News & Analysis as of September 19, 2024

Mortgage Servicers

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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 -

Alabama Supreme Court Narrows Grounds to Challenge Mortgage Foreclosure Sales

Bradley Arant Boult Cummings LLP on 1/31/2024

The Alabama Supreme Court recently issued a major published decision on circumstances in which a residential borrower can challenge a mortgage foreclosure sale. In Littlefield v. Smith, the court elevated the bona fide...more

To Deed, Or Not To Deed (That is the Question): The Pros and Cons of a Deed in Lieu

Goulston & Storrs PC on 9/7/2023

Amidst soaring interest rates and the recent swell in commercial real estate loan workouts, borrowers and lenders alike are increasingly considering an alternative to the traditional and sometimes long and cumbersome...more

Rhode Island Supreme Court Concludes that Door Hanger Left by Mortgage Servicer Prior to Foreclosure Satisfied HUD Face-to-Face...

Hinshaw & Culbertson - Consumer Crossroads on 6/20/2023

In Montaquila v. Flagstar Bank, the Rhode Island Supreme Court rejected a borrower's attempt to expand the plain language of the U.S. Department of Housing and Urban Development's (HUD) federal regulation requiring loan...more

House Votes to Repeal OCC True Lender Rule

Goodwin on 7/28/2021

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

All Consuming - Financial Litigation Insights: Issue 3, July 2020

Spilman Thomas & Battle, PLLC on 7/11/2020

Welcome! Welcome to the new format of All Consuming . We listened to the feedback. A newsletter filled with long articles gives the detailed information some are looking for but becomes another thing that others have to...more

Financial Services Weekly Roundup: PPP Borrowers And Lenders Under The Microscope

Goodwin on 4/30/2020

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more

Massachusetts (Finally) Passes Eviction and Mortgage Foreclosure Moratorium Legislation Due to the COVID-19 State of Emergency

Seyfarth Shaw LLP on 4/21/2020

More than a month after Governor Charlie Baker declared a state of emergency arising from the novel coronavirus in the Commonwealth of Massachusetts on March 10, 2020, the “COVID-19 Emergency Declaration,” the state...more

CFPB Unveils New Loss Mitigation Principles for Lenders

Goodwin on 8/12/2016

With the end of the Department of Treasury’s Home Affordable Modification Program (HAMP) coming in January 2017, the Consumer Financial Protection Bureau (“CFPB”) has released a set of four principles for financial...more

Deed of Trust Provisions Allowing Lenders/Servicers to Enter, Maintain, and Secure Encumbered Properties May be Unenforceable...

Orrick, Herrington & Sutcliffe LLP on 7/22/2016

On July 7, 2016, the Supreme Court of the State of Washington issued its opinion in Jordan v. Nationstar Mortgage, LLC, which, prior to foreclosure, may prevent servicers from securing property after a default or, at least,...more

Florida Courts Continue to Take the Wind Out of Foreclosure Defense Attorneys’ Sails

Bradley Arant Boult Cummings LLP on 8/19/2015

In late July, another Florida appellate court took a sizable chunk out of foreclosure defense attorneys’ litigation playbook, holding that substantial compliance, rather than strict compliance, is the prevailing standard to...more

Another Bankruptcy Court Confirms Plan Reference to “Surrender” Means Not Defending a Lender’s Foreclosure

Burr & Forman on 8/13/2015

Foreclosure defense and bankruptcy often go hand in hand, but sometimes it seems like the left hand doesn’t talk to the right. This has proven especially common with bankruptcy plans that propose to “surrender” real property...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 31 & August 7, 2015

Carlton Fields on 8/11/2015

Foreclosure: non-borrower owner of real property as tenants-in-common with borrower not required to sign mortgage for borrower to encumber only his interest in the property and non-borrower’s signature on mortgage reflected...more

Burr Commentary: Florida’s District Courts of Appeal Continue to Tighten Standing Requirements for Foreclosures

Burr & Forman on 8/11/2015

The UCC was supposed to make enforcing negotiable instruments a simpler, more streamlined process. It has proven anything but in Florida. Continuing a trend that now stretches back years, mortgage lenders have had an...more

Locke Lord QuickStudy: Rhode Island Superior Court Decision Impacting Servicers

Locke Lord LLP on 6/10/2015

A Rhode Island superior court recently ruled that, pursuant to R.I. Gen. Laws § 34-27-3.2, foreclosing lenders are required to send mediation notices in any foreclosure initiated after the effective date (October 2014)...more

Wisconsin Foreclosure Sale Process Just Got a Lot Faster

Bradley Arant Boult Cummings LLP on 4/17/2015

Recently, in Bank of New York Mellon v. Carson, the Wisconsin Supreme Court issued a decision that, in the words of Justice David Prosser, Jr., “radically revises the law on mortgage foreclosures” and could significantly...more

An Unlikely Condition Precedent to Foreclosure in Florida

Carlton Fields on 1/16/2015

Mortgage servicers beware. Mortgagors in Florida are defending residential mortgage foreclosures based on the allegation that the servicer failed to give them notice of assignment of the right to bill and collect on the debt...more

Maine Supreme Court Addresses MERS Assignments and Payoff Amounts During Cure Periods

Bradley Arant Boult Cummings LLP on 8/26/2014

The Maine Supreme Court has been active in the last few months – issuing several decisions that will likely impact foreclosure actions in that state. The decisions covered a full range of foreclosure issues, from whether a...more

Financial Institutions and Creditors’ Rights: Ninth Circuit Finds SCRA Liability Based on Prior Servicer’s Actions

Spilman Thomas & Battle, PLLC on 6/9/2014

The Servicemembers Civil Relief Act (“SCRA”) was signed into law in 2003, greatly expanding prior legislation in order to better assist servicemembers in avoiding default and foreclosure while they are on active duty. The...more

Lenders and Servicers: Be Aware of How Trustees Handle Excess Proceeds from HOA Foreclosure Sales in Nevada

Ballard Spahr LLP on 4/14/2014

Lenders and servicers have been addressing the issue of some Nevada courts ruling that a foreclosure sale by a homeowners association (HOA) "wipes out" a senior deed of trust. Since the date of our last legal alert on this...more

The Impact of Dual Tracking Restrictions on Foreclosure Rates in California

Ballard Spahr LLP on 7/2/2013

Foreclosure rates are declining in California. Many tout an improving economy as a reason for this trend. The impact of new legislation that restricts lenders and mortgage servicers from foreclosing on residential mortgages...more

Nevada Appeals Court To Consider ‘Foreclosure Sale’ Definition

Ballard Spahr LLP on 6/3/2013

Special servicers and lenders who have loans secured by real property in Nevada should be aware of a case that is on appeal in that state. Briefing is about to begin on what could be an important win, or loss, for the lending...more

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