News & Analysis as of September 20, 2024

Mortgage Lenders

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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 -

First Circuit Affirms Bankruptcy Court’s Judgment in Favor of Mortgage Company

Smith Debnam Narron Drake Saintsing & Myers,... on 8/28/2019

A First Circuit Bankruptcy Appellate Panel (the “Panel”) recently held that a mortgage company’s communications did not violate the discharge injunction when viewed under an objective standard and considering the facts and...more

First Circuit: Sending Form 1099-A Post-Chapter 7 Discharge Does Not Violate the Discharge Injunction

Goodwin on 1/20/2017

On December 14, 2016, the United States Court of Appeals for the First Circuit affirmed the New Hampshire Bankruptcy Court and District Courts’ findings that a mortgage lender sending Internal Revenue Service Form 1099-A to a...more

Eleventh Circuit Affirms That a Debtor’s Surrender in Bankruptcy Means Just That-You Must Surrender

Burr & Forman on 10/28/2016

Burr & Forman lawyers won a significant victory in the Eleventh Circuit earlier this month. In the case In re: David A. Failla, — F.3d — (2016), the U.S. Court of Appeals for the Eleventh Circuit affirmed that a person who...more

One Appellate Court’s Message to Debtors: Do What You Say!

Baker Donelson on 10/11/2016

Mortgage lenders received some good news from the Eleventh Circuit Court of Appeals last week! In Failla v. Citibank, N.A., Case No. 15-15626 (11th Cir. Oct. 4, 2016), the Court affirmed a bankruptcy judge’s order for a...more

The Eleventh Circuit has spoken: “Debtors who surrender property must get out of the creditor’s way”

Bradley Arant Boult Cummings LLP on 10/11/2016

In recent years, there has been a hotbed of litigation across the nation, particularly in Florida state and bankruptcy courts, regarding a debtor’s ability to contest a secured creditor’s foreclosure notwithstanding the...more

Surrendering Your Property in Bankruptcy Means You Must Actually Surrender It

Carlton Fields on 10/10/2016

The title of this article seems self-evident. Lenders, servicers, and others active in the foreclosure arena these past few years know that it has been anything but. Borrowers surrender property in bankruptcy but,...more

How Long Is Too Long To Reopen A Bankruptcy Case?

Tucker Arensberg, P.C. on 11/5/2015

In a per curiam opinion that is not precedential but of interest to lenders who take mortgages as security, the Court of Appeals for the Third Circuit decided that the Debtor’s effort to reopen her bankruptcy case was too...more

New York Appellate Court Confers Standing on Assignee of Note Previously Discharged in Bankruptcy

Ballard Spahr LLP on 7/28/2015

A mortgage lender has standing to foreclose even when it obtains assignment of the underlying promissory note after the note has been discharged in bankruptcy, a New York appellate court has ruled. The case arose after the...more

Recent Unanimous Supreme Court Decision Holds That Underwater Mortgages in a Chapter 7 Cannot be “Stripped off"

Seyfarth Shaw LLP on 6/23/2015

The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more

The Supremes Tell the Eleventh Circuit: No Lien Stripping

Baker Donelson on 6/8/2015

On June 1, 2015, the United States Supreme Court issued a unanimous ruling resolving a split amongst circuit courts in which the 11th circuit was the singular minority, addressing the permissibility of “lien-stripping” in...more

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