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Mortgages › Junior Liens

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Obermayer Rebmann Maxwell & Hippel LLP

Night of the Living Debt

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It’s the stuff of nightmares.  You think you have cleared all of the debt on your home when it goes into foreclosure, only for that debt to crawl up years later and attack you....more

Ward and Smith, P.A.

The Case of the Inexcusably Ignorant Refinance Loan

Ward and Smith, P.A. on

A recent decision from the North Carolina Court of Appeals illustrates the wrong way to refinance a loan.  In Midfirst Bank v. Brown, a refinancing lender cancelled a deed of trust that should have been assigned to it and...more

Bricker Graydon LLP

Ohio's new requirements for junior lienholders and mortgage servicers

Bricker Graydon LLP on

It has been a little over six months since Ohio Revised Code § 1349.72 went into effect—a law that requires holders of junior liens on residential real property to first send a written notice containing specific information...more

Snell & Wilmer

Does a title company owe a duty of care to third parties in the recording of legal instruments?

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This is precisely the question that the Ninth Circuit recently certified to the Washington Supreme Court in Centurion Properties III, LLC v. Chicago Title Ins. Co. Facts of the Case - In this case, Centurion...more

Bradley Arant Boult Cummings LLP

How Nevada SB 306 and Court Rulings Have Changed the Foreclosure Landscape - Counsel's Corner with Jon Patterson

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What changes were brought about to the HOA foreclosure sale landscape by the passage of SB 306 in Nevada? SB 306 contained a number of important revisions to Nevada’s super-priority lien statute that will provide...more

Blank Rome LLP

Foundation: July 2015 • Vol. II, Issue 2

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Warranty/Guaranty Provisions in Construction Contracts - The most confusion I have seen in the discussion of construction topics concerns the concepts of “warranty” and “guaranty.” This article will address the...more

Seyfarth Shaw LLP

Recent Unanimous Supreme Court Decision Holds That Underwater Mortgages in a Chapter 7 Cannot be “Stripped off"

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The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more

Orrick, Herrington & Sutcliffe LLP

Distressed Downloads - June 2015

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A Battle in the Making in the Oil and Gas Sector: Second Lien vs. High Yield Debt - In the oil and gas industry, there is a storm brewing between holders of second lien debt and unsecured high yield bonds. These...more

Allen Matkins

Supreme Court Reaffirms a Chapter 7 Debtor's Inability to Strip a Lien Against Real Property

Allen Matkins on

Reaffirming its 1992 decision in Dewsnup v. Timm, on June 1, 2015, the U.S. Supreme Court in Bank of America v. Caulkett, No. 13-1421, once again ruled that a chapter 7 debtor may not void a junior lien under Bankruptcy Code...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

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SEC Provides Additional Analysis Related to Proposed Pay Ratio Disclosure Rules - On June 4, the Securities and Exchange Commission provided additional analysis related to its proposed rules for pay ratio disclosure. The...more

Dechert LLP

U.S. Supreme Court Holds that Out of the Money Mortgages Cannot be Stripped Off in Chapter 7 Bankruptcy Cases

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The U.S. Supreme Court held that a secured creditor in a chapter 7 bankruptcy case is protected from having its lien “stripped off” even if the collateral securing its claim is worth less than the claims asserted by a senior...more

McCarter & English, LLP

The Supreme Court Continues Stability In The Secondary Mortgage Market

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On Monday, the Supreme Court reaffirmed the principle that junior “underwater” residential mortgage liens can “pass through” a bankruptcy case unaffected. In Bank of America, N.A. v. Caulkett, the Supreme Court held...more

Ballard Spahr LLP

Wholly Underwater Junior Liens May Not Be Stripped Off in Chapter 7 Bankruptcy Proceedings

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The U.S. Supreme Court has held that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien when the debt owed on a senior mortgage lien exceeds the current value of the collateral, provided that...more

Burr & Forman

Supreme Court Rejects Lien Stripping in Chapter 7 Bankruptcy Cases

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On June 1, 2015, the United States Supreme Court issued its decision in Bank of America, N.A. v. Caulkett, in which all nine Justices joined in an opinion that reversed an Eleventh Circuit ruling that chapter 7 debtors may...more

Buchalter

The Supreme Court Prohibits Chapter 7 Debtors From Stripping Off Wholly Underwater Liens in Bankruptcy

Buchalter on

On June 1, 2015, the United States Supreme Court in Bank of America, N.A. v. Caulkett, 575 U.S. ____ (2015), unanimously held that a Chapter 7 debtor cannot strip off wholly “underwater” liens secured by the debtor’s...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Bank of America v. Caulkett and Bank of America v. Toledo-Cardona

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On June 1, 2015, the United States Supreme Court decided Bank of America v. Caulkett, No. 13-1421, together with Bank of America v. Toledo-Cardona, No. 14-163, holding that a debtor in a Chapter 7 bankruptcy proceeding may...more

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