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Mortgages › Foreclosure › Notice Requirements

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 -
Alston & Bird

CFPB Releases Long-Awaited Proposal to Amend Regulation X Loss Mitigation Rules

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What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more

Hinshaw & Culbertson - Consumer Crossroads

Maine Supreme Court Revisits Reverses its Controversial 2017 One-and-Done Foreclosure Decision

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A highly contested and controversial legal defense to residential foreclosures in Maine resurfaced earlier this month with the Maine Supreme Judicial Court's decision in Finch v. U.S. Bank, N.A. Finch renewed the legal...more

Epiq

New CFPB Guidance has Loan Servicers Rethinking Communication Strategies

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On April 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin titled “Supervision and Enforcement Priorities Regarding Housing Insecurity”. The bulletin provided guidance on efforts that...more

Hinshaw & Culbertson - Consumer Crossroads

New York Court of Appeals Decision Clarifies RPAPL Notice Requirements, Affirms Heightened Standard for Borrowers

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Last year, as we reported, the Second Circuit requested that the New York Court of Appeals rule on two certified questions concerning predicate notices in foreclosure actions. On March 30, 2021, the Court of Appeals issued...more

Rosenberg Martin Greenberg LLP

Pennsylvania Supreme Court Clarifies Applicability of Act 6 To Residential Mortgage Foreclosures (Sort Of)

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When the loan documents provide for confession of judgment and the collateral encumbered by the mortgage securing the loan is commercial real property, the foreclosure process in Pennsylvania is straightforward.  The lender...more

Hinshaw & Culbertson - Consumer Crossroads

Rhode Island Supreme Court Demands Strict Compliance with Fannie Mae/Freddie Mac "Paragraph 22" in Foreclosures

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In a case of first impression, the Rhode Island Supreme Court concluded in Woel v. Christiana Trust that mortgage default notices sent to borrowers must strictly comply with the notice requirements included in a mortgage. The...more

Nutter McClennen & Fish LLP

Update on Massachusetts Eviction Moratorium Due to COVID-19

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On April 27, 2020, the Commonwealth’s Executive Office of Housing and Economic Development (“EOHED”) issued emergency regulations, forms, and guidance in connection with Chapter 65 of the Acts of 2020, An Act Providing for a...more

Hinshaw & Culbertson - Consumer Crossroads

Legal Guidance Watch: Second Circuit Nostra Sponte Certifies a Series of Mortgage Lender Compliance Questions to New York Court of...

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The Second Circuit recently certified two questions to the New York Court of Appeals regarding the requisite proof needed for borrowers to dispute the lender's compliance with New York Real Property Procedures and Acts...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending April 26, 2019

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Real Property Update - • Foreclosure / Reverse Mortgage / Condition Precedent: bank failed to establish that the subject property was not the principal residence of surviving co-borrower under its reverse mortgage, a...more

Bradley Arant Boult Cummings LLP

Part II: Navigating the Maze of Servicing Discharged Debt

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Welcome to Part II of our series on the servicing of discharged mortgage debt (catch up on Part I). This part will discuss communications to discharged borrowers and evaluate various disclaimers that can be utilized. The...more

BCLP

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

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New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment, statutory pre-foreclosure ninety day notices (RPAPL 1304) and a “certificate of merit” (CPLR 3012-b) will be...more

Bradley Arant Boult Cummings LLP

Recent Cases Highlight Latest Potential Foreclosure Evidentiary Pitfall

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Over the last few years, financial institutions have been forced to modify their policies and procedures to ensure that they are able to demonstrate compliance with notice provisions contained in residential mortgages prior...more

Locke Lord LLP

Federal Court Finds Foreclosing Mortgagees Must Strictly Comply with “Paragraph 22” Under Rhode Island Law, Consistent With Recent...

