News & Analysis as of

Foreclosure › Relief Measures

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 -
Holland & Knight LLP

Need to Foreclose on a Mortgage? Where Can You Bring Your Action?

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In response to the COVID-19 pandemic, many states enacted, by executive order or otherwise, rules that have created both legal and procedural hurdles to a lender's ability to exercise its contractual rights, including the...more

Bilzin Sumberg

New Class Action Claims Non-Compliance with Mortgage Forbearance Mandates

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Millions of homeowners have signed up for a forbearance under the CARES Act, which gives homeowners with a federally-backed mortgage loan the right to obtain a temporary reduction or suspension of mortgage payments by way of...more

Cadwalader, Wickersham & Taft LLP

Bring On Q4 - September 2021 - COVID-19 Update: New York Governor Signs New Moratorium Effective until January 15, 2022

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On September 2, 2021, New York Governor Kathy Hochul signed into law a new moratorium on evictions and foreclosures for residential tenants and small businesses. Recently, in the case Chrysafis v. Marks, the U.S. Supreme...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: New York Governor Signs New Moratorium Effective until January 2022

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On September 2, 2021, New York Governor Kathy Hochul signed into law a new moratorium on evictions and foreclosures for residential tenants and small businesses.  Recently, in the case Chrysafis v. Marks, the U.S. Supreme...more

Locke Lord LLP

New York State Senate Extends ‎Foreclosure and Eviction Moratorium from August 31, ‎‎2021 ‎until January 15, 2022‎

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In one of her first acts as Governor of New York, newly appointed Governor Kathy Hochul ‎called for a “Special” legislative session on September 1, 2021, to extend the moratorium on ‎foreclosure and eviction actions provided...more

Ballard Spahr LLP

While Foreclosure Moratorium Ended, FHFA, HUD, VA and USDA Extend Eviction Moratoria

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The Centers for Disease Control and Prevention's (CDC) eviction moratorium expired on July 31, 2021. Meanwhile, at President Biden's request, the Acting Director of the Federal Housing Finance Agency, and the Secretaries of...more

Goodwin

CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures

Goodwin on

On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary...more

Buchalter

Buchalter COVID-19 Client Alert: CFPB Issues Rule on Required COVID Relief Steps and Availability of Foreclosure for Residential...

Buchalter on

On June 28, the Consumer Financial Protection Bureau (CFPB) issued a new rule (Rule) setting forth loss mitigation/loan modification steps residential mortgage loan servicers must take in regard to mortgage loan borrowers due...more

Ballard Spahr LLP

HUD Extends Foreclosure and Eviction Moratoriums and Announces COVID-19 Advance Loan Modification

Ballard Spahr LLP on

In Mortgagee Letter 2021-15 dated June 25, 2021, the U.S. Department of Housing and Urban Development (HUD) extended the foreclosure and eviction moratoriums for FHA insured single-family loans from June 30, 2021 to July 31,...more

Ballard Spahr LLP

VA Extends COVID-19 Foreclosure and Eviction Moratoriums and Addresses Borrower Relief

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In Circular 26-21-10 dated June 25, 2021, the U.S. Department of Veterans Affairs (VA) extended the eviction and foreclosure moratorium for properties secured by VA guaranteed loans from June 30, 2021 to July 31, 2021. The...more

Ballard Spahr LLP

FHFA Extends Foreclosure and Eviction Moratoriums (UPDATED)

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On June 24, 2021, the Federal Housing Finance Agency (FHFA) announced the extension of the Fannie Mae and Freddie Mac moratorium on single-family foreclosures from June 30, 2021 to July 31, 2021. The moratorium on evictions...more

Cadwalader, Wickersham & Taft LLP

Summer's Coming, May 2021 | Issue No. 24 - COVID-19 Update: Governor Cuomo Extends Eviction and Foreclosure Moratorium until...

