News & Analysis as of September 21, 2024

Foreclosure › Home Equity

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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 -

Certain Foreclosure Moratoria Set to Lift on July 31

Perkins Coie on 7/29/2021

At the close of this month, certain moratoria on foreclosures and evictions are set to lift. While prior deadlines have been extended, it remains to be seen whether another continuance will be granted amidst an increase in...more

New York to Impose New Foreclosure, Loss Mitigation, and Reporting Requirements for Home Equity Conversion Mortgages

Locke Lord LLP on 12/18/2020

On December 15, 2020, New York Governor Andrew Cuomo signed into law Senate Bill 4408, which amends the Real Property Law by adding a new section 280-d. The amendment will become effective on April 14, 2021, and the...more

Texas Home Equity Loan Litigation Update: Eastern District of Texas Reaffirms that Quiet-Title and Breach-of-Contract Claims...

Locke Lord LLP on 7/14/2016

On May 20, 2016, the Texas Supreme Court issued two opinions dealing with the home-equity lending provisions in article XVI, section 50 of the Texas Constitution. In Wood v. HSBC Bank USA, N.A., ___ S.W.3d ___, 2016 WL...more

Supreme Court of Texas; Recent Texas Home Equity Lending Decisions

Winstead PC on 6/6/2016

On May 20, 2016, the Supreme Court of Texas (the "Court") issued its opinions in two cases involving Texas home equity lending – Garofolo v. Ocwen Loan Servicing and Wood v. HSBC Bank USA. The decisions are important for the...more

Florida Court of Appeals Reverses Foreclosure of Reverse Mortgage by Expanding the Definition of “Borrower” to Include Surviving...

Ballard Spahr LLP on 8/12/2015

Home equity conversion mortgages, commonly known as “reverse mortgages” are popular loan products in Florida. In order to foreclose on a reverse mortgage, the lender generally must allege that all conditions necessary to...more

Texas Supreme Court: Discount Points are Subject to Fee Cap for Home Equity Loans and Lines of Credit

Ballard Spahr LLP on 6/28/2013

In a decision that likely will have a dampening effect on the home equity lending market in Texas, the Texas Supreme Court ruled on June 21, 2013, that lenders are prohibited from treating discount points and lender fees as...more

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