with borrowers prior to foreclosure was void ab initio because it was not directed to a matter of purely municipal...more

Playing Zone(-ing) Defense

Baker Donelson on 4/4/2014

ZONE(-ING) DEFENSE --- With March Madness in full swing, now is a great time to review how local zoning ordinances can turn a mortgage servicer’s foreclosure layup into a blocked shot. Many U.S. states rely on a judicial...more

Florida Supreme Court Declares "Superpriority" Municipal Liens Invalid

Shumaker, Loop & Kendrick, LLP on 6/19/2013

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

Chicago Ordinance Creates New Obligations for Owners of Foreclosed Rental Property

Ballard Spahr LLP on 6/19/2013

A new Chicago ordinance requires mortgagees who acquire residential rental property through a foreclosure or deed in lieu of foreclosure to either provide an option to renew the lease or offer relocation assistance to a...more

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

Baker Donelson on 5/22/2013

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

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