Nerd Wallet

JULY 16, 2021

If you stop making payments on your mortgage, the property may go into foreclosure, which is when the lender takes legal ownership of your home. The article What Is Foreclosure? Key takeaways. Taylor Getler writes for NerdWallet. Taylor Getler writes for NerdWallet. Email: tgetler@nerdwallet.com. originally appeared on NerdWallet.

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Consumer Finance

APRIL 4, 2021

The Consumer Financial Protection Bureau (CFPB) today proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire.

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Jimerson Firm

FEBRUARY 1, 2021

On Tuesday, March 23, 2021 from 10:00 AM-11:00 AM, four of our partners will present Properly Handling Mortgage Foreclosures: Learn Solutions for Streamlining the Process, Overcoming Obstacles & Maximizing Recovery. Meadows will discuss common questions surrounding foreclosures. Calhoun, A. Hunter Faulkner, Austin T. REGISTER NOW.

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Troutman Sanders

JANUARY 10, 2023

On December 30, 2022, New York Governor Kathy Hochul signed the Foreclosure Abuse Prevention Act (FAPA) into law. The Engel decision allowed lenders and servicers to voluntarily pause the statute of limitations on foreclosures and reserve the right to restart the action again, as long as it was done within six years. Engel , 37 N.Y.3d

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Albuquerque Law

NOVEMBER 8, 2022

Are you facing foreclosure? If eligible, the free money can be used to help pay for past due payments on your mortgage, utility bills, property taxes and homeowner insurance, as well as assistance with a possible decrease in the amount owed on a mortgage in order to prevent or avoid foreclosure.

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Jimerson Firm

JANUARY 9, 2023

Did you win a foreclosure sale, only to find out later that you did not get what you thought you were bargaining for? Florida Courts have held that a foreclosure sale may be vacated and set aside on equitable grounds due to surprise, accident, or mistake imposed on complainant, and/or irregularity in the conduct of the sale.

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Jimerson Firm

AUGUST 24, 2020

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. Request an Order to Show Cause. 1)(a)(9), Fla. 1)(a)(9), Fla. 1)(a)(3), Fla. 1)(a)(5), Fla.

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Consumer Finance Watch

FEBRUARY 23, 2023

… Continue reading → The post <i>Law360</i>: NY Foreclosure Notice Ruling Is a Win for Lenders appeared first on Consumer Finance Watch. Eng and Alina Levi ● On Feb. 14, New York’s highest court, the Court of Appeals, issued a ruling in Bank of America NA v.

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ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Section 362 of title 11 of the United States Code (the “Bankruptcy Code”) provides that the filing of a bankruptcy petition results in an automatic stay generally enjoining all actions, including a foreclosure sale, against a debtor or its property. [1]

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Jimerson Firm

JANUARY 28, 2021

When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. However, sometimes the sale proceeds are insufficient to satisfy the full amount of debt owed.

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Troutman Sanders

MAY 10, 2022

On May 3, the New York State Senate passed S5473D (Bill), which will apply immediately in all actions “in which a final judgment of foreclosure and sale has not been enforced.” ( See S5473D at Section 10.) The Bill sets out to accomplish this by amending several statutes that govern foreclosures under New York law.

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Jimerson Firm

DECEMBER 8, 2020

The Florida Supreme Court has published the proper form to use when seeking a final judgment of foreclosure: Form 1.996(a), Final Judgment of Foreclosure (8-18-20). What Does Form 1.996(a), Final Judgment of Foreclosure, Include? Plaintiffs in Hillsborough county must use the Uniform Final Judgment of Foreclosure form.

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Jimerson Firm

FEBRUARY 15, 2021

In Florida, mortgage foreclosure lawsuits are filed in the county where the property is located. Although Florida foreclosures are governed by Chapter 702 of the Florida Statutes , foreclosing lenders must also check the local rules of the court where the lawsuit is filed to make sure that they comply with any additional requirements.

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Troutman Sanders

MARCH 1, 2023

In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. On February 14, 2023, the New York Court of Appeals overturned the Appellate Division, Second Department’s Kessler decision, which had applied a strict application of Real Property Actions and Proceedings Law § 1304, also known as a 90-day notice.

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Roths Child Law

APRIL 16, 2021

Once foreclosure starts, you need to act quickly or risk losing everything you have invested in your home. Unfortunately, the tech executive who owned the home had financial issues and saw his property at risk for foreclosure auction multiple times. Bankruptcy can be a powerful tool for those facing foreclosure.

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Jimerson Firm

JUNE 28, 2021

In Florida, a lender initiates a foreclosure by commencing a lawsuit in the county where the property is located. If the lender is successful, the lender will receive a final judgment of foreclosure from the court and the property will be sold at a public auction. Sometimes, a lender’s foreclosure lawsuit will be dismissed.

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Jimerson Firm

OCTOBER 9, 2020

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. Form 1.996(c), Motion to Cancel and Reschedule Foreclosure Sale. In re Amendments To The Fla.

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Troutman Sanders

MARCH 30, 2023

A federal district court in the Middle District of Florida recently dismissed a pro se plaintiff’s Fair Debt Collection Practices Act (FDCPA) and Florida Consumer Collection Practices Act (FCCPA) action as time-barred because the defendants filed the foreclosure that was the basis for the plaintiff’s claims over four years prior.

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Consumer Finance Watch

JANUARY 17, 2023

Hochul signed the Foreclosure Abuse Prevention Act (Act). The Act, which amends the Real Property Actions and Proceedings Law (RPAPL), … Continue reading → The post <i>New York Law Journal</i>: New York’s Foreclosure Abuse Prevention Act: What You Need to Know appeared first on Consumer Finance Watch.

