Florida Commercial Mortgage Holders Receive Foreclosure Clarification

Burr Forman

On July 29, 2020, Florida Governor Ron DeSantis signed Executive Order 20-180 , which extended the moratorium on residential tenant evictions and residential mortgage foreclosures in the state through the month of August. The mortgage foreclosure and tenant eviction protections were put into place on April 2, 2020, when Governor DeSantis signed Executive Order 20-94. Commercial mortgagees may no longer claim protection from foreclosure under those orders.

Florida’s Fast-Track Residential Foreclosure Process

Jimerson Firm

Since 2013, residential foreclosure actions in Florida have been significantly shortened—from over two (2) years to possibly less than six (6) months—because of the new “fast-track” process provided in section 702.10, Florida Statutes. Bringing a Residential Foreclosure Action?

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Serving a Defendant in a Residential Foreclosure Action by Publication

Jimerson Firm

A residential mortgage foreclosure action is initiated in Florida by filing a verified complaint with the appropriate court. It is important for the plaintiff to check the local rules in the county where the foreclosure action is filed to determine if there are any procedural requirements.

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 5 – Commercial Foreclosures 101

Jimerson Firm

Sometimes, foreclosure of a commercial property is the only option available to lenders and servicers to limit losses as a result of defaults on hotel and restaurant mortgages. Practically speaking, a commercial foreclosure action proceeds much the same as other civil actions.

Canceling and Rescheduling a Mortgage Foreclosure Sale Now Requires a Motion

Jimerson Firm

In 2010, the Florida Supreme Court approved an amendment to the Florida Rules of Civil Procedure regarding mortgage foreclosures and enacted new forms, such as Form 1.996(b), Motion to Cancel and Reschedule Foreclosure Sale. Bringing a Residential Foreclosure Action?

South Carolina Moratorium on Evictions and Foreclosures Due to COVID-19

Burr Forman

On March 18, 2020 the South Carolina Supreme Court issued an order suspending foreclosures and evictions until May 1. Chief Justice Beatty’s statement reads as follows: “On March 19, 2020, I ordered courts to reschedule evictions and delay foreclosure proceedings through May 1, 2020.

Foreclosure Suit Without Request for Deficiency Judgment Is Not “Debt Collection” Under FDCPA, Ninth Circuit Holds

Collection Industry News

Does a judicial foreclosure action constitute “debt collection activity” under the Fair Debt Collection Practices Act (“FDCPA”)? Due to a mortgage borrower’s payment default, Federal National Mortgage Association (“Fannie Mae”) filed a judicial foreclosure action in Oregon state court, seeking to force a sheriff’s sale of the property. That remedy, called a deficiency judgment, is often available in judicial foreclosure proceedings.

Certification of Original Promissory Note is Required To Bring a Mortgage Foreclosure Action

Jimerson Firm

In 2013, the Legislature enacted Section 702.015 , Florida Statutes, which sets forth new pleading requirements for residential foreclosure actions. The original note and the allonges must be filed with the court before the entry of any judgment of foreclosure or judgment on the note.

U.S. Supreme Court Holds Foreclosure Firms Conducting Nonjudicial Foreclosures Are Not Debt Collectors Under the FDCPA

Consumer Finance Watch

The United States Supreme Court holds businesses conducting nonjudicial foreclosures are not “debt collectors” under the FDCPA, but lenders and foreclosure firms should take note that the Court specifically chose to leave open the question of whether businesses that conduct judicial foreclosures are “debt collectors” under the statute. . The Supreme Court limited its decision to nonjudicial foreclosures. By: Wayne Streibich , Diana M. Eng , Cheryl S.

National Apartment Association Claims Nationwide Foreclosure Freeze Is Unconstitutional

Troutman Sanders

A recently filed lawsuit places renewed scrutiny on the constitutionality of the nationwide residential eviction freeze put in place by the Centers for Disease Control and Prevention (“CDC”) in response to the ongoing COVID-19 crisis. On September 18, an Amended Complaint was filed under Richard Lee Brown et al. Alex Azar et al. in the Northern District of Georgia seeking to invalidate the Order of the CDC that put a halt on evictions across the country.

Foreclosure Suit Without Request for Deficiency Judgment Is Not “Debt Collection” Under FDCPA, Ninth Circuit Holds

Troutman Sanders

Does a judicial foreclosure action constitute “debt collection activity” under the Fair Debt Collection Practices Act (“FDCPA”)? That remedy, called a deficiency judgment, is often available in judicial foreclosure proceedings.

