News & Analysis as of

Foreclosure › Mortgages › Banks

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 -
Cadwalader, Wickersham & Taft LLP

There’s No Going Back: The Finality of Mortgage Foreclosures

Cadwalader, Wickersham & Taft LLP on

In New York, it is settled precedent that a judgment of foreclosure and sale is final as to all questions at issue between the parties. Thus, once a final judgment is entered, both parties have no recourse or ability to raise...more

Orrick, Herrington & Sutcliffe LLP

District Court grants summary judgment to bank in discriminatory lending suit

Orrick, Herrington & Sutcliffe LLP on

On December 19, the U.S. District Court for the Northern District of Illinois granted summary judgment in favor of a national bank with respect to discriminatory lending allegations brought by the County of Cook in Illinois...more

Skadden, Arps, Slate, Meagher & Flom LLP

CARES Act Provides Much-Needed Stimulus for U.S. Businesses, Individuals

Skadden, Arps, Slate, Meagher & Flom LLP on

On March 27, 2020, Congress approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial assistance to individuals and businesses, which in aggregate greatly exceeds the financial package...more

Moore & Van Allen PLLC

COVID-19 National and State Relief Efforts Focus on Single Family Mortgage Loans

Moore & Van Allen PLLC on

The shuttered storefronts and grounded airplanes that by now have become an all too familiar image of the COVID-19 pandemic are quickly creating a ripple effect through the U.S. economy. As unemployment rises and Americans...more

McGlinchey Stafford

New York Issues Series of Executive Orders Providing Relief to Borrowers Impacted by COVID-19

McGlinchey Stafford on

On March 7, 2020, Governor Andrew Cuomo issued Executive Order 202 declaring a state of emergency for the entire State of New York as a result of the COVID-19 pandemic. Since that time, the Governor has issued a series of...more

ArentFox Schiff

Damages Under Dodd-Frank: Federal Court Awards CFPB $59 Million in Unprecedented Penalties and Restitution Analysis

ArentFox Schiff on

So much to say, so little time. Historically groundbreaking, a federal court in Madison, Wisconsin engaged in the most robust, methodical damages analysis under the Consumer Financial Protection Act, found in Title X of the...more

American Conference Institute (ACI)

[Event] Residential Mortgage Regulatory Enforcement & Litigation - October 29th-30th, Dallas, TX

American Conference Institute (ACI) on

Attend the only forum designed to help you navigate the Residential Mortgage Industry’s evolving landscape. Now in its 26th installment, ACI’s Residential Mortgage forum has become a premier gathering of the key industry...more

Carlton Fields

Real Property & Financial Services Update: Week Ending July 5, 2019

Carlton Fields on

Real Property Update- Landlord-Tenant: rider to a lease, containing clear and unambiguous language, controlled over the terms in the lease and limited the increase in the operating expenses charged to the tenant by the...more

Troutman Pepper

New York Appellate Court Decision Provides Guidance for Lenders in Foreclosure Actions

Troutman Pepper on

The New York Appellate Division for the Second Department recently issued a ruling that makes it more difficult for mortgage holders to foreclose on certain properties. ...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending February 22, 2019

Carlton Fields on

Real Property Update - Foreclosure / Paragraph 22: bank failed to introduce sufficient evidence to prove default letter was sent to borrower pursuant to paragraph 22 of the mortgage where bank's witness never testified that...more

Hinshaw & Culbertson LLP

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

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

Bass, Berry & Sims PLC

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

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

Burr & Forman

Burr Alert: “Alakazam”(or not): No Magic Language Necessary for Confirmation Waivers as Georgia Courts Continue to Allow...

Burr & Forman on

In last March’s edition of this newsletter, we discussed the Supreme Court of Georgia’s decision in PNC Bank, National Association v. Smith, in which the Court held that compliance with O.C.G.A. § 44-14-161 “is a condition...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending January 27, 2017

Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Lis Pendens: a proper reading of Florida Statute section 48.23(1)(d) is that “when a foreclosure action is prosecuted to a judicial sale, that sale discharges all liens, whether...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending January 20, 2017

Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Vacating Judgment: estate failed to either allege or prove any basis under Rule 1.540 to vacate final judgment of foreclosure to which it had consented – The Bank of N.Y. Mellon v....more

Faegre Drinker Biddle & Reath LLP

Minnesota Court of Appeals Expands Reach of Receivership Statute

Faegre Drinker Biddle & Reath LLP on

On January 9, 2017, an unpublished Minnesota Court of Appeals decision (BMO Harris Bank v. City Center Development, A16-0766 (Minn. Ct. App. Jan. 9, 2017)), held that Minn. Stat. § 576.25, subdivisions 5(a) and 5(b), set...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending January 13, 2017

Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure: where a valid mortgage properly encumbers the subject property, an incorrect deed and a reformation of deed count are not fatal to a foreclosure action - Heartwood 2, LLC v. Dori, Case...more

Balch & Bingham LLP

Alabama Court of Civil Appeals Holds Questions Regarding Propriety of Foreclosure May Be Raised as Affirmative Defense to...

Balch & Bingham LLP on

The Alabama Court of Civil Appeals recently held in Pittman v. Regions Bank that questions about the propriety of a foreclosure may be raised more than one year after the foreclosure as an affirmative defense to an ejectment...more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending November 4 & 11, 2016

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REAL PROPERTY UPDATE - Foreclosure/Constitutional Challenge: record title owner’s argument that Florida Statutes section 702.035, governing “Legal notice concerning foreclosure proceedings,” is an unconstitutional...more

Burr & Forman

Florida Supreme Court Issues Landmark ruling on Statute of Limitations for Foreclosure: Bartram Affirmed.

Burr & Forman on

The Florida Supreme Court today affirmed Bartram v. U.S. Bank National Association in a virtually unanimous decision. The decision resolves a long standing controversy regarding the effect (if any) of a prior unsuccessful...more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending October 21 & 28, 2016

Carlton Fields on

REAL PROPERTY UPDATE: Condominium: allocation of square footage within the declaration controls where there is lack of clarity in both the perimetrical boundaries definition and the diagram of the lobby area in question...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending October 14, 2016

Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Standing: foreclosing bank did not establish standing where it failed to submit evidence it was in possession of original note with blank endorsement at time of filing of foreclosure...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 9.22.16

Robins Kaplan LLP on

As most expected, the Fed held rates steady yesterday. Though its divided FOMC and Chair Yellen’s comments about an improving economy seem to portend a rate hike before the end of the year....more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending September 2 & 9, 2016

Carlton Fields on

REAL PROPERTY UPDATE: Foreclosure/Standing: where copy of note attached to foreclosure complaint contained no endorsement and original note presented at trial had endorsement in favor of plaintiff, plaintiff required to...more

Stinson - Corporate & Securities Law Blog

CFPB Month in Review for August 2016

Stinson - Corporate & Securities Law Blog on

In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month: Enforcement Actions and Litigation - Enforcement Action Against First National Bank of Omaha - ...more

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