The title of this article seems self-evident. Lenders, servicers, and others active in the foreclosure arena these past few years know that it has been anything but. Borrowers surrender property in bankruptcy but,...more
10/10/2016
/ Banking Sector ,
Bankruptcy Code ,
Borrowers ,
Chapter 13 ,
Chapter 7 ,
Consumer Bankruptcy ,
Financial Services Industry ,
Florida ,
Foreclosure ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Real Estate Market
REAL PROPERTY UPDATE -
Foreclosure/Hearsay/Business Records: trial court abused its discretion by excluding the mortgage records, which included records from a prior servicer, where plaintiff’s witness demonstrated...more
10/3/2016
/ Bad Faith ,
Bank of New York (BNY) Mellon ,
Banking Sector ,
Business Records ,
Damages ,
Deutsche Bank ,
Disclosure Requirements ,
Due Process ,
Fidelity National Title Insurance Company ,
First American Title Insurance Co. ,
Foreclosure ,
Hearsay ,
Insurance Industry ,
Jurisdiction ,
Mortgages ,
Motion to Amend ,
Notice of Default ,
Old Republic Title ,
Real Estate Development ,
Real Estate Market ,
Reverse Mortgages ,
Right of Access ,
Standing ,
Statute of Limitations ,
Statutory Liens ,
Subdivision ,
Summary Judgment ,
Takings Clause ,
Title Insurance ,
Wells Fargo
REAL PROPERTY UPDATE -
Vacation of Subdivision Plats: boards of county commissioners have limited authority under Fla. Stat. sec. 177.101(3) to grant or deny platted property owner’s request for vacation of plat; if...more
9/20/2016
/ Arbitration ,
Class Action ,
Fidelity National Title Insurance Company ,
Insurance Industry ,
Liens ,
Mortgages ,
Motion to Compel ,
Negligence ,
Residential Real Estate Market ,
Short Sales ,
Subdivision ,
Summary Judgment ,
Title Insurance
REAL PROPERTY UPDATE:
Foreclosure/Standing: where copy of note attached to foreclosure complaint contained no endorsement and original note presented at trial had endorsement in favor of plaintiff, plaintiff required to...more
9/15/2016
/ Attorney's Fees ,
Banking Sector ,
Banks ,
Breach of Contract ,
Dismissal With Prejudice ,
Dismissals ,
Ejectment ,
Endorsements ,
Fidelity National Title Insurance Company ,
First American Title Insurance Co. ,
Foreclosure ,
HSBC ,
Insurance Industry ,
Mortgage Lenders ,
Mortgages ,
Negligence ,
Real Estate Market ,
Standing ,
Title Insurance ,
Unjust Enrichment
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
8/31/2016
/ Affirmative Defenses ,
Article III ,
Bank of America ,
Bank of New York (BNY) Mellon ,
Banking Sector ,
Banks ,
Condominiums ,
Deficiency Judgments ,
Foreclosure ,
Insurance Industry ,
JPMorgan Chase ,
Liens ,
Lis Pendens ,
Mortgages ,
Personal Jurisdiction ,
Real Estate Market ,
Special Damages ,
Standing ,
Statute of Limitations ,
Title Insurance ,
Wells Fargo
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
8/17/2016
/ Article III ,
Banking Sector ,
Deficiency Judgments ,
Escrow Accounts ,
Foreclosure ,
Insurance Industry ,
Judgment Liens ,
Jurisdiction ,
Mortgage Lenders ,
Mortgages ,
Old Republic Title ,
Residential Real Estate Market ,
Standing ,
Title Insurance ,
US Bank National Association
REAL PROPERTY UPDATE -
Foreclosure/Discovery: Good cause not found to enter protective order preventing owner of property, subject to foreclosure, from deposing bank’s only witness on basis that owner of property was not...more
8/12/2016
/ Bank of New York (BNY) Mellon ,
Banking Sector ,
Banks ,
Consumer Lenders ,
Discovery ,
Escrow Accounts ,
Foreclosure ,
Insurable Interests ,
Insurance Industry ,
Mortgage Lenders ,
Mortgages ,
Motions to Quash ,
Notice of Default ,
Real Estate Market ,
Service of Process ,
Standing ,
Summary Judgment ,
Title Insurance ,
Wells Fargo
REAL PROPERTY UPDATE -
Foreclosure/Automatic Stay: because final judgment entered day after defendant’s petition for bankruptcy, automatic stay imposed by 11 U.S.C. § 362 was in effect and, thus, judgment was void, even...more
8/3/2016
/ Attorney's Fees ,
Automatic Stay ,
Bank of New York (BNY) Mellon ,
Banking Sector ,
Citibank ,
Consumer Bankruptcy ,
Damages ,
Foreclosure ,
Foreclosure Sales ,
JPMorgan Chase ,
Mortgages ,
Notice of Default ,
Real Estate Market ,
Right of Access ,
Standing ,
