Non-Judicial Foreclosures

News & Analysis as of

Bankruptcy Beat: Public Tax Sale to Pay Unpaid Real Estate Taxes Held to Constitute “Reasonably Equivalent Value” for Fraudulent...

A voluntary or involuntary transfer of property by a debtor for less than “reasonably equivalent value” at a time when the debtor is insolvent may be avoided as a fraudulent transfer 11 USC § 548, irrespective of the debtor’s...more

DOJ Reaches Agreement With Leading Mortgage Servicers Over Servicemember Foreclosures

On February 9, the DOJ announced a $123 million settlement with five national mortgage servicers for allegedly violating sections of the SCRA. Specifically, the DOJ alleges that the mortgage servicers subjected over 900...more

Compliance with California Foreclosure Recording Law: What Level of "Defect" in Foreclosure Recordings "Void" a Foreclosure Sale?

In the wake of the California foreclosure crisis, one of several arguments relied on by borrowers facing foreclosure (and their attorneys) in “wrongful foreclosure” suits has been that some aspect of the statutory foreclosure...more

Recording Notice of Default as Trustee Before Being Formally Made the Trustee Does Not Make Foreclosure Sale Void

In Ram, et al. v. OneWest Bank, FSB, et al. (filed 2/6/15, No. A139055), the California Court of Appeal held that a nonjudicial foreclosure sale is not void merely because the notice of default was recorded by an entity who...more

Supreme Court of Washington Clarifies Guarantor Liability for Deficiency Judgments

The Supreme Court of Washington has upheld a lender’s right to pursue a deficiency judgment against a guarantor following a nonjudicial foreclosure of collateral under Washington’s Deed of Trust Act (the “Act”). The court’s...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

Automatic Stay: What Happens When a Case is Reopened?

U.S. Bank, N.A. v. Brumfiel (In re Brumfiel), 514 B.R. 637 (Bankr. D. Colo. 2014) – After a debtor reopened her chapter 7 bankruptcy case, a lender moved for relief from the automatic stay in order to continue with a...more

HOA Lien Extinguishes First Deed of Trust in Foreclosure, Nevada Supreme Court Holds

On the heels of a recent D.C. Court of Appeals ruling, the Nevada Supreme Court issued an opinion yesterday holding that a homeowners association (HOA) lien is a true super-priority lien that, if foreclosed upon, extinguishes...more

Claimant Must Exhaust Administrative Remedies Provided For In The Financial Institutions Reform, Recovery, and Enforcement Act of...

After defaulting on his Hawaii home mortgage with Washington Mutual Bank ("Wamu") and facing nonjudicial foreclosure, Todd Rundgren (Hello It's Me) and his wife, Michelle (collectively the "Rundgrens"), sued Wamu and JP...more

Under Well Established California Law, Judgment In Favor Of Borrower In A Lawsuit Brought To Foreclose A Mechanic's Lien After...

The issue before the Second District Court of Appeal ("Appellate Court") in this published opinion was whether a senior trust deed holder loses its priority lien position after accepting a deed in lieu of foreclosure from its...more

Waive Goodbye to Confirmation Hurdle! Recent Decision from the Georgia Court of Appeals Gives Lenders an Alternate Route to...

By most accounts, a decision from the Georgia Court of Appeals last September represents a sea change in the law governing judicial confirmation of foreclosure sales and post-foreclosure deficiency claims. Indeed, the Court's...more

Supreme Court Seeks Federal Government Opinion on National Bank Act Preemption of State Foreclosure Law

Considering a petition for certiorari filed by Federal National Mortgage Association in a case concerning which state’s law governs a national bank’s authority to serve as trustee under a deed of trust—the state in which the...more

Georgia Non-Judicial Power of Sale Foreclosure – Overview of Procedures

Given our geographic proximity, it is not uncommon for Florida banks to do business in Georgia or with clients owning property in Georgia. This geographic proximity, however, does not lend itself to equivalence of foreclosure...more

Important Changes to Nevada's Non-Judicial Foreclosure Process

Lenders who secure loans with real property and their foreclosing trustees should be aware of important changes to the Nevada Revised Statutes regarding non-judicial foreclosures that went into effect on June 1, 2013....more

Important Update on Georgia Foreclosures

Last year, we alerted to you to a ruling by the Georgia Court of Appeals that altered the notice requirements for non-judicial foreclosure in Georgia. In that case, Reese v. Provident Funding Associates, the Georgia Court of...more

Will State Rep. Kathleen Passidomo's HB 87 Become Florida Law, Revamping the Florida Judicial Foreclosure Process? Maybe, Yes.

Florida State Representative Kathleen Passidomo (R-Naples) may have success this year in changing how Florida handles foreclosures as her proposed House Bill 87, co-sponsored with Florida Representatives Caldwell, Moraitis,...more

Failure to Conduct Face-To-Face Interview With Borrower Precludes Nonjudicial Foreclosure Sale Under FHA Loan – Pfeifer v....

California courts have to date been reluctant to inject themselves into the comprehensive nonjudicial foreclosure scheme enacted by the Legislature at Civil Code section 2924 et seq....more

Rogers Towers: The Status of Florida Foreclosures

Recently, The Wall Street Journal published an editorial discussing the status of mortgage foreclosure litigation. The purpose of the article was to extol the alleged benefits of non-judicial foreclosure over judicial...more

Neither Failure to Name Trustee In Deed of Trust Nor Absence of The Original Note Will Invalidate A Nonjudicial Foreclosure Sale –...

In this recent Court of Appeal opinion, an issue of first impression in California was addressed: That is, can a borrower seek to set aside a nonjudicial foreclosure under a deed of trust which initially failed to identify a...more

California Appeals Court Enjoins Nonjudicial Foreclosure For Lenders’ Failure To Comply With HUD Servicing Requirements

On December 13, the California Court of Appeal for the First Appellate District held that the HUD servicing requirements were incorporated by reference into the borrowers’ FHA deed of trust and served as conditions precedent...more

Navigating Non-Judicial Foreclosures -- After Bain v. Metropolitan Mortgage Group, Inc., et al.

Originally published in Washington Bankers' Issues & Answers - November/December 2012. In August, the Washington State Supreme Court weighed in on the role of Mortgage Electronic Registration Systems, Inc. (“MERS”) in...more

Burr Alert: Georgia Foreclosure Law In The Wake Of Recent Decisions On Residential Mortgage Loans

Thousands of wrongful foreclosure lawsuits are filed each year in Georgia against banks, lenders, servicers, foreclosure firms, and other entities involved in the non-judicial foreclosure process for residential mortgage...more

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