Mortgages, Fair Market Value

HUD Files Appraisal Discrimination Charge Against Rocket Mortgage

Whitman Legal Solutions, LLC on 7/23/2024

The Fair Housing Act Applies to Residential Real Estate Appraisals - The Fair Housing Act (FHA) was passed in 1968 to prohibit housing discrimination based on race, color, religion, and national origin. Since then, the...more

Second Department Dismisses Action for Specific Performance Because Contractual Conditions Were Not Satisfied

Freiberger Haber LLP on 12/7/2023

Many times, remedies for the breach of a contract other than monetary damages are necessary to make a plaintiff whole...more

Don’t Forget, it’s the Economy Stupid! Aunt Fannie Mae Says the Housing Boom Seems Over

Fox Rothschild LLP on 5/25/2022

It’s not actually Aunt Fannie but her Chief Economist Doug Duncan who has concluded today that the party ended in March as interest rates spiked 200 basis points since January 1. Fannie Mae revised new homes sales for March...more

Divorce Financing Encounters A Turbulent Real Estate Market

Fox Rothschild LLP on 4/5/2022

At the end of the day, divorce is a financial transaction wrapped in complex human emotions. Part of the divorce lawyer’s mission is to try to gently unwrap the emotion so that each party can walk away from a failed...more

Legal Considerations of Living Together in a Multi-Generational Home

Bowditch & Dewey on 10/13/2020

During COVID, many of us are balancing working remotely while caring for our children. This autumn, most of our children are returning to part-time or all remote school. We are using our residences as a home, office, and...more

NCUA Issues Interim Appraisal Rule Because of COVID-19

Ballard Spahr LLP on 4/28/2020

On April 21, 2020, the National Credit Union Administration (NCUA) published an interim final rule that will allow for appraisals and written estimates of market value of homes and other real property to be obtained by...more

Holding Onto The House– The Buy or Sell Dilemma in Divorce

Burns & Levinson LLP on 8/8/2019

Ah, home sweet home. Home is your happy place where you can rest and unwind. It is the place you selected to start your family and where you and your family make memories. There is justifiably so much sentimental value tied...more

Massachusetts Mortgage Holders Beware — Foreclosure Winning Bids May Now Need to Consider Development Potential of a Property

Hinshaw & Culbertson LLP on 5/29/2019

Under Massachusetts law, a foreclosing lender has a duty of good faith and reasonable diligence to obtain the highest possible price for a property at auction. Until recently, it was considered appropriate for the lender to...more

Legal Advisory: Enforcement Issues in Massachusetts Real Estate Loans

Nutter McClennen & Fish LLP on 5/21/2019

Two recent Massachusetts Appeals Court decisions offer both clarity and caution to mortgage lenders seeking to enforce their loan documents. These decisions address the importance of properly drafting prepayment provisions in...more

Sixth Circuit Offers Perspective on Federal Removal and Wrongful Foreclosure in Mortgage Litigation

Butler Snow LLP on 8/23/2018

In Beasley v. Wells Fargo Bank, N.A., 2018 WL 3478882 (6th Cir. July 19, 2018), the United States Court of Appeals for the Sixth Circuit provided clarification on certain aspects of removing a case from state court to federal...more

Debtor May Be Entitled to Credit for “Reasonable Value” of Property Purchased by Lender at Mortgage Foreclosure Sale

Stoel Rives LLP on 8/8/2017

In Idaho, it has long been understood that a secured creditor that has foreclosed a mortgage may be able to also get a judgment against the debtor for the remainder of the debt, if the proceeds of the foreclosure sale are not...more

Highmark Properties Revisited: Lender Credit Bids

Spilman Thomas & Battle, PLLC on 3/10/2016

The dust has yet to settle on the landmark decision of High Point Bank & Trust Co. v. Highmark Properties, LLC, 776 S.E.2d 838 (N.C. 2015). Before delving into the decision that should serve as a harbinger of imminent and...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending August 21 & 28 , 2015

Carlton Fields on 9/3/2015

Foreclosure/Statute of Limitations: statute of limitations did not bar foreclosure action even though filed more than five years after breach and acceleration of note upon which previous foreclosure action that had been...more

New York Court of Appeals Provides Guidance on Deficiency Judgments

Ballard Spahr LLP on 7/1/2015

The level of proof that a lender must submit to obtain a deficiency judgment following a mortgage foreclosure was recently clarified by the New York Court of Appeals. Under RPAPL § 1371, a lender may seek a deficiency...more

Can an HOA "Super-Priority" Lien Extinguish a Lender's Deed?

Snell & Wilmer on 6/2/2014

It is hard to imagine that a lender’s first-position deed of trust on a residence worth hundreds of thousands of dollars could be extinguished by a homeowners’ association (HOA) lien for overdue neighborhood assessments,...more

Surprising Ruling By Georgia Court Of Appeals May Allow For Pursuit Of Guarantors Without First Confirming Foreclosure Sale In...

Burr & Forman on 1/28/2014

As any lender who’s had a loan secured by real property collateral in Georgia knows, in order to pursue a deficiency balance following a non-judicial foreclosure of its collateral, the foreclosure sale has to be “confirmed”...more

Stanislaus County Moving Forward with Claribel Road Project

Nossaman LLP on 5/24/2013

After two years of negotiating with residential property owners, the Stanislaus County Board of Supervisors approved acquisition of the property by eminent domain. The Modesto Bee reports that the board approved the...more

Court Upheld A Waiver Of Property Code Rights And Affirmed A Deficiency Judgment Based On The Foreclosure Price

Winstead PC on 5/14/2013

In New Millennium Homes, Inc. v. Texas Community Bank, NA, a debtor appealed a summary judgment granted to a lender based on a deficiency claim. No. 09-12-00073-CV, 2013 Tex. App. LEXIS 1598 (Tex. App.—Beaumont February 21,...more

Mortgages › Fair Market Value

"My best business intelligence, in one easy email…"