Statute of Limitations ,
Subrogation ,
Title Insurance
Lis Pendens: a party seeking to maintain a lis pendens must establish a “fair nexus” between the party’s claim and the subject property by making “a minimal showing that there is at least some basis for the underlying claim...more
7/25/2016
/ Banking Sector ,
Consumer Lenders ,
Debt Collection ,
Deutsche Bank ,
First American Title Insurance Co. ,
Foreclosure ,
Insurance Industry ,
Limitation of Liability Clause ,
Lis Pendens ,
Mortgages ,
Negligence ,
Real Estate Market ,
Title Insurance
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
7/21/2016
/ Bank of America ,
Banking Sector ,
Banks ,
Breach of Contract ,
Deficiency Judgments ,
Denial of Insurance Coverage ,
Eviction ,
Foreclosure ,
Full Credit Bid ,
Illegal Contracts ,
Insurance Industry ,
Jurisdiction ,
Lienholders ,
Lis Pendens ,
Mortgage Lenders ,
Mortgages ,
Motions to Quash ,
Real Estate Market ,
Standing ,
Summary Judgment ,
Title Insurance ,
Unclean Hands ,
Wells Fargo
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
7/11/2016
/ Bad Faith ,
Bank of America ,
Bank of New York (BNY) Mellon ,
Banking Sector ,
Banks ,
Class Action ,
Closing Protection Letters ,
Deficiency Judgments ,
Economic Loss Doctrine ,
Fidelity National Title Insurance Company ,
Foreclosure ,
Homeowners Association (HOA) ,
Insurance Fraud ,
Insurance Industry ,
Leave to Amend ,
Liens ,
Lis Pendens ,
Mortgage Fraud ,
Mortgage Lenders ,
Mortgages ,
Old Republic Title ,
Prejudgment Interest ,
Real Estate Market ,
Standing ,
Summary Judgment ,
Title Insurance ,
US Bank National Association ,
Wells Fargo
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
6/22/2016
/ Attorney's Fees ,
Banking Sector ,
Deficiency Judgments ,
Equitable Subrogation ,
Financial Institutions ,
First American Title Insurance Co. ,
Foreclosure ,
Hearsay ,
HSBC ,
Insurance Industry ,
JPMorgan Chase ,
Loan Modifications ,
Mortgage Servicers ,
Mortgages ,
Notice of Default ,
Post-Judgment Interest ,
Real Estate Market ,
RJ Reynolds ,
Standing ,
Subrogation ,
Title Insurance ,
Wells Fargo
REAL PROPERTY UPDATE -
Foreclosure/Bankruptcy Stay: because borrower’s notice of appeal was filed during pendency of bankruptcy stay it was a nullity, and appellate court lacked jurisdiction to consider appeal –Hewett v....more
6/8/2016
/ Bank of America ,
Bank of New York (BNY) Mellon ,
Class Action ,
Consumer Bankruptcy ,
Deutsche Bank ,
Discovery ,
Equitable Subrogation ,
Financial Institutions ,
First American Title Insurance Co. ,
Foreclosure ,
Insurance Industry ,
Mortgages ,
Negligence ,
Real Estate Market ,
Sanctions ,
Short Sales ,
Standing ,
Stays ,
Title Insurance ,
US Bank National Association ,
Vicarious Liability ,
Wachovia ,
Wells Fargo
REAL PROPERTY UPDATE -
Contracts/Personal Liability: official title of “President” underneath signor’s signature on contract did not shield individual from personal liability because contract language reflected...more
5/26/2016
/ Arbitration ,
Bank of America ,
Bank of New York (BNY) Mellon ,
Banking Sector ,
Consumer Bankruptcy ,
Countrywide ,
Credit Suisse ,
Deutsche Bank ,
Discovery ,
Fidelity National Title Insurance Company ,
Fifth Third Mortgage Company ,
Foreclosure ,
Hearsay ,
Insurance Industry ,
Mortgage Lenders ,
Mortgages ,
Negligence ,
Notice of Default ,
Personal Liability ,
Real Estate Market ,
Standing ,
Summary Judgment ,
Title Insurance ,
US Bank National Association ,
Wells Fargo
REAL PROPERTY UPDATE -
Foreclosure/Requests for Admission: trial court erred by involuntarily dismissing foreclosure action based solely on lender’s failure to respond to requests for admission because lender’s...more
5/11/2016
/ Attorney's Fees ,
Bank of America ,
Condominiums ,
Consumer Lenders ,
Deutsche Bank ,
Equitable Lien ,
Financial Institutions ,
Foreclosure ,
Homestead Exemption ,
HSBC ,
Insurance Industry ,
Landlords ,
Mortgage Lenders ,
Mortgages ,
Notice of Default ,
Old Republic Title ,
Property Insurance ,
Real Estate Market ,
Release Agreements ,
Settlement Agreements ,
Standing ,
Tenants ,
US Bank National Association ,
Wells Fargo
IN THE SPOTLIGHT -
The CFPB Takes First Enforcement Action Related to Data Security Practices.
