News & Analysis as of September 25, 2024

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Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -

Can a Loan Modification Waive the Borrower’s Right of Reinstatement?

Patton Sullivan Brodehl LLP on 3/30/2020

Loans secured by a deed of trust typically provide that upon default (commonly, missed interest payments) the lender may elect to “accelerate” the loan, making the entire balance of principal and interest due....more

New Case Poses Threat to Mortgage Servicers in Bankruptcies

Baker Donelson on 10/29/2015

A new decision from the U.S. Court of Appeals for the Ninth Circuit poses a serious threat to mortgage companies that service mortgages of chapter 13 debtors. Mortgage servicers should be aware of the case's implications and...more

Borrower Who Obtains A Preliminary Injunction Is Entitled To A Fee Award

Hinshaw & Culbertson LLP on 9/18/2015

In Monterossa v. Superior Court (PNC Bank), 2015 DJDAR 6488, the California Court of Appeal for the Third District decided a case of first impression under Code of Civil Procedure Section 2924.12(i) enacted in 2012. The...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

Lenders Beware -- California decision may ignite next wave of lender liability litigation

Sheppard Mullin Richter & Hampton LLP on 3/15/2013

In a recent decision from the California Court of Appeals entitled Jolley v. Chase Home Finance, LLC, the Court severely curtailed lenders’ ability to dispose of lender liability claims on summary judgment, thereby adopting a...more

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