News & Analysis as of

Foreclosure

Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of... more +
Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Persistence Can Lead To Dollars Part II: Foreclosing On A Memorandum Of Lien

by LeClairRyan on

In our previous post, we considered one method a Community Association may use to preserve and collect its lien for unpaid assessments: the memorandum of lien....more

Despite Acceleration of Debt Through Prior Dismissed Foreclosure Action, Bankruptcy Petition Tolls Statute of Limitations on...

by Hinshaw & Culbertson LLP on

In Lubonty v. U.S. Bank National Association, a mortgagor sought to void a mortgage loan claiming that the six-year statute of limitations to foreclose had expired. The mortgagor had commenced multiple bankruptcy proceedings...more

2017-18 Arizona Case Law Affecting Commercial Real Estate and Lending

The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on March 13, 2018. Arizona Case Law – Trustee’s Sale Statute of Limitations;...more

Failla And Taylor Are Alive And Well: Eleventh Circuit Again Confirms That Debtors Cannot Retain Secured Property Absent...

by Burr & Forman on

For the third time in less than two years, the Eleventh Circuit Court of Appeals has ruled that a chapter 7 debtor who does not reaffirm secured debt or redeem the property must surrender the property. In re Woide, No....more

Tenants and Personal Property after a Foreclosure Sale

After a judicial foreclosure sale concludes and a certificate of title is issued, the purchaser named in the certificate may find the newly acquired residential property either occupied by a tenant in possession or filled...more

Florida Enacts Four Bills to Make Various Changes to Consumer-Related Statutes

by Weiner Brodsky Kider PC on

The Florida Legislature recently enacted four bills that created and modified certain provisions in the Florida Statutes related to consumer issues in connection with (1) telephone solicitations; (2) consumer finance loans;...more

Chris Lazarini Examines Statute of Limitations Related to Breach of Fiduciary Duty

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined a case of alleged breach of trust and breach of fiduciary duty against a bank acting as the indenture trustee related to a foreclosure action on defaulted mortgage revenue...more

Real Property, Financial Services, & Title Insurance Update: Week Ending March 23, 2018

by Carlton Fields on

Foreclosure / Amendments to Conform to Evidence: trial court erred in allowing Wells Fargo to amend its complaint during trial to conform to evidence presented of two unpled modification agreements – Tracey v. Wells Fargo...more

Dear Mortgage Lenders – This New Law Is For You!

by Fox Rothschild LLP on

In my August post, I discussed two cases. In the Failla case, the Eleventh Circuit affirmed the District Court’s opinion that “once the debtor decides to ‘surrender’ secured property… [w]hile the debtor need not physically...more

CFPB Issues Implementation Guidance for Mortgage Servicing Rule Amendments

On March 29, 2018, the Consumer Financial Protection Bureau (CFPB) released two important implementation tools that may help mortgage servicers ensure compliance with recent amendments to the mortgage servicing rules in...more

For Whom the Agreement Tolls: Tolling Agreements May Not Toll Claims Against Non-Signatory Defendants

by Reminger Co., LPA on

In Seniah Corp. v. Buckingham, Doolittle & Burroughs, LLP, Ohio’s Fifth District Court of Appeals ruled in favor of a defendant attorney because the legal malpractice claims at issue—which are subject to a one-year statute of...more

New Decision from the D.C. Court of Appeals Recognizes Additional Defenses to HOA Super-Priority Lien Statute

As we noted in last week’s blog post, the District of Columbia Court of Appeals issued a decision on March 1, 2018, that created a new wave of uncertainty for lenders with loans secured by deeds of trust on condominium units...more

Florida Passes Bill to Stop Bankruptcy Debtors From “Having Their Cake and Eating It Too”

by BakerHostetler on

On March 20, Florida Governor Rick Scott signed Senate Bill 220 into law. The bill is designed to limit the ability of defendants in foreclosure proceedings to keep contesting the foreclosure after agreeing, in bankruptcy, to...more

HOA Super-Priority Lien Law Preempted by Federal Statute

Given the significant role Fannie Mae and Freddie Mac have in the national housing market, it is unsurprising that both have become embroiled in the Nevada HOA super-priority lien litigation. Since July 2008 – well before the...more

HUD Regulation Requiring Face-to-Face Meeting Presents Compliance Challenge for Lenders Seeking Mortgage Foreclosure

by Hinshaw & Culbertson LLP on

In Dan-Harry v. PNC Bank, the Rhode Island federal court concluded that a mortgagor may bring a claim for damages and other remedies against a mortgagee on allegations of failure to conduct a pre-foreclosure face-to-face...more

Objection, Interrupted

by Carlton Fields on

It’s a cardinal rule that to preserve an argument at trial, counsel must make a contemporaneous objection. Even cardinal rules, however, have their exceptions....more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending March 9 & 16, 2018

by Carlton Fields on

REAL PROPERTY UPDATE - Condition Precedent: trial court properly rejected motion to dismiss for failure to satisfy condition precedent of pre-litigation non-binding arbitration, required by Chapter 718, Florida Statutes,...more

Alabama Limits Foreclosure Redemption Period for Homestead Property

by Weiner Brodsky Kider PC on

Alabama recently amended its real estate redemption law to limit the time period within which a borrower can redeem homestead property following foreclosure. The amendments took effect on February 22, 2018....more

Is a Foreclosure Crisis Looming in Our Nation’s Capital?

The District of Columbia Court of Appeals recently sent a new set of shockwaves through the mortgage industry in the nation’s capital when it released its decision in Andrea Liu v. U.S. Bank National Association. Having held...more

FHA Extends Foreclosure Moratorium for Hurricane Maria Victims in Puerto Rico and U.S. Virgin Islands

by Weiner Brodsky Kider PC on

On March 1, 2018, FHA announced that it is extending its 180-day foreclosure moratorium for FHA-insured homeowners in Puerto Rico and the U.S. Virgin Islands for an additional 60-days due to the extensive damage caused by...more

Virginia Amends Provisions Relating to Foreclosure, Notices of Sale for Deceased Owners, and Disposition of Sale Surplus

by Weiner Brodsky Kider PC on

The state of Virginia recently enacted House Bill 755 that amends provisions of Virginia statutes relating to foreclosure, notices of sale when an owner is deceased, and disposition of surplus from sale, effective July 1,...more

Appellate Court Notes

by Pullman & Comley, LLC on

Appellate Court Advance Release Opinions: Husband and wife defendants were related to the husband and wife plaintiffs. The defendants were convinced the plaintiff husband (a state trooper) was abusing his wife, despite her...more

Orrick's Financial Industry Week In Review

SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets - On March 7, 2018, the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission released a "Statement on...more

Appellate Court Notes

by Pullman & Comley, LLC on

Appellate Court Advance Release Opinions: AC39520 - Stratek Plastics, Ltd. v. Ibar - Remember the case that held you could not recover your attorney fees in a mechanic lien foreclosure as the plaintiff unless there had...more

Florida Sets 120-Day Deadline on Tax Deed Sale Surplus Claims

by Baker Donelson on

Earlier this month, House Bill 1383, which amends Florida's tax deed statutes, was passed in both houses of the Florida legislature and now awaits the Governor's signature. While the amendments generally provide more guidance...more

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