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The United States District Court for the District of Rhode Island recently decided that a mortgagee must strictly comply with paragraph 22 of the mortgage in order to obtain a valid foreclosure in Rhode Island. Martins v....more

Snell & Wilmer

What Do I Do With This Stuff? Dealing With Abandoned Property After Foreclosure

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You’ve successfully foreclosed on a commercial building in California, and, thankfully, the borrower moved out after foreclosure or after a period of tenancy. But the borrower left behind all sorts of property – furniture,...more

Ballard Spahr LLP

New York Court Finds Borrower Must Strictly Comply with Notice Requirements to Hold Servicer Liable Under Regulation X

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In an issue of first impression, the Supreme Court of New York refused to find a loan servicer violated Regulation X by initiating foreclosure when a borrower failed to strictly comply with the servicer’s instructions for...more

Bradley Arant Boult Cummings LLP

No Notice of Mortgage Assignment in Florida? No Problem

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Earlier this month, the United States District Court for the Southern District of Florida in Summerlin Asset Mgmt. V Trust v. Jackson decided an issue of first impression regarding whether compliance with Florida Statute...more

Bradley Arant Boult Cummings LLP

Notice Me: The New Notice Requirements for HOA Lien Foreclosures in Nevada

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In a previous blog post, we reported on Senate Bill 306, passed by Nevada Governor Brian Sandoval on May 28, 2015. The legislation redresses the substantial harm caused by SFR Investments Pool 1, LLC v. U.S. Bank, N.A. In SFR...more

Locke Lord LLP

Locke Lord QuickStudy: Rhode Island Superior Court Decision Impacting Servicers

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A Rhode Island superior court recently ruled that, pursuant to R.I. Gen. Laws § 34-27-3.2, foreclosing lenders are required to send mediation notices in any foreclosure initiated after the effective date (October 2014)...more

Tucker Arensberg, P.C.

Act 6/91 Update

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The Pennsylvania Superior Court issued an opinion that sets forth a new interpretation of Act 6. It may adversely impact some pending consumer foreclosure actions, and it changes the notice requirements on subsequent...more

Troutman Pepper

Mortgage Enforcement: Dot Those “i”s and Cross Those “t”s – Or Else

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A chapter 13 debtor objected to the portion of a mortgagee’s claim consisting of expenses related to foreclosure of its mortgage. She argued that since the mortgagee failed to comply with notice requirements under the...more

Ballard Spahr LLP

Loan Servicer Properly Identified as Party with Authority To Negotiate Mortgage Terms in Foreclosure Notice, Georgia Court Holds

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A recent decision by the Georgia Court of Appeals helps to add further clarity to the state’s foreclosure notice statute. The statute, which was amended in 2008, requires that the written notice of a foreclosure sale “shall...more

Snell & Wilmer

Nevada Supreme Court Determines That Guarantor Cannot Waive Right to Receive a Notice of Default, but Substantial Compliance With...

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Schleining v. Cap One, Inc., 130 Nev. Adv. Op. 36 (May 29, 2014), arises out of a loan to purchase an undeveloped piece of property, which was guaranteed by the principal of the borrower. After the borrower defaulted, the...more

Ballard Spahr LLP

Another Case of Housing Whiplash in Nevada: New Homeowner Bill of Rights and Revisions to the Foreclosure Mediation Program

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Nevada’s Homeowner Bill of Rights is expected to throw another sharp curve into the state’s troubled housing market. The new law, which took effect last week, places more restrictions on the exercise of the power of sale....more

Goodwin

Pennsylvania Supreme Court Holds Required Notice Procedural Issue Not Jurisdictional

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The Pennsylvania Supreme Court reversed a lower state court’s order to set aside a foreclosure judgment and sheriff’s sale. After the borrower defaulted and prior to initiating foreclosure, the mortgage company sent the...more

Burr & Forman

Foreclosure Law In The Wake Of Recent Decisions On Residential Mortgage Loans: The Situation In Georgia

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Originally Publish in Pratt's Journal Of Bankruptcy Law, February/March 2013. Thousands of wrongful foreclosure lawsuits are filed each year in Georgia against banks, lenders, servicers, foreclosure firms, and other...more

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