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Jimerson Firm

JANUARY 20, 2021

In response to the mortgage foreclosure crisis, the Supreme Court of Florida established a statewide mandatory mediation program for residential mortgage foreclosures. Check the Local Foreclosure Mediation Requirements. In re: Managed Mediation Program for Residential Mortgage Foreclosure Cases , AOSC11-44 (Fla.

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Collection Industry News

SEPTEMBER 12, 2022

Illinois, Delaware and South Carolina had the Highest Foreclosure Rates; Completed Foreclosures Increase 28 Percent from Last Month. Foreclosure Market Report, which shows there were a total of 34,501 U.S. Foreclosure Market Report, which shows there were a total of 34,501 U.S. IRVINE, Calif.,

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Troutman Sanders

APRIL 22, 2021

On April 5, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPR) to amend Regulation Z, specifically to “prevent avoidable foreclosures” due to the COVID-19 pandemic “as the emergency federal foreclosure protections expire.”

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Jimerson Firm

SEPTEMBER 28, 2020

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. 49.08, Fla. 1)(c), Fla. 702.035, Fla.

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Jimerson Firm

JULY 7, 2020

In 2010, the Florida Supreme Court amended Florida Rule of Civil Procedure 1.110(b) to include a verification provision in foreclosure complaints. In response to the new legislation, the Florida Supreme Court created a new rule for governing foreclosure complaints, Rule 1.115 , which includes a new verification requirement.

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Jimerson Firm

MAY 17, 2021

In order to maintain a foreclosure action against a borrower, lenders must ensure they can establish “standing”. Standing is a fundamental requirement for a foreclosure, as lenders who desire to initiate a foreclosure proceeding are required to have standing. What is Standing? Craven-Lazarus v. Pennymac Holdings, LLC, 199 So.

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Jimerson Firm

OCTOBER 22, 2020

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. Parts 1-4 of this series discussed pre-foreclosure options available to lenders dealing with hotel/restaurant mortgage defaults. 702.015(4) , Fla. York, 903 So.

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Consumer Finance Watch

JANUARY 12, 2023

3d 1 (2021), which, among other things, held … Continue reading → The post <i>New York Law Journal</i>: Can the Foreclosure Abuse Prevention Act Survive a Constitutional Challenge? Roberts ● In February 2021, the New York Court of Appeals issued a long-awaited decision in Freedom Mortgage v. Engel, 37 N.Y.3d

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Jimerson Firm

MARCH 24, 2021

On Tuesday, March 23, 2021, four of our partners presented Properly Handling Mortgage Foreclosures. This webinar addressed what is new in foreclosures, including recent developments in the law since the last foreclosure crisis and how banks can utilize the law to their advantage. There is a tenant in the foreclosed property.

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Jimerson Firm

MAY 25, 2021

In every foreclosure action, the foreclosing lender will be required to publish some sort of legal advertisement or notice in a newspaper (e.g. the Notice of Foreclosure Sale). Since publishing a legal notice concerning a foreclosure action is inevitable, it is imperative for lenders to know how to do so properly. Conclusion.

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Consumer Finance

JUNE 27, 2021

The Consumer Financial Protection Bureau (CFPB) today finalized amendments to the federal mortgage servicing regulations to reinforce the ongoing economic recovery as the federal foreclosure moratoria are phased out and which will help protect mortgage borrowers from unwelcome surprises as they exit forbearance.

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Jimerson Firm

JANUARY 14, 2021

The first half of this series evaluated options available to lenders prior to instituting a commercial foreclosure action. The second-half of this series has evaluated available options to lenders during the pendency of the foreclosure action. 1), directs the defendants to show cause why a foreclosure judgment should not be entered.

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Credit Corp

FEBRUARY 23, 2021

consumers are enduring—including mortgage payment forbearance of foreclosure. Mortgage forbearance is one tool to help protect homeowners from foreclosure due to temporary hardships, such as a job loss, natural disaster, or pandemic. Federally backed mortgages are protected against foreclosure through December 31, 2020.

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Collection Industry News

JULY 18, 2022

The sole metric showing stress is in the foreclosure category, which rose marginally to 2% from 1% and to 3% from 2% for bank and non-bank servicers, respectively. Other exit strategies, such as short sales and deed-in-lieu of foreclosure, account for 26% of monthly loss mitigation workout volume, a small increase from the previous quarter.

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Burr Forman

AUGUST 24, 2021

The CFPB’s servicing rules will prevent a large number of foreclosures,” Agnello said. The post CFPB Servicing Rule Aims to Stave Off Another Foreclosure Crisis – American Banker appeared first on Burr & Forman.

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Burr Forman

JULY 27, 2021

In just a few days, on July 31, 2021, the national moratoriums on residential evictions and foreclosures are set to expire. The post Biden Administration Announces Mortgage Relief as Foreclosure Moratorium Comes to an End appeared first on Burr & Forman. 1] The White House, www.whitehouse.gov , July 23, 2021.

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Jimerson Firm

MAY 26, 2021

Lenders need to be aware that borrowers and other lienholders can bring an action or proceeding to set aside, invalidate, or challenge the validity of a final judgment of foreclosure of a mortgage, even after the foreclosure sale. When Can the Foreclosure Sale Be Invalidated? Nationstar Mortg., Diaz , 227 So. 3d 726, 730 (Fla.

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Collection Industry News

JUNE 28, 2022

In the first quarter of 2022, Florida ranked almost exactly in the middle of the pack in three key categories of the national homeowner economy: delinquent mortgages, total non-current mortgages, and foreclosure rates, according to a report issued by Jacksonville-based Black Knight Data & Analytics, Inc., Florida foreclosures, at 0.4

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