Tenth Circuit Joins the Fray Regarding Whether Foreclosures Are Debt Collection Activity

Consumer Financial Services Law

The Tenth Circuit has weighed in on whether a non-judicial foreclosure is debt collection activity. With the Tenth Circuit’s decision the circuits remain split with the Ninth Circuit and now the Tenth Circuit holding that non-judicial foreclosures are not debt collection activity and the Fourth, Fifth and Sixth Circuits holding that they are. Instead of responding, the law firm initiated a non-judicial foreclosure. First, it is limited to non-foreclosure proceedings.

Consumer Financial Protection Bureau Announces Settlement with Foreclosure Relief Services Company and Its Owner

Consumer Finance

On July 20, 2020, the United States District Court for the Central District of California entered a stipulated final judgment resolving the Consumer Financial Protection Bureau’s allegations against Certified Forensic Loan Auditors, LLC (CFLA) and Andrew Lehman. Press release Regulation O Mortgages Deceptive practices Enforcement

COVID-19: Ohio Eviction & Housing Protections

Luftman, Heck & Associates.

Ohio hasn’t formally stopped evictions and foreclosures during the COVID-19 pandemic, though your local jurisdiction might delay the Read More. Bankruptcy COVID-19 Foreclosure DefenseThere’s a lot of confusion around about whether or not you can be evicted for not paying rent during COVID-19. In Ohio, you must keep paying rent. If you fail to pay rent in April or May and are unable to catch up quickly, your landlord can still try to evict you.

Supreme Court Decides that Law Firms Engaged in Non-Judicial Foreclosure Proceedings are Not Debt Collectors Under the FDCPA

Foster Swift

For many, the term “debt collection” calls to mind threatening letters and harassing, late-night phone calls. There’s no doubt that many debt collection practices involve aggressive and unseemly tactics used to collect credit card and other unpaid debts, and, as a result, Congress stepped in to curb these practices by passing the Fair Debt Collection Practices Act (“FDCPA”). Read More › Tags: Collections , Financing , U.S. Supreme Court

Supreme Court bans debt collection robocalling to cellphones

Public Citizen

CL&P Blog Debt Collection Foreclosure Crisis Predatory Lending Student Loansby Stephen Gardner. Today, the Supreme Court held that collecting government debt by robocalling cellphones didn’t deserve special First Amendment treatment. In Barr v. American Assn. of Political Consultants, Inc.,

New York Appellate Court Rejects Usage of a Mortgage’s Reinstatement Provision as a Defense to the Expiration of the Statute of Limitations

Consumer Finance Watch

On March 13, 2019, in a case of first impression, New York’s Appellate Division, Second Department (“Second Department”) issued a decision holding the reinstatement provision of a mortgage does not prevent the acceleration of the loan prior to entry of a foreclosure judgment. Litigation Developments MacPherson mortgage foreclosure New York Second Department statute of limitationsBy: Wayne Streibich , Diana M. Eng , Jonathan M. Robbin, and Diana M.

Sixth Circuit Doubles Down Despite Impending U.S. Supreme Court Decision

Consumer Financial Services Law

McCarthy & Holthus LLP regarding whether non-judicial foreclosures qualify as debt collection under the FDCPA, the Sixth Circuit doubled down on its position that non-judicial foreclosures are debt collection. After being retained by Bank of America to begin non-judicial foreclosure proceedings, the law firm sent the consumer a debt validation letter. FDCPA foreclosureBy Caren Enloe and Anna Claire Turpin Just four days after the U.S.

Bankruptcy Disclaimer Did Not Violate FDCPA

Consumer Financial Services Law

In those cases, the Sixth Circuit concluded that foreclosure proceedings are debt collection. fka Standard Federal Bank has retained our law firm to begin foreclosure proceedings on the above referenced property. The court determined that the letter’s primary purpose was informational and to notify Tyler that foreclosure proceedings were about to start. in which the Sixth Circuit confirmed its view that foreclosure proceedings are debt collection.

Florida Governor Renews Housing Protections for Florida Families

Burr Forman

On Wednesday, July 29, 2020, Florida Governor Ron DeSantis signed Executive Order 20-180 , which extended the moratorium on residential tenant evictions and residential mortgage foreclosures in the state through the month of August. The Residential Foreclosure Process, Generally.

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 4 – Assignment of Rents Under Section 697.07, Florida Statutes

Jimerson Firm

Parts 1-3 of this series explored alternative pre-foreclosure loss mitigation options for lenders including acceleration and enforcement of personal guarantees. Losing the Right to Collect Rents: Junior Foreclosure Sales. the person who purchased the property at the foreclosure sale).

Second Round of Stimulus Checks

Debt

And if you’re looking for help avoiding eviction or foreclosure … well, good luck with that! Thursday was not a good day for Americans in need of more financial relief from COVID-19. Your second stimulus check is not in the mail.

