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U.S. Supreme Court Blocks Enforcement of a Limited Part of New York’s COVID-19 Emergency Eviction and Foreclosure Prevention Act

Financial institutions, lenders, and servicers should take note that the United States Supreme Court (“SCOTUS”) granted an injunction filed by plaintiffs-landlords seeking to prevent the enforcement of New York’s COVID-19...more

New York’s Highest Court Makes Key Rulings in Favor of Lenders Clarifying What Accelerates and De-Accelerates a Mortgage Debt for...

The New York Court of Appeals has resolved a split between two intermediate state appellate courts regarding whether a default letter clearly and unequivocally affirmatively accelerates a mortgage debt and provided much...more

New York’s Highest Court Makes Key Rulings in Favor of Lenders Clarifying What Accelerates and De-Accelerates a Mortgage Debt for...

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

New Jersey Supreme Court Confirms Assignee’s Right to Enforce Note Lost by Predecessor in Interest

On July 1, 2020, the Supreme Court of New Jersey issued its unanimous opinion in Investors Bank v. Torres confirming that an assignee of a note lost by a predecessor in interest can enforce the lost note. The Supreme Court...more

United States Court of Appeals for the Ninth Circuit Confirms Yvanova is Limited to Post-Foreclosure Challenges to Authority

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

New York’s Department of Financial Services Issues Regulation for Financial Institutions to Provide Relief to Consumers Suffering...

New York regulated banking organizations as defined under New York Banking Law and any New York regulated mortgage servicer subject to the authority of the New York State Department of Financial Services should take note of...more

New York Appellate Court Rejects Usage of a Mortgage’s Reinstatement Provision as a Defense to the Expiration of the Statute of...

New York’s Second Department, in rejecting the MacPherson line of cases, holds mortgage’s reinstatement provision is not a condition precedent to accelerating the debt and therefore does not prevent a lender from exercising...more

NY Appellate Court Holds Default Letter Stating Debt “Will Be Accelerated” Does Not Accelerate the Debt, De-Acceleration Must Be...

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

In Blackstone v. Sharma, Maryland’s Highest Court Rules That Foreign Statutory Trusts Do Not Need to Be Licensed as Debt...

In a long-awaited decision, the Court of Appeals of Maryland holds that foreign statutory trusts do not need to be licensed as debt collectors before initiating in rem foreclosure proceedings. This holding will allow numerous...more

NY Appellate Court Holds CPLR 205(a) Applies to Note Owner’s Successor in Interest If Prior Action Not Dismissed for Failure to...

Action Item: New York’s Appellate Division, Second Department, affirms that dismissal under Civil Practice Law and Rules (“CPLR”) 3215(c) does not constitute neglect to prosecute and therefore a plaintiff may avail itself of...more

Florida Supreme Court Finds That the Statute of Limitations Does Not Prevent a Subsequent Foreclosure Action Based on Payment...

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

CA Supreme Court Unanimously Holds that a Mortgage Loan Borrower Has Standing to Sue for Wrongful Foreclosure due to Allegedly...

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

NJ Borrowers under HAMP May Pursue State Law Claims

It is well-established that the federal Home Affordable Modification Program (HAMP) does not offer borrowers a private right of action to allege a lender or servicer violated HAMP. However, the New Jersey Appellate Division...more

Borrowers Don’t Have Private Right of Action Under HAMP but May Pursue New Jersey State Law Claims

Action Item: To avoid possible state law claims related to denial of loan modifications, trial modification offers should clearly define the requirements a borrower must fulfill to receive a loan modification, and lenders and...more

Supreme Court Rules Written Notice Is Sufficient to Rescind under TILA

Action Item: In light of the United States Supreme Court’s decision in Jesinoski, lenders should be aware that written notice provided by the borrower, within three years of the loan consummation, is sufficient to exercise...more

New Jersey Bankruptcy Court Holds That Mortgage Was No Longer Enforceable and Borrower Was Entitled to a “Free House”

Action Item: In light of this decision, lenders should ensure that foreclosures in New Jersey are filed within six years of the date of default. Failure to file a foreclosure within six years may cause the action to be barred...more

“Totality of the Circumstances” Standard Used to Sanction Mortgagee for Lack of “Good Faith” Negotiation in Foreclosure Matter

New York’s Appellate Division, Second Department, recently ruled that a mortgagee’s conduct in evaluating a borrower’s loan modification application should be judged using the “totality of the circumstances” standard to...more

Increased Muni Power Means Larger Fines For NJ Mortgagees

As a result of the recent changes in New Jersey law, mortgagees and servicers should review their practices and procedures to ensure timely response to notices of municipal code violations on abandoned or vacant properties in...more

Mortgagees Face Increased Penalties for Failure to Remedy Municipal Violations on New Jersey Properties in Foreclosure

Action items: As a result of the recent changes in New Jersey law, mortgagees and servicers should review their practices and procedures to ensure timely response to notices of municipal code violations on abandoned or vacant...more

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