News & Analysis as of

Financial Distress Mortgages

Holland & Knight LLP

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

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The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

Mayer Brown

US FHA Introduces Payment Supplement Loss Mitigation Option

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In an effort to help struggling borrowers stay in their homes, the US Department of Housing and Urban Development’s (“HUD” or “Department”) Federal Housing Administration (“FHA”) recently introduced its newest loss mitigation...more

Fox Rothschild LLP

Can or Should You Rescue the “Friend Overboard?”

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It’s a normal Sunday night. You are settling down to watch the next episode of “The Winter King” or “The Chosen”. The phone rings, or worse yet, the person you have been living with for six months or six years says, “Can we...more

Orrick, Herrington & Sutcliffe LLP

FHA reminds servicers of available HAF financial assistance

On March 24, FHA reminded servicers about their obligation to inform distressed homeowners about the availability of financial assistance for FHA-insured mortgages, including single-family forward mortgages and home equity...more

Lowndes

Six Tips for Lenders Foreclosing a Shopping Center

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Foreclosing on a mall or shopping center presents unique issues for a lender. Failing to anticipate these issues could cause problems, such as a lengthier foreclosure process or a lower resale value after the foreclosure....more

Bradley Arant Boult Cummings LLP

The Future of Default Servicing

As fears of a recession grow, it would be prudent for everyone—servicers and regulators alike—to think hard about default servicing improvements and reforms. More than two years after the COVID-19 pandemic took hold of the...more

Ballard Spahr LLP

CFPB Launches Toolkit for Renters and Mortgage Borrowers Experiencing COVID-19 Financial Hardships

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On July 7, 2021 the Consumer Financial Protection Bureau (CFPB) launched a digital toolkit for media, intermediaries, and other stakeholders interested in providing information and resources to renters and mortgage borrowers...more

Cadwalader, Wickersham & Taft LLP

Summer's Coming, May 2021 | Issue No. 24 - COVID-19 Update: Governor Cuomo Extends Eviction and Foreclosure Moratorium until...

On May 5, 2021, New York Governor Andrew Cuomo signed a bill that extends the moratorium on evictions and foreclosures for residential tenants and small businesses to August 31, 2021. The previous moratorium expired May 1,...more

Levenfeld Pearlstein, LLC

Legislation Introduced To Extend CARES And CAA Bankruptcy Provisions

On February 25, 2021, Senators Durbin and Grassley introduced bipartisan legislation to extend the expiration dates of certain bankruptcy provisions of the CARES Act and the Consolidated Appropriations Act to March 27, 2022. ...more

Rumberger | Kirk

Texas Federal Court Ruled Federal Government Has No Constitutional Power Over Foreclosures and Evictions

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A federal court in Texas has ruled that the federal government has no constitutional power to prohibit real estate foreclosures and evictions pursuant to coronavirus legislation and regulation, calling into question whether...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Governor Cuomo Extends Residential Eviction and Foreclosure Moratorium

Since declaring a State of Emergency on March 7, 2020 in response to the COVID-19 pandemic, New York Governor Andrew Cuomo has issued a number of Executive Orders providing protections for both commercial and residential...more

Lowndes

Foreclosure Moratorium Update

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Early in the response to the COVID-19 pandemic, various foreclosure moratoriums effecting Florida real estate were issued. The U.S. Department of Housing and Urban Development (HUD) issued a moratorium on all foreclosures of...more

Bradley Arant Boult Cummings LLP

The CARES Act at Six Months: What’s Ahead for the Mortgage Industry

The CARES Act provided historic, temporary relief to mortgage holders facing Covid-19-related financial troubles. R. Aaron Chastain, partner at Bradley Arant Boult Cummings LLP, looks at where mortgage lenders and servicers...more

Bilzin Sumberg

Legal Challenges Greet New Moratorium on Residential Evictions, Foreclosures

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On September 4, the Centers for Disease Control (CDC) imposed a moratorium on residential foreclosures and evictions through the end of this year. The move quickly followed comments by the Trump administration that it would...more

Bradley Arant Boult Cummings LLP

COVID-19 Mortgage Servicing Trends Report

Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. This report is intended to show industry trends, not facts, and does not necessarily...more

Lowndes

Governor DeSantis Extends Florida's Moratorium on Evictions and Foreclosures to October 1

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On Monday, September 1, 2020, Florida Governor Ron DeSantis extended (for a fifth time) a previous executive order that suspended and tolled the Florida statutes that provide for final action at the conclusion of a...more

Roetzel & Andress

Florida Governor Extends Mortgage Foreclosure And Eviction Relief Until Oct. 1

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Florida Governor Ron DeSantis issued a new executive order that extends mortgage foreclosures and eviction relief until October 1. Executive Order 20-211 does not make any further changes, but only extends the same language...more

Burr & Forman

Florida Governor Renews Housing Protections for Florida Families

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Florida, like the majority of the United States, has enacted several economic protections in response to the coronavirus pandemic, including eviction moratoriums for the non-payment of rent. ...more

Clark Hill PLC

Insight on Illinois - August 2020 #1

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As we hit the dog days of August, government at all levels continues to battle COVID-19 while supporting businesses and families. Nationally, negotiations over a relief package have stalled, and President Trump has issued an...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Governor Cuomo Extends Tenant Protections, Including Eviction and Foreclosure Moratorium

On August 5, 2020, New York State Governor Andrew Cuomo issued Executive Order 202.55 (the “New Order”) to provide additional relief to renters impacted by the COVID-19 pandemic and extended the time periods for certain other...more

Bilzin Sumberg

Further Extension of Governor’s Order Prohibiting Evictions and Foreclosures in Florida

Bilzin Sumberg on

Governor DeSantis previously issued Executive Order 20-94 on April 2, 2020, suspending and tolling any statute providing for a mortgage foreclosure or residential eviction due to non-payment of rent that, after several...more

Hinshaw & Culbertson - Consumer Crossroads

New York Courts Lift Suspension of Foreclosure Proceedings, Add Additional Conference Requirement

On July 24, 2020, the New York State Courts issued Administrative Order 157/20 (AO/157/20). Effective July 27, 2020, AO/157/20 removes the formal suspension of all residential foreclosures, but keeps a limited suspension of...more

Lowndes

Governor DeSantis Extends Eviction and Foreclosure Moratorium until September 1

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On July 29, 2020, Florida Governor Ron DeSantis signed Executive Order 20-180 that extended (for a fourth time) his previous executive order which effectively put a moratorium in place on mortgage foreclosures and residential...more

Burr & Forman

South Carolina Moratorium on Evictions and Foreclosures Due to COVID-19

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On March 18, 2020 the South Carolina Supreme Court issued an order suspending foreclosures and evictions until May 1.  These suspensions were subsequently extended to May 15th by a Supreme Court Order dated April 30th. ...more

Tucker Arensberg, P.C.

Pennsylvania Housing Finance Agency Launches Programs for Mortgage and Rent Relief

Pennsylvanians facing foreclosure or eviction may apply for assistance under the newly enacted Act 24 of 2020. The Pennsylvania General Assembly directed 175 million of the Coronavirus Aid Relief and Economic Security Act...more

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