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Foreclosure › Non-Judicial Foreclosures

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 -
Womble Bond Dickinson

Conducting Efficient and Successful Commercial Foreclosure Sales in Georgia: The Process and Considerations for Lenders

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As a non-judicial foreclosure state, it is often thought of as being “easy” to foreclose in Georgia. However, the foreclosure process requires more than running an advertisement for four weeks and conducting the sale on the...more

Hinshaw & Culbertson - Consumer Crossroads

The Texas Supreme Court Has Spoken: Mortgage Servicers May Rewind and Restart the Statute of Limitations Clock Within the Same...

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Last week, the Texas Supreme Court answered the Fifth Circuit’s certified question as to whether simultaneous rescission and reacceleration can reset the limitations period under Texas Law by holding that “a rescission that...more

Spilman Thomas & Battle, PLLC

Mitigating the Risk of Loss of a Delinquent Collateral Asset in the Era of Autonomous Zones

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Following the death of George Floyd during his arrest in Minneapolis, Minnesota, America experienced months of civil unrest throughout the country. It was during these protests that some began to assert that civil society in...more

Sheppard Mullin Richter & Hampton LLP

SB 1079: Changes to Nonjudicial Foreclosure Process Aim to Benefit Tenants, Primary Residence Occupants and Community Groups;...

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After the recent passage of Senate Bill 1079 (“SB 1079”), significant changes to the nonjudicial foreclosure process will go into effect on January 1, 2021 for real properties containing 1 to 4 single-family residences....more

Dechert LLP

Mezzanine Foreclosure in the Time of Coronavirus: The Final Chapter

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A decision yesterday by the New York Supreme Court has paved the way for mezzanine lenders to proceed with UCC foreclosure sales in New York City during the pandemic. Yesterday afternoon, Justice Frank Nervo issued an order...more

Seyfarth Shaw LLP

When the Workout Doesn't Work—Enforcement of Commercial Mortgage Loans in California (Part 2: Foreclosures)

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As discussed in Part 1 of this series, the vast majority of California commercial mortgage loan foreclosures are conducted non-judicially. Accordingly, this Legal Update will not address judicial foreclosures. ...more

Dechert LLP

Mezzanine Foreclosures in the Time of Coronavirus

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A recent New York County Supreme Court decision has temporarily halted a mezzanine UCC foreclosure sale by granting the borrower’s request for a stay based on allegations that the terms of the mezzanine foreclosure were not...more

BCLP

Foreclosure and Receiver Issues in the United States during COVID-19

BCLP on

The following memorandum provides an overview of the responses of courts and local and state governments of certain jurisdictions, as well as of the federal government, to the COVID-19 outbreak. The analysis has a particular...more

Akerman LLP

The Impact of COVID-19 on Commercial Real Estate Foreclosures in California

Akerman LLP on

As many people are aware, on March 16, 2020, Governor Newsom of California issued an executive order requesting that lenders forbear on both commercial and residential foreclosures and evictions as a result of COVID-19....more

Seyfarth Shaw LLP

When the Workout Doesn't Work—Enforcement of Commercial Mortgage Loans in California (Part 1: Foreclosures)

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Borrowers and lenders will continue to struggle with the economic consequences and challenges presented by the COVID-19 pandemic for some time. ...more

K&L Gates LLP

The Massachusetts Supreme Judicial Court Considers the Effect of a State-Mandated Default Notice on the Validity of Non-Judicial...

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The Massachusetts Supreme Judicial Court (“SJC”) heard argument on February 13, 2020, on whether compliance with a state-mandated default notice could, nevertheless, void foreclosure sales in Massachusetts. ...more

Ward and Smith, P.A.

Best Practices When Liquidating Real Estate-Secured SBA Loans

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For several years, the United States Small Business Administration (SBA) has experienced continuous growth with its flagship 7(a) and 504 business loan programs. For fiscal year 2018, the SBA made over $24 billion in loans...more

Ward and Smith, P.A.

Can I Get Sued Over a Court-Authorized Foreclosure?

