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Mortgages Deficiency Judgments

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 -
Bradley Arant Boult Cummings LLP

The Case For Overturning Florida Foreclosure Ruling

In an opinion written in under 1,000 words, Florida's Fourth District Court of Appeal put foreclosure cases across Florida in jeopardy in Desbrunes v. U.S. Bank National Association in February. Originally published in...more

McGlinchey Stafford

Florida Real Property And Business Litigation Report Volume XIII, Issue 50

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M & M Realty Partners at Hagen Ranch, LLC v. Mazzoni, Case No. 18-13536 (11th Cir. 2020). A “binding financial commitment” from a third party, including a wholly owned business entity, is required in order to satisfy the...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending July 24 , 2020

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Real Property Update - Condo Termination / Mandatory Arbitration: Unit owner could not pursue claims relating to condo termination for failure to comply with Florida Statutes section 718.117(16), which required unit...more

Burr & Forman

Eleventh Circuit Affirms Dismissal of FDCPA Class Action Relating to Judicial Foreclosure Practices

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On February 11, 2020, the United States Circuit Court of Appeal for the Eleventh Circuit issued its opinion in Anderman v. JP Morgan Chase Bank, N.A., Case No. 19-13734 regarding the applicability of the federal Fair Debt...more

Williams Mullen

Partial Subordination: A Circuitous Route to a Fair Result

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In Futuri Real Estate, Inc. v. Atlantic Trustee Servs., LLC, borrowers Milton and Armida Cortez (the “Borrowers”) obtained three loans secured by separate deeds of trust on their residence: (A) a $415,000 deed of trust in...more

Dechert LLP

Third Circuit Clarifies the Inner Workings of Foreclosure on Repo Collateral

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In the fifth opinion involving the repo liquidation saga of HomeBanc, the Third Circuit addressed several crucial issues involving the liquidation and valuation of repo collateral in bankruptcy. In re HomeBanc Mortg....more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending August 23, 2019

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Real Property Update - Foreclosure Sale: borrowers failed to allege adequate equitable factors and make proper showing to justify setting aside foreclosure sale, but instead re-litigate issues determined in underlying...more

Carlton Fields

Real Property & Financial Services Update: Week Ending February 16 & 23, 2018

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REAL PROPERTY UPDATE - Breach of Contract/Damages: court erred by precluding setoff when calculating damages because purpose of award is to restore the injured party to the position it would have realized no for the other...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Weeks Ending October 6 & 13, 2017

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REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE - Ad Valorem Taxes: land lease holders are considered equitable owners of land for tax purposes if land lease renews automatically and is perpetual; owners of condominium...more

Stoel Rives LLP

Debtor May Be Entitled to Credit for “Reasonable Value” of Property Purchased by Lender at Mortgage Foreclosure Sale

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In Idaho, it has long been understood that a secured creditor that has foreclosed a mortgage may be able to also get a judgment against the debtor for the remainder of the debt, if the proceeds of the foreclosure sale are not...more

Bradley Arant Boult Cummings LLP

Ruling Eases Lenders’ Path to Deficiency Judgments in NC

Winning a deficiency judgment following foreclosure may become less costly for lenders following a May 5 ruling by the North Carolina Supreme Court in United Community Bank v. Wolfe. Reversing a previous ruling by the Court...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending April 28 & May 5, 2017

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REAL PROPERTY UPDATE - Foreclosure: final summary judgment in borrower’s favor inappropriate where borrower merely asserted that lender mistakenly filed copy of original note with court, instead of original, and where...more

Shutts & Bowen LLP

Everything You Need To Know About Florida Deficiency Judgments – Part II

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A foreclosure judgment, followed by sale of the mortgaged property, doesn’t necessarily end a foreclosure case. If the sale proceeds don’t fully pay the debt, the next step is a money judgment against the borrower for the...more

Shutts & Bowen LLP

Everything You Need To Know About Florida Deficiency Judgments – Part I

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A mortgage judgment in Florida does two things – it sets the amount owed to the lender, and it orders the sale of the mortgaged property and applies the proceeds to pay down the debt. Where the sale proceeds are insufficient...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending August 19 & 26, 2016

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Real Property Update: - Lis Pendens/Subsequent Liens: lis pendens statute only serves to discharge liens that exist or arise prior to entry of foreclosure judgment but does not affect liens that arise after entry of...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending August 12, 2016

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REAL PROPERTY UPDATE: Jurisdiction/Deficiency Judgment: Second DCA agrees with Third DCA that “a circuit court has subject matter jurisdiction to adjudicate an independent deficiency action when the plaintiff had...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending July 15, 2016

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REAL PROPERTY UPDATE - Foreclosure/Unclean Hands: defense of unclean hands insufficient where borrower alleges bank’s loan officer inflated borrower’s income and assets to qualify for loan where borrower signed off on...more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending June 24 & July 1, 2016

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REAL PROPERTY UPDATE - Foreclosure/Leave to Amend: borrower should have been granted leave to amend to assert affirmative defenses pursuant to motion filed 13 days before trial because there was no prejudice, the...more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending June 10 & 17, 2016

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REAL PROPERTY UPDATE - - Foreclosure/Standing/Hearsay: copy of a note with undated allonge containing blank endorsement sufficient to establish standing as a matter of law, even though bank did not have formal...more

Shutts & Bowen LLP

No right to jury trial in foreclosure, even where lender seeks money judgment on promissory note

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Given the choice, a borrower in foreclosure may prefer that a jury determine her fate, rather than a judge.  But by statute, “[a]ll mortgages shall be foreclosed in equity” and “foreclosure claim[s] shall, if tried, be tried...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Weeks Ending March 11 & 18, 2016

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REAL PROPERTY UPDATE - - Foreclosure/Standing: substitute plaintiff failed to establish standing to enforce note and fact that original plaintiff had filed original note endorsed in blank before assignment did not...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Week Ending October 9, 2015

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REAL PROPERTY UPDATE - Certiorari; discovery: Certiorari review was not available to an owner of property seeking review of a trial court’s order denying his discovery requests, where the order did not completely...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Week Ending September 4, 2015

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REAL PROPERTY UPDATE - Foreclosure/Standing: party whose motion to intervene in foreclosure action was denied did not have standing to appeal final judgment of foreclosure – Market Tampa Investments, LLC. V Stobaugh,...more

Parker Poe Adams & Bernstein LLP

It Just Got Harder to Get a Deficiency Judgment in North Carolina

Ya’ll. (I’m in the South so it’s ok to say “ya’ll” even in a legal update). It shouldn’t be that hard to get a deficiency judgment in North Carolina. To start with, unlike some other states, North Carolina does not have a...more

Ballard Spahr LLP

New York Court of Appeals Provides Guidance on Deficiency Judgments

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The level of proof that a lender must submit to obtain a deficiency judgment following a mortgage foreclosure was recently clarified by the New York Court of Appeals. Under RPAPL § 1371, a lender may seek a deficiency...more

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