News & Analysis as of

Mortgages Reversal

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 -
Pierce Atwood LLP

Maine Law Court Reverses Rule Barring Foreclosure After a Deficient Notice of Default

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In a monumental and overdue shift in foreclosure jurisprudence, in Finch v. U.S. Bank, N.A., 2024 ME 2,---A.3d---, the Law Court overruled its holding in Pushard v. Bank of America, N.A., 2017 ME 230, 175 A.3d 103, which...more

Rosenberg Martin Greenberg LLP

Consumer Lending Laws May Be A Trap For Even The Wary

It is no surprise to anyone involved in consumer lending that laws designed to protect consumers from inception of the loan relationship through collection of the loan following default vary greatly from state to state and...more

McGlinchey Stafford

Is my conduct a violation of the Consumer Sales Practices Act?

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The Bullet Point: Ohio Commercial Law Bulletin Is my conduct a violation of the Consumer Sales Practices Act? Volume 4, Issue 18 October 2, 2020 Unconscionable arbitration agreement Klonowski v. Lynch, 8th Dist. Cuyahoga...more

Hinshaw & Culbertson - Consumer Financial...

Consumer Law Hinsights – July 2020

Welcome to Consumer Law Hinsights?a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies. This edition highlights our interactive COVID-19...more

Carlton Fields

Should I Stay or Should I Go? Bankruptcy Preemption May Bar FDCPA and FCCPA Claims Either Way

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After receiving a bankruptcy discharge, a borrower whose home is pending foreclosure has two options: stay in the home and, perhaps, make voluntary payments on the mortgage, or leave the home and start fresh. When a debt...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending April 26, 2019

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Real Property Update - • Foreclosure / Reverse Mortgage / Condition Precedent: bank failed to establish that the subject property was not the principal residence of surviving co-borrower under its reverse mortgage, a...more

Burr & Forman

Florida Supreme Court Withdraws Prior Opinion Limiting "No Standing No Fees" Issue

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On April 18, 2019, the Florida Supreme Court issued a surprise ruling withdrawing its January 4, 2019 opinion in Nationstar Mortgage LLC v. Glass. ...more

Balch & Bingham LLP

Alabama Supreme Court Changes Course On Validity of Future-Advance Mortgages

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In September 2018, the Alabama Supreme Court issued an opinion in GHB Constr. and Dev. Co., Inc. v. West Alabama Bank and Trust, No. 1170484, that caused considerable concern for Alabama lenders. The Court held that...more

Ballard Spahr LLP

Inside the Beltway: Chairwoman Waters Introduces Bill to Reverse Mulvaney Actions

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House Financial Services Committee Chairwoman Maxine Waters recently introduced the "Consumers First Act," H.R. 1500, a modified version of a bill she introduced in the last session of Congress when Mick Mulvaney was still...more

Patton Sullivan Brodehl LLP

The Tender Rule — Reinstatement and Redemption are Different

Under California’s “tender rule,” a borrower suing to halt or unwind a wrongful foreclosure sale generally must allege that it tendered the amounts due on the loan before the sale. The rationale underlying the tender rule is...more

Burr & Forman

Florida Supreme Court Reverses Fourth DCA on No Standing No Fees

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The Florida Supreme Court released an opinion in Glass v. Nationstar, SC17-1387 with widespread implications in contract litigation, and mortgage foreclosure litigation in particular, as it relates to attorney’s fee...more

BCLP

Modifications on My Mind: When “Will” Means “Must” and a Conventional Hand Signature is Not Required

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The Sixth Circuit has issued another opinion regarding loan modifications, following its opinion two weeks ago in Segrist v. Bank of New York Mellon (2018 WL 3773785, August 9, 2018), on which I earlier wrote. Now, in...more

Manatt, Phelps & Phillips, LLP

Bank of America Wins Reversal of FIRREA $1.27B Penalty

A breach of contract is insufficient to also support a claim for fraud, the Second Circuit Court of Appeals has ruled, reversing a $1.2 billion verdict against Countrywide Home Loans in the process. What happened - ...more

Ballard Spahr LLP

Fla. Appellate Court Reverses Itself In Key Foreclosure Victory For Mortgage Industry

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The Florida Third District Court of Appeal (DCA), sitting en banc, reversed itself this week and held that the five-year statute of limitations did not bar a second foreclosure suit filed on a subsequent payment default so...more

Partridge Snow & Hahn LLP

Rhode Island Supreme Court Rules That Condominium Assessment Liens Could Extinguish First-Priority Mortgages

First mortgage holders in Rhode Island beware: in a 4-1 decision handed down on December 4, 2015, the Rhode Island Supreme Court has ruled that pursuant to the Rhode Island Condominium Act, RIGL § 34-36.1-1.01 et seq., liens...more

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