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Mortgages › Promissory Notes

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 -
Morrison & Foerster LLP

Scrivener’s Error in Guaranty Reformed Outside of Statute of Limitations and Held Enforceable

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In an appeal heard by the Appellate Division of the Supreme Court in the First Judicial Department of New York, the Court recently ruled that a court may reform a guaranty after the statute of limitations for a reformation of...more

Fox Rothschild LLP

Is It Time to Re-think Mortgage Refinance on Divorce?

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For the entirety of this lawyer’s career, it was universally accepted that if one spouse was going to keep the marital residence, that property needed to be refinanced so that the spouse passing title (i.e., moving on) was no...more

Fox Rothschild LLP

A “Note” About Your Mortgage. There is a Difference.

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Most of us wander through life unconcerned about the vagaries of house finance laws until we decide we want a house. Candidly, because of how house purchases come about, most of us don’t know much about mortgage financing...more

McGlinchey Stafford

Has my contract been modified? - McGlinchey Commercial Law Bulletin - September 22, 2022

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Ohio- Assignee of Contract- Auto Loan, Inc. v. Sisler, 11th Dist. Portage No. 2022-Ohio-3282. In this appeal, the Eleventh Appellate District reversed the trial court’s decision finding that the plaintiff was not an...more

Law School Toolbox

Bar Exam Toolbox Podcast Episode 146: Listen and Learn -- Mortgages and Priority

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Welcome back to the Bar Exam Toolbox podcast! In today's installment of our "Listen and Learn" series, we're focusing on Real Property. In particular, we're diving into the tricky subtopic of mortgages and priorities.  In...more

Cadwalader, Wickersham & Taft LLP

Summer Reading July, 2021 - Note Prevails over Mortgage in the Event of a Conflict

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A recent decision from The Supreme Court of Florida (the “Florida Supreme Court”) in WVMF Funding v. Luisa Palmero, et al. (Fl. S. Ct.; SC19-1920, June 24, 2021) held that, while a note and mortgage must be read together, in...more

Cozen O'Connor

Fannie Mae and Freddie Mac Update all Uniform Legal Instruments

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On July 7, 2021, Fannie Mae and Freddie Mac (the GSEs) introduced new uniform instruments (notes, security instruments, and riders) for use with loans to make them eligible for purchase by the GSEs. ...more

Fox Rothschild LLP

Navigating A Home Transfer In Divorce

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Just about every divorce case involves a house and its corresponding mortgage. In a small number of cases parties agree that dissolution of the marriage is also an opportune time to downsize the residence, but in most...more

McGlinchey Stafford

What Do I Need To Prove In Order To Enforce A Promissory Note?

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Statute of Repose- Wilson v. Durrani, Slip Opinion No. 2020-Ohio-6827 In this appeal, the Supreme Court of Ohio reversed the lower court’s decision, determining that the plaintiffs’ claims were time-barred because Ohio’s...more

McGlinchey Stafford

Am I a party entitled to enforce a promissory note?

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Shareholder Derivative Lawsuit Aungst v. Light, 9th Dist. Summit No. 29349, 2020-Ohio-3347 In this appeal, the Ninth Appellate District affirmed the trial court’s decision, finding that when a shareholder’s derivative...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending October 4, 2019

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Real Property Update - Foreclosure / Bankruptcy / Surrender: borrower cannot challenge judgment of foreclosure entered upon judicial notice of his statement of intention to surrender the property and order of discharge...more

Bradley Arant Boult Cummings LLP

Not All Debts Are Created Equal - Construction and Procurement Law News, Q3 2019

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Alabama’s materialman’s lien statute (specifically, Ala. Code § 35-11-211) was drafted with the intent of providing construction lenders priority over materialmen as to debts relating to construction projects. This intent was...more

Nutter McClennen & Fish LLP

Bankruptcy Court Confirms Enforceability of Mortgage Notwithstanding Expiration of Statute of Limitations for Underlying...

