News & Analysis as of

Mortgages Unsecured Debt

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 -
Stark & Stark

Commercial Foreclosures in Pennsylvania: How Deal Formation Impacts Litigation

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The fact that commercial transactions can very easily become complex is not a novel statement. When financial institutions lend money to commercial entities, the basic documentation required to evidence the loan, promise to...more

Walkers

Guernsey’s New Consumer Lending Rules

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This briefing is the second in a series of briefings by Walkers’ on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCFL”), and provides an overview of the licensing regime applicable to consumer...more

Fox Rothschild LLP

Secured Creditors’ State Court Rights Affected By Proof Of Claim Choices

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Secured creditors have many choices when it comes to how to file a proof of claim in bankruptcies. Those choices should be weighed carefully, however, because certain choices can have important unexpected consequences that...more

Hogan Lovells

Consumer finance regulatory news, September 2020 # 2

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COVID-19: FCA finalised guidance for mortgage firms - On 14 September 2020, the UK Financial Conduct Authority (FCA) published finalised guidance containing additional guidance for mortgage firms in light of COVID-19....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

Ward and Smith, P.A.

Fourth Circuit Provides Relief to Chapter 13 Debtors for Some Underwater Mortgages

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In a victory for Chapter 13 debtors, the United States Court of Appeals for the Fourth Circuit recently issued a major decision that changes the way bankruptcy courts in North Carolina will deal with certain home mortgages in...more

Ballard Spahr LLP

Did You Know? Connecticut Revises Several Secured and Unsecured Lending Provisions

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Connecticut has revised several provisions involving secured and unsecured lending laws, including, but not limited to, the following...more

K&L Gates LLP

Latin America Enforcement and Security Guide

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In the current economic climate, it is important that lenders understand how they can enforce security and debt claims to help in assessing options in the event of default by their customers, and when structuring new lending....more

Ward and Smith, P.A.

Fourth Circuit Hands Victory to Lenders in Chapter 13 Mortgage Case

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The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently handed a victory to residential real estate lenders dealing with borrowers who file for Chapter 13 bankruptcy...more

Bryan Cave Leighton Paisner

Court of Appeal case - of interest to Security Trustees

Including an unsecured creditor in an agreed payments waterfall does not by itself confer on that unsecured creditor the benefit of a mortgagee’s usual duties on enforcement of security, or a direct claim against the sale...more

Seyfarth Shaw LLP

Recent Unanimous Supreme Court Decision Holds That Underwater Mortgages in a Chapter 7 Cannot be “Stripped off"

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The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more

Burr & Forman

Supreme Court Rejects Lien Stripping in Chapter 7 Bankruptcy Cases

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On June 1, 2015, the United States Supreme Court issued its decision in Bank of America, N.A. v. Caulkett, in which all nine Justices joined in an opinion that reversed an Eleventh Circuit ruling that chapter 7 debtors may...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Bank of America v. Caulkett and Bank of America v. Toledo-Cardona

On June 1, 2015, the United States Supreme Court decided Bank of America v. Caulkett, No. 13-1421, together with Bank of America v. Toledo-Cardona, No. 14-163, holding that a debtor in a Chapter 7 bankruptcy proceeding may...more

Carlton Fields

Stripping of Unsecured Second Mortgages in Chapter 7 Bankruptcies in the Crosshairs

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Since its 1989 opinion in Folendore v. Small Business Admin., the Eleventh Circuit Court of Appeals has allowed debtors to completely strip off and void wholly unsecured junior liens in Chapter 7 bankruptcies under Section...more

Ballard Spahr LLP

CFPB issues Snapshot of older consumers and mortgage debt

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The CFPB’s Office for Older Americans released a report this month reviewing mortgage debt held by older consumers—individuals age 65 and older. The report found that older consumers are carrying more mortgage debt into...more

Goodwin

CFPB Releases Fair Lending Report

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The CFPB released its Fair Lending Report to Congress, which provides an update on the CFPB’s efforts with respect to its fair lending mandate. Section 1013 of the Dodd-Frank Act requires the CFPB’s Office of Fair Lending and...more

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