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On May 5, 2021, New York Governor Andrew Cuomo signed a bill that extends the moratorium on evictions and foreclosures for residential tenants and small businesses to August 31, 2021. The previous moratorium expired May 1,...more

Blank Rome LLP

New York’s COVID-19 Eviction and Foreclosure Prevention and Small Businesses Acts Extended to August 31, 2021 – What You Need to...

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Lenders, mortgage servicers, and other financial institutions should take note that New York State passed legislation extending the protections set forth in the COVID-19 Emergency Eviction and Foreclosure Prevention Act of...more

Rumberger | Kirk

Alabama Association of Realtors Prevails: Another Court Rules CDC Rule Prohibiting Evictions is Invalid and Unenforceable

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A federal court in Washington, D.C. has become the latest in a growing group of courts to hold that a CDC rule prohibiting residential evictions is invalid and unenforceable in its May 5, 2021, order in Alabama Association of...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Governor Cuomo Extends Eviction and Foreclosure Moratorium until August 31

Cadwalader, Wickersham & Taft LLP on

On May 5, 2021, New York Governor Andrew Cuomo signed a bill that extends the moratorium on evictions and foreclosures for residential tenants and small businesses to August 31, 2021. The previous moratorium expired May 1,...more

Locke Lord LLP

New York State Senate Extends Foreclosure and Eviction Moratorium From May 1, 2021 ‎Until August 31, 2021

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On May 3, 2021, the New York State Senate voted to extend the moratorium on foreclosure and eviction actions provided in the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (S.9114/A.11181)(the “Eviction...more

Nutter McClennen & Fish LLP

Nutter Bank Report: April 2021

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CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures - The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB...more

K&L Gates LLP

COVID-19: Real Estate - A 50-State Guide to COVID-19 Property Policies and Regulations - April 2021 #1

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The global COVID-19 outbreak has encouraged widespread orders to protect renters and owners of commercial and residential real property. In this 50 state-by-state survey we offer a summary of cities and states that have...more

K&L Gates LLP

COVID-19: Real Estate - A 50-State Guide to COVID-19 Property Policies and Regulations - March 2021 #3

K&L Gates LLP on

The global COVID-19 outbreak has encouraged widespread orders to protect renters and owners of commercial and residential real property. In this 50 state-by-state survey we offer a summary of cities and states that have...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Governor Cuomo Extends Eviction Protections for Small Businesses That Demonstrate a Financial Hardship

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In December, New York Governor Andrew Cuomo signed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020, which provided a moratorium on residential eviction and foreclosure proceedings until May 1, 2021....more

Goodwin

CFPB Issues Report on Housing Insecurity and COVID-19

Goodwin on

On March 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a report titled “Housing Insecurity and the COVID-19 Pandemic” (the Report), which summarizes some of the relevant data and research on the impact of...more

Farrell Fritz, P.C.

Governor Cuomo Signs the COVID-19 Emergency Protect Our Small Businesses Act of 2021 Establishing Eviction and Foreclosure...

Farrell Fritz, P.C. on

Governor Andrew M. Cuomo this week signed the COVID-19 Emergency Protect Our Small Business Act of 2021 (S471A/A3207) (the “Act”), which will impact commercial landlords, tenants, mortgagors, and mortgagees.  ...more

K&L Gates LLP

COVID-19: Real Estate - A 50-State Guide to COVID-19 Property Policies and Regulations - March 2021 #2

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The global COVID-19 outbreak has encouraged widespread orders to protect renters and owners of commercial and residential real property. In this 50 state-by-state survey we offer a summary of cities and states that have...more

Akerman LLP

FHFA Again Extends Foreclosure and REO Eviction Moratoriums and COVID-19 Forbearance Period

Akerman LLP on

On February 25, 2021, the Federal Housing Finance Agency (FHFA) announced an extension of the moratoriums on Freddie Mac and Fannie Mae single-family loan foreclosures and real estate owned (REO) evictions until June 30,...more

Akerman LLP

President Biden Extends COVID-19 Forbearance Period for FHA, USDA, and VA Loans

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On February 16, 2021, President Biden announced an extension of the foreclosure moratorium and the availability of forbearance relief for Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA), and U.S....more

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