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In In re Fortin, 598 B.R. 689 (Bankr. D. Mass. 2019), the United States Bankruptcy Court for the District of Massachusetts considered whether a lender may enforce a mortgage despite the unenforceability of the underlying...more

Bilzin Sumberg

Eleventh Circuit Holds that a Guarantor Lacks Standing Under the Equal Credit Opportunity Act

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Late last month, the U.S. Court of Appeals for the Eleventh Circuit held in Regions Bank v. Legal Outsource PA, No. 17-11736, 2019 WL 4051703 (11th Cir. Aug 28, 2019), that a loan guarantor does not qualify as an “applicant”...more

Nutter McClennen & Fish LLP

Legal Advisory: Enforcement Issues in Massachusetts Real Estate Loans

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Two recent Massachusetts Appeals Court decisions offer both clarity and caution to mortgage lenders seeking to enforce their loan documents. These decisions address the importance of properly drafting prepayment provisions in...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending March 29, 2019

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Real Property Update - Foreclosure / Attorneys' Fees: borrower not entitled to attorneys' fees for prevailing on lender's claim for reformation of mortgage, where lender prevailed on claim of foreclosure without...more

Burr & Forman

Grant v. Citizens Bank, N.A.: Florida Courts Agree that Statute of Limitations does not Bar Collection of Amounts More than Five...

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In an opinion issued recently, Florida’s Fifth District Court of Appeal joined other Florida appellate courts in holding that the five-year statute of limitations to bring an action to enforce a promissory note and/or...more

Burr & Forman

Florida’s Second DCA Clarifies on Standing if New Case is Commenced While the Clerk Possesses the Note

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On October 31, 2018, Florida’s Second District Court of Appeal recently distinguished two of its prior opinions and held that a foreclosure plaintiff does not lose its standing as a holder of a negotiable instrument if it...more

Bradley Arant Boult Cummings LLP

Determining Who is a Borrower Under a Reverse Mortgage - Westlaw Journal

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As attorneys representing the financial services industry well know, the financial crisis of 2007-2008 resulted in a wave of foreclosures across the country as borrowers struggled to make payments on their mortgages. The...more

Chambliss, Bahner & Stophel, P.C.

Promissory Notes and Medicaid

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A promissory note is normally given in return for a loan and it is simply a promise to repay the amount. Classifying asset transfers as loans rather than gifts can be useful because it sometimes allows parents to "lend"...more

Ballard Spahr LLP

Treasury Recommends Sweeping Industry Changes for Mortgage Lenders and Servicers

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As covered earlier this week in a legal alert, the U.S. Department of the Treasury issued a report recommending sweeping regulatory changes for consumer financial services. Within the report, the Treasury also recommended a...more

Bradley Arant Boult Cummings LLP

Florida Third District Court of Appeal’s Ruling in Favor of Reverse Mortgage Lender Signals New Positive Outlook for Non-Borrowing...

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Reverse mortgage lenders received a significant victory in Florida’s Third District Court of Appeal last week when the court issued its decision in OneWest Bank, FSB v. Palmero. After previously ruling in Smith v. Reverse...more

Hinshaw & Culbertson LLP

Mortgage Foreclosure Alert: Attaching Promissory Note in Illinois Sufficient to Show Standing; but HUD Letters Require Proof of...

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In a foreclosure action, the Illinois Appellate Court recently held that the foreclosing lender established its standing by attaching the blank-indorsed note to its complaint, but reversed judgment and remanded for the trial...more

Troutman Pepper

Important Lessons for Mortgage Lenders in Delaware

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In a recent opinion, the Supreme Court of Delaware held that a mortgage holder must be entitled to enforce the underlying obligation that secures the mortgage in order to foreclose on the mortgage. As a result of the court’s...more

Burr & Forman

Third DCA Rejects 57.105 Attorney’s Fees Where Plaintiff Failed to Prove Standing

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On March 1st, Florida’s Third District Court of Appeal affirmatively held that a mortgage holder who fails to prove its standing to foreclose is not liable to a defendant borrower for prevailing party attorney’s fees. The...more

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