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If a Clerk of Court authorizes a foreclosure sale and the trustee sells the property, can a borrower or other aggrieved party later sue to nullify the foreclosure sale or recover damages caused by the foreclosure? In the...more

Parker Poe Adams & Bernstein LLP

Well Thank Goodness: Collateral Estoppel Does Apply to N.C. Foreclosures

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The current good economy (going on almost 10 years now) has meant that North Carolina appellate decisions affecting lenders trying to collect defaulted debt have been few and far between in the last couple of years. The North...more

Womble Bond Dickinson

What’s In a Name: Naming Parties to a Lawsuit Over a Deed of Trust

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Today, we look at the North Carolina Court of Appeals’ recent analysis in Nationstar Mortgage, LLC v. Curry, et al., COA18-351 (November 6, 2018) regarding whether a secured lender is actually a party to a proceeding....more

Ward and Smith, P.A.

Your Foreclosure Hearing Just Got More Crowded

Ward and Smith, P.A. on

On August 30, 2017, an amendment to North Carolina’s foreclosure statutes took immediate effect. The amended statute, Section 45-10, concerns substitute trustees under a deed of trust. As amended, Section 45-10 now prohibits...more

Parker Poe Adams & Bernstein LLP

Foreclosures in North Carolina - Say Goodbye to Discovery and Res Judicata

Parker Poe Adams & Bernstein LLP on

Late December is a time of family, mistletoe and “presents under the tree.” It’s not usually the time when minds switch to the specifics of foreclosure procedure. Yet just before they retired for their Christmas break, the...more

Bradley Arant Boult Cummings LLP

Ninth Circuit Denies Motion to Dismiss and Motion to Stay Publication of Decision Holding Nevada HOA Super-Priority Lien Statute...

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As we have previously covered in a series of blog posts, the Nevada Supreme Court held in September 2014 that Nevada Revised Statute chapter 116 allows homeowners’ associations (HOAs) to non-judicially foreclose on homeowners...more

Snell & Wilmer

HOA Super Priority Legal Battles Continue in the Silver State: What Senate Bill 306 Means for Nevada HOAs, Lenders and Homeowners

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In 1991, the Nevada Legislature enacted the Uniform Common-Interest Ownership Act (UCIOA) which had been promulgated by the National Conference of Commissioners on Uniform State Laws (NCCUSL) (the Statute). This law provides...more

Locke Lord LLP

Newly-Enacted Texas Law Confirms Mechanism for Lenders to Unilaterally Rescind Acceleration

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On June 17, 2015, Governor Greg Abbott signed House Bill 2067, which amends the Texas Civil Practice and Remedies Code to provide a clear mechanism for lenders to unilaterally rescind acceleration of a defaulted loan. ...more

Stoel Rives LLP

Compliance with California Foreclosure Recording Law: What Level of "Defect" in Foreclosure Recordings "Void" a Foreclosure Sale?

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In the wake of the California foreclosure crisis, one of several arguments relied on by borrowers facing foreclosure (and their attorneys) in “wrongful foreclosure” suits has been that some aspect of the statutory foreclosure...more

Perkins Coie

Supreme Court of Washington Clarifies Guarantor Liability for Deficiency Judgments

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The Supreme Court of Washington has upheld a lender’s right to pursue a deficiency judgment against a guarantor following a nonjudicial foreclosure of collateral under Washington’s Deed of Trust Act (the “Act”). The court’s...more

Bradley Arant Boult Cummings LLP

Second Bites at the Apple in Florida Foreclosures May Not Be so Sweet: New Appellate Court Cases Raise the Specter of Statute of...

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Financial services companies pursuing judicial foreclosures in Florida already face a host of unique and challenging hurdles. The varying and often-times court- or judge-specific procedural, substantive, and evidentiary...more

Troutman Pepper

Automatic Stay: What Happens When a Case is Reopened?

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U.S. Bank, N.A. v. Brumfiel (In re Brumfiel), 514 B.R. 637 (Bankr. D. Colo. 2014) – After a debtor reopened her chapter 7 bankruptcy case, a lender moved for relief from the automatic stay in order to continue with a...more

Ballard Spahr LLP

HOA Lien Extinguishes First Deed of Trust in Foreclosure, Nevada Supreme Court Holds

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On the heels of a recent D.C. Court of Appeals ruling, the Nevada Supreme Court issued an opinion yesterday holding that a homeowners association (HOA) lien is a true super-priority lien that, if foreclosed upon, extinguishes...more

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