News & Analysis as of November 17, 2024

Lienholders

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Virginia amends its foreclosure procedures and requires an affidavit

Orrick, Herrington & Sutcliffe LLP on 5/8/2024

Recently, the Governor of Virginia signed HB 184 (the “Act”) which amended the foreclosure procedures and subordinate procedures. Specifically, the Act added a requirement that if the proposed sale was initiated due to a...more

Can I recover excess proceeds from a foreclosure sale? - McGlinchey Commercial Law Bulletin - August 2022

McGlinchey Stafford on 8/22/2022

Claim to excess funds in foreclosure- In this appeal, the Eighth Appellate District considered who is entitled to excess sale proceeds; another mortgagee (who never appeared or answered in the case) or the borrower? Here,...more

When do the AAA Rules Govern Arbitrability? - Commercial Law Bulletin April 25 2022

McGlinchey Stafford on 4/25/2022

Ohio- Excess Sale Proceeds Royal Oaks Landmark, LLC v. Royal Oak Cal, LLC, 12th Dist. Clermont No. CA2021-06-025, 2022-Ohio-1144- In this appeal, the Twelfth Appellate District affirmed the trial court’s decision,...more

Mortgagee-Protection Clauses Are Not Dead in Nevada Nonresidential Property Owners’ Associations

Snell & Wilmer on 2/20/2020

For the last several years, there has been a tremendous amount of litigation in Nevada arising from residential foreclosure sales conducted by homeowners’ associations (HOA). The main issue in those cases has been whether the...more

Florida Inferior Liens Not Extinguished If Recorded After Foreclosure Judgment – What To Do Now

Baker Donelson on 9/6/2016

The Fourth District has ruled that inferior liens are extinguished in a foreclosure proceeding when the final judgment is entered, not when the certificate of sale is issued, putting 30 years of established law into question....more

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

Carlton Fields on 7/21/2016

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

Avoiding a Limitations Fight by Rescinding Acceleration

Baker Donelson on 10/29/2015

Texas recently added a new statute aimed at providing lienholders and loan servicers an unambiguous method for unilaterally abandoning the acceleration of a loan's maturity. When a borrower defaults in paying an...more

Who is Reading Your Mail? The Florida Condominium Termination Trap

Baker Donelson on 7/15/2014

Crowded dockets, understaffed courts, increased foreclosure times, mandatory mediation, trial mortgage modifications, last-minute bankruptcy petitions and litigation tactics, which in far too many instances fell somewhere...more

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