Sawin & Shea

APRIL 20, 2021

When an Indiana homeowner is unable to make their mortgage payments, the lender eventually starts a foreclosure. The foreclosure process, if left to proceed, ultimately results in the house being sold off to settle all or part of the debt. Here are the important things you should know about Indiana’s foreclosure laws.

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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. It’s a highly stressful time for you and a costly process for your lender, and everyone involved is better served by working together to take an alternative path. Key takeaways.

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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. The property was acquired by a “person affiliated with” the foreclosing lender or the borrower.

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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.

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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. Procedure For Getting a Deficiency Judgment. 702.06, Fla. 702.06, Fla.

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Jimerson Firm

MAY 19, 2021

Although a lender may have won the battle by obtaining a final judgment of foreclosure from the court, it may not win the war. Although a lender may not be able to avoid this from happening, it should be aware of how and why their final judgment of foreclosure may be set aside. Pursuant to Section 702.07 3d 699, 703 (Fla.

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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.) 3d 1 (2021), and retroactively annul lenders’ longstanding right to revoke their option to accelerate mortgage loans after default.

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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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Jimerson Firm

APRIL 2, 2021

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. Subordinate Liens. York, 903 So. 2d 981, 983 (Fla.

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Roths Child Law

APRIL 16, 2021

It may only take a few months of missed payments to motivate your lender to foreclose on your home. Once foreclosure starts, you need to act quickly or risk losing everything you have invested in your home. After he fell behind on his mortgage, the lender eventually decided to foreclose.

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Jimerson Firm

JUNE 30, 2021

When a borrower defaults on a mortgage, lenders will likely execute their right to foreclose on the property by filing a lawsuit. However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. Greymar Associates , 882 So. 2d 1004 (Fla.

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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.

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Account Recovery

DECEMBER 21, 2023

The Consumer Financial Protection Bureau yesterday announced it had filed suit against a developer and lender for operating an illegal land sale scheme and targeting Hispanic borrowers with loans they couldn’t afford, many of which ended up in foreclosure and allowed the company to repeat the process.

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Troutman Sanders

MARCH 1, 2023

In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. The decision is an important and welcomed relief for many lenders and servicers within the state. The Court of Appeals has now clarified issues related to the 90-day notice for lenders and servicers to follow.

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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. Orders to Show Cause Under Section 702.10, Florida Statutes. Section 702.10(1)(a)

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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

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. 3d 1029, 1030 (Fla.

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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.

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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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Jimerson Firm

DECEMBER 15, 2020

As discussed in parts 1-4 of this series, lenders have several options prior to instituting a commercial foreclosure action. Additionally, as briefly discussed in part 5 of this series, during the foreclosure action, lenders have options to try to preserve the value of the underlying collateral and to minimize further losses.

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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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Troutman Sanders

FEBRUARY 23, 2021

Engel, the Court of Appeals established a bright-line rule that when the acceleration of a mortgage debt occurs by filing a foreclosure complaint, a lender’s voluntary discontinuance of that action constitutes a revocation of acceleration as a matter of law, absent an express, contemporaneous statement to the contrary by the lender.

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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 21, 2021

Except in cases of an owner-occupied residence, lenders are entitled under Florida law to receive payments during the pendency of a foreclosure proceeding. Lenders must pay careful attention to this Florida Statute to ensure they preserve their rights and properly deploy this valuable litigation tool. 2), Florida Statutes.

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Jimerson Firm

NOVEMBER 11, 2021

Under Florida law, a mortgage lender is required to release their lien against the property upon satisfaction, giving the owner clear title to their home, absent any other encumbrances. Florida law requires that lenders take several steps to release their claim to a property once mortgage debt has been satisfied. paid in full).

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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

FEBRUARY 10, 2022

When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Lenders that charge off a debt trigger issuance of the 1099-C when their defined policy leads the lender to discontinue collection activity and discharge a debt.

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Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

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Credit Corp

DECEMBER 14, 2020

Sometimes it’s a foreclosure, increasingly often it’s due to large medical bills,” Pinsky notes. The interest rates and terms for these loans may be better than what the same borrowers may receive if they were to use expensive payday lenders or traditional lenders that finance borrowers with bad credit. Better loan terms.

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Roths Child Law

APRIL 16, 2021

It may only take a few months of missed payments to motivate your lender to foreclose on your home. Once foreclosure starts, you need to act quickly or risk losing everything you have invested in your home. After he fell behind on his mortgage, the lender eventually decided to foreclose.

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Foreclosure Chapter 13 bankruptcy Bankruptcy Lender 40

Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

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Consumer Finance Watch

SEPTEMBER 14, 2021

Eng, and Chenxi Jiao Lenders, mortgage servicers, and other financial institutions should take note that the New York State legislature has extended the COVID-19 Emergency Eviction and Foreclosure Prevention Act (“CEEFPA”) and the COVID-19 Emergency Protect Our Small Businesses … Continue reading →

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Collection Industry News

FEBRUARY 22, 2021

Department of Agriculture has announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency (FSA). USDA will work with the U.S. USDA will work with the U.S.

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Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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True Accord

MARCH 31, 2022

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. In January, the foreclosure proceedings that were paused under the CARES Act resumed after an 18-month hiatus. And lenders are happy to lend. million U.S.

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Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Lenders must ensure compliance with all relevant State and Federal laws and regulations to preserve their remedies for recovery. Foreclosures are a state law proceeding first and foremost.

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Consumer Finance Watch

MARCH 21, 2019

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. .

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