LIFE INSURANCE -
Class Certified in Unique Fixed Indexed Annuity Case.
Alleged Misrepresentations to DFS Warrant...more
5/6/2016
/ Auto Insurance ,
Automotive Loans ,
Bad Faith ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Security ,
Department of Justice (DOJ) ,
Derivatives ,
Fair Credit Reporting Act (FCRA) ,
False Claims Act (FCA) ,
FCC ,
Fiduciary Duty ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Health Care Providers ,
Junk Bonds ,
Life Insurance ,
RESPA ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
SLUSA ,
Stark Law ,
TCPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Uninsured and Under-Insured Motorists ,
Waivers
The Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) Rule took effect October 3, 2015. The TRID Rule requires two new forms – the Loan Estimate and Closing Disclosure – in connection with...more
REAL PROPERTY UPDATE -
- Foreclosure/Standing: original allonge is part of original note and must be filed to prove standing; assignment of mortgage that did not assign note insufficient to establish standing to...more
Introduction and Background -
Residential mortgage lenders have long been required to disclose to their borrowers (i) the cost of credit to the consumer and (ii) the cost to the consumer of closing the loan transaction....more
4/21/2016
/ Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
False Claims Act (FCA) ,
Financial Institutions ,
FIRREA ,
Mortgage Bankers Association ,
Mortgage Lenders ,
Mortgages ,
Residential Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID)
REAL PROPERTY UPDATE -
- Sovereign Immunity: DOT prohibited from using sovereign immunity defense in negligence action resulting from railroad crossing accident where DOT bound by crossing agreement, including indemnity...more
4/12/2016
/ Department of Transportation (DOT) ,
First American Title Insurance Co. ,
Foreclosure ,
HSBC ,
Insurance Industry ,
Jury Instructions ,
Mortgages ,
Railroads ,
Reformation ,
Residential Real Estate Market ,
Sovereign Immunity ,
Standing ,
Statute of Limitations ,
Subrogation ,
Title Insurance ,
US Bank National Association ,
Wells Fargo
REAL PROPERTY UPDATE -
- Foreclosure: remittitur, rather than reversal of summary judgment, is proper where lender failed to provide sufficient evidence of late charges at summary judgment – Newman v. Ocwen Loan...more
4/6/2016
/ Anti-SLAPP ,
Business Records ,
Condominium Associations ,
Dismissals ,
Evidence ,
Foreclosure ,
HUD ,
Malicious Prosecution ,
Mortgages ,
Negligent Misrepresentation ,
PNC ,
Standing ,
Summary Judgment ,
Title Insurance
REAL PROPERTY UPDATE -
- Ad Valorem Taxation: lessee holding 99-year leasehold interest in unimproved land owned by government entity is not “equitable owner” and thus not liable for ad valorem property taxes pursuant to...more
3/30/2016
/ Ad Valorem Tax ,
Deutsche Bank ,
E&O Insurance ,
Fidelity National Title Insurance Company ,
Foreclosure ,
Insurance Industry ,
JPMorgan Chase ,
Mortgages ,
Property Tax ,
Residential Real Estate Market ,
Statute of Limitations ,
Title Insurance
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
3/24/2016
/ Article III ,
Attorney's Fees ,
Banking Sector ,
Deeds ,
Deficiency Judgments ,
Fidelity National Title Insurance Company ,
Foreclosure ,
Homestead Exemption ,
JPMorgan Chase ,
Mortgages ,
Residential Real Estate Market ,
Standing ,
Title Insurance ,
Wells Fargo
REAL PROPERTY UPDATE -
- Foreclosure/Reverse Mortgage: lender not entitled to accelerate debt on reverse mortgage after death of borrower where surviving spouse not designated a borrower on note, but designated a...more
REAL PROPERTY UPDATE -
- Foreclosure/Discovery: trial court erred by declining to rule prior to trial on borrowers’ motion in limine seeking to exclude evidence contrary to bank’s “technical admissions” established by...more
2/24/2016
/ Attorney's Fees ,
Bad Faith ,
Bank of New York (BNY) Mellon ,
Discovery ,
Fidelity National Title Insurance Company ,
Foreclosure ,
HSBC ,
Notice of Default ,
Service of Process ,
Standing ,
Title Insurance ,
Wells Fargo