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
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
...Financial Elder Abuse Cases in California in the Real Estate context - This blog provides general legal information regarding the topic of financial elder abuse in California, with a focus on cases involving real estate...more
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
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
Welcome! Welcome to August’s issue of All Consuming. This month, we are taking a deep dive into discharges in bankruptcy and then reviewing several top news stories in the world of consumer finance. We hope you find value...more
The statutory scheme governing nonjudicial foreclosure — found in California Civil Code sections 2924 through 2924k — aims for speed, efficiency, and finality. For example, a bid at a trustee’s sale is deemed to be an...more
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
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
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
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
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
Borrowers and lenders will continue to struggle with the economic consequences and challenges presented by the COVID-19 pandemic for some time. ...more
The Sixth Circuit Court of Appeals recently explored the limitations of Section 1692(f)(6) and held that a property preservation and maintenance company was not a debt collector for purposes of that section. The opinion...more
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
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
On March 20, 2019, the U.S. Supreme Court ruled unanimously in Obduskey v. McCarthy & Holthus LLP, 17-1307, 2019 WL 1264579 (U.S. Mar. 20, 2019), that nonjudicial foreclosure is not subject to regulation under the Fair Debt...more
In Obduskey v. McCarthy & Holthus LLP, the U.S. Supreme Court resolved the circuit split on whether those engaged in nonjudicial foreclosure proceedings are subject to all of the requirements and prohibitions of the Fair Debt...more
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
The United States Supreme Court recently issued a unanimous decision in Obduskey v. McCarthy & Holthus LLP holding that entities engaged in the principal purpose of enforcing security interests are not, with limited...more
In Obduskey v. McCarthy & Holthus LLP, the U.S. Supreme Court held unanimously that entities engaged in no more than security-interest enforcement (here, nonjudicial foreclosure) are not debt collectors under the Fair Debt...more
In Obduskey v. McCarthy & Holthus, LLP, the United States Supreme Court unanimously held the Fair Debt Collection Practices Act does not apply to a law firm conducting a nonjudicial foreclosure....more
On March 20, 2019 in Obduskey v. McCarthy & Holthus LLP, a unanimous U.S. Supreme Court held that the primary definition of a “debt collector” under the Fair Debt Collection Practices Act (FDCPA) does not apply to an entity...more
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
Seyfarth Synopsis: In a 9-0 Supreme Court ruling last week, the Court spoke to issues concerning the Fair Debt Collection Practices Act (FDCPA) and non-judicial foreclosures....more