Financial institutions, lenders, and servicers should take note that the California Supreme Court affirmed a Court of Appeal decision confirming there is no duty for a lender to “process, review and respond carefully and...more
The New York Court of Appeals’ decision set bright-line rules that a noteholder’s voluntary discontinuance of a foreclosure action, in itself, revokes the acceleration of a mortgage debt, and a default letter stating that the...more
In its recent ruling, the United States Court of Appeals for the Ninth Circuit confirmed that California law does not permit pre-foreclosure challenges to assignments of deed of trust. The ruling is significant because it...more
The United States Court of Appeals for the Ninth Circuit held that Fannie Mae is not a “consumer reporting agency” under the Fair Credit Reporting Act (“FCRA”). Accordingly, Fannie Mae was not liable to borrowers for alleged...more
New York’s Appellate Division, Second Department, ruled short sale documents do not constitute an unqualified acknowledgment of the debt or manifest a promise to repay the debt sufficient to reset the statute of limitations...more
Mortgagees and their servicers should take note that a New York appellate court has confirmed that a default letter, stating the mortgage debt “will be accelerated” if the default is not cured, does not clearly and...more
Action Item: If a prior foreclosure action has been dismissed with prejudice, mortgagees may bring new actions to foreclose on mortgages based upon post-dismissal payment default, so long as the new action is brought within...more
Action Item: In a ruling last week, the California Supreme Court supported Glaski and issued a narrow holding that, post-foreclosure, borrowers have standing to assert wrongful foreclosure based on allegations that an...more