Moving Safely in a Pandemic Takes More Planning, More Money

Nerd Wallet

Many Americans may be forced to consider moving as federal foreclosure and eviction moratoriums expire. Moving is stressful enough without throwing a pandemic into the mix.

Sep 16, I Helped My Late Father Save His Home. What Now?

Debt Collection Answers

My father let his home go into foreclosure and I paid to get it out of foreclosure. My father signed the deed over to me. I have been making the payments on the home for the last four yrs and have put several thousands of dollars into the home to get it back into living conditions.

Fannie Mae Updates COVID-19 Servicing FAQ

Troutman Sanders

Foreclosure Suspension Extended. Fannie Mae has now extended the suspension of foreclosure-related activities on its loans through August 31, 2020. Fannie Mae and Freddie Mac provided temporary guidance to lenders due to COVID-19 on various topics related to servicing mortgage loans.

Burr’s Jacqueline Simms-Petredis Joins Bay Area Legal Services’ Development Council

Burr Forman

She assists clients in matters such as foreclosures, bankruptcy adversary proceedings, compliance issues and directly filed lawsuits.

Tax Sales Proceeds In Excess Of The Tax Owed Must Be Returned To The Taxpayer

Fraser

The ruling stems from a lawsuit filed in Oakland County Circuit Court (the “Circuit Court”), that challenged one part of Michigan’s tax foreclosure law contained in the Michigan General Property Tax Act (the “GPTA”).

Eviction Moratorium Laws by State

Rocket Lawyer

If you have questions about evictions or foreclosures, or your general rights as a landlord or tenant in your state, ask a lawyer. . 60-day moratorium The Alaska Housing Finance Corporation was also directed to suspend foreclosures and evictions. Last updated: July 24, 2020.

How to Remove a Public Record From Your Credit Report

Better Credit Blog

The court will create a public record for bankruptcies, foreclosure, or failure to pay taxes. Foreclosures. Foreclosures, much like bankruptcies, are difficult to remove from your credit report. However, there are things that you can do to prevent foreclosure before it happens.

A Condominium Owner Did Not Pay The Assessment. How Do I Collect?

Jimerson Firm

If a unit owner fails to pay assessments, the association has a statutory right to file a claim of lien and subsequent lien foreclosure. In other words, a legal action to foreclosure the lien must be commenced within one (1) year of filing the claim of lien.

Temporary Federal Residential Eviction Ban by CDC

Burr Forman

The CDC Order comes after the limited foreclosure and eviction moratorium included in the Coronavirus Aid, Relief and Economic Security Act (the “ CARES Act ”) was allowed to expire at the end of July.

Using Forbearance Agreements to Protect Commercial Real Estate Lender Interests During COVID-19

Fraser

In some instances, this means the possibility of foreclosure. However, more often, loan defaults by borrowers, and the possibility of future defaults due to financial distress, are dealt with outside of foreclosure or bankruptcy. The potential for recovery via foreclosure or bankruptcy is often limited—not to mention the costs associated with such processes are often steep, and with widespread court closures, any judicial action may be curtailed.

Timing is Everything: 11th Circuit Finds Loss Mitigation Application Untimely

Consumer Financial Services Law

Ocwen Loan Servicing, the court considered whether the mortgage servicer had an obligation to evaluate a loss mitigation application when, at the time the completed application was submitted, a foreclosure sale was scheduled to occur in two days. The foreclosure sale in this matter was originally scheduled to occur January 29, 2014. The next day, the foreclosure sale was postponed until March 14.

Overview of Florida’s New Uniform Commercial Real Estate Receivership Act

Jimerson Firm

The Act codifies existing common law in Florida regarding the right to have a receiver appointed by the court in commercial foreclosure actions, and provides much needed clarity, predictability, and uniformity on the standard for the appointment of a receiver and the powers of receivers.

What Does a Chapter 13 Repayment Plan Look Like?

Sawin & Shea

It stops creditors from pestering you and halts repossessions and foreclosures while you work on creating a repayment plan that’s reasonable for you to repay based on your income and assets. It’s a smart choice to file for Chapter 13 bankruptcy.

Florida Supreme Court Resolves Conflict on Business Records Exception to the Hearsay Rule and Clarifies Standard for Qualified Witness Testimony

Consumer Finance Watch

Specifically, the issue concerned whether the predicates were met for admissions of records into evidence under the business records exception to the hearsay rule during the course of a bench trial in a residential foreclosure case. On June 23, 2014, the originating lender, Household Finance Corporation III (“HFC”), filed a foreclosure complaint alleging a default under the note and mortgage. Wayne Streibich , Edward W. Chang , Nicole R. Topper , Anthony R. Yanez.

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

On October 17, the Massachusetts’ Eviction and Mortgage Foreclosure Moratorium Act (EMFM Act) is set to expire. Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19).