News & Analysis as of September 14, 2024

Foreclosure

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Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period usually commencing from the date of the wrong or injury or the discovery of the wrong or injury. Except for under a limited set of circumstances, if an individual does not file a suit within the specified time period, the law bars them from ever suing on that claim. less -

Stay Just a Little Bit Longer: Not Jackson Browne but the Statute of Limitations

Cadwalader, Wickersham & Taft LLP on 7/31/2024

The Second Department recently held in Trento 67, LLC v. OneWest Bank, N.A., et. al that the FHA COVID-19 moratorium constituted a stay of foreclosures for federally-backed mortgages, and thus tolled the statute of...more

Scrivener’s Error in Guaranty Reformed Outside of Statute of Limitations and Held Enforceable

Morrison & Foerster LLP on 3/29/2024

In an appeal heard by the Appellate Division of the Supreme Court in the First Judicial Department of New York, the Court recently ruled that a court may reform a guaranty after the statute of limitations for a reformation of...more

New York Courts Split on the Constitutionality of the Foreclosure Abuse Prevention Act

Goodwin on 7/7/2023

In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively....more

Can I Recover Fees Under an Offer of Judgment Even if I Lose on Appeal? - McGlinchey Commercial Law Bulletin - June 22 2023

McGlinchey Stafford on 6/23/2023

Marchbanks v. Ice House Ventures, LLC, Slip. Op. No. 2023-Ohio-1866. In this discretionary appeal, the Ohio Supreme Court reversed the appellate court’s ruling, finding that an enforceable settlement agreement existed,...more

CFPB Issues Guidance to Protect Homeowners from Zombie Mortgages

Sheppard Mullin Richter & Hampton LLP on 5/5/2023

On April 26, 2023, the CFPB issued an advisory opinion, which reiterated that the FDCPA and Regulation F prohibit certain debt collectors from suing to collect on debt or threatening to foreclose on homes with mortgages past...more

CFPB Issues Advisory Opinion on Debt Collection Practices

Shipkevich PLLC on 4/26/2023

On April 26, 2023, the Consumer Financial Protection Bureau (CFPB) released an advisory opinion to clarify that it is against the law for a debt collector to sue or threaten to sue in order to collect a time-barred debt, as...more

Arizona Court of Appeals Narrows Statute of Limitations Application

Troutman Pepper on 3/2/2023

The Arizona Court of Appeals recently clarified how the state’s debt collection statute of limitations applies to debt created by a land sale contract. Arizona has a six-year statute of limitations to enforce installment...more

NY restricts lenders’ ability to reset statute of limitations on foreclosures

Orrick, Herrington & Sutcliffe LLP on 1/13/2023

In December, the New York governor signed A 7737-B, the “Foreclosure Abuse Prevention Act,” which amends the rights of parties in foreclosure actions....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

Copper Creek Confirms That Bankruptcy Discharges Have No Effect on the Statute of Limitations in Washington State

Perkins Coie on 3/31/2022

As we previously noted, the statute of limitations on actions to enforce a note or deed of trust can be a brutally effective sword for borrowers in Washington State. Under the six-year limitations period of RCW 7.28.300, a...more

Real Property, Financial Services, & Title Insurance Update: Week Ending December 10, 2021

Carlton Fields on 12/24/2021

Real Property Update - UCC / Security Interests: Eleventh Circuit certified to the Florida Supreme Court the following questions: (1) Is the "search of the records of the filing office under the debtor's correct name,...more

New York’s Highest Court Makes Key Rulings in Favor of Lenders Clarifying What Accelerates and De-Accelerates a Mortgage Debt for...

Blank Rome LLP on 7/6/2021

The New York Court of Appeals has resolved a split between two intermediate state appellate courts regarding whether a default letter clearly and unequivocally affirmatively accelerates a mortgage debt and provided much...more

Akerman Team Supports Shellpoint Successfully Reversing Texas Trial Court Opinions Voiding Liens Based on Statute of Limitations

Akerman LLP on 5/17/2021

Akerman recently obtained judgments from Texas’s 9th and 14th courts of appeals on behalf of Shellpoint Mortgage Servicing reversing Harris and Jefferson county district court judgments invalidating its liens based on the...more

New York Clarifies Mortgage Loan Acceleration and De-Acceleration: Starting and Stopping the Limitations Clock

Bradley Arant Boult Cummings LLP on 4/1/2021

On February 18, 2021, the New York Court of Appeals’ consolidated resolution of four cases that answered two critical questions concerning the application of the statute of limitations in New York mortgage foreclosure...more

NY Court of Appeals on the Foreclosure Statute of Limitations

BCLP on 2/24/2021

The New York Court of Appeals’ decision last week, Freedom Mortgage Corp v. Engel, contains two “reliable and objective rules permitting consistent application of the statute of limitations.” What are those rules? ...more

Landmark New York Court of Appeals Decision Clarifying Calculation of Statute Of Limitations in Mortgage Foreclosure Actions

Hinshaw & Culbertson - Consumer Crossroads on 2/23/2021

The New York Court of Appeals reversed four Appellate Division decisions and decided in favor of the mortgagees in a consolidated decision issued on February 18, 2021, ruling, inter alia, that...more

New York’s Highest Court Makes Key Rulings in Favor of Lenders Clarifying What Accelerates and De-Accelerates a Mortgage Debt for...

Blank Rome LLP on 2/23/2021

The New York Court of Appeals’ decision set bright-line rules that a noteholder’s voluntary discontinuance of a foreclosure action, in itself, revokes the acceleration of a mortgage debt, and a default letter stating that the...more

NY Court Of Appeals Issues A Landmark Decision On The Statute Of Limitations In Mortgage Foreclosure Actions

McGlinchey Stafford on 2/19/2021

On February 18, 2021, the New York Court of Appeals issued a landmark decision in four cases related to the application of the statute of limitations to foreclose a mortgage in New York. Most notable is the long-anticipated...more

NY’s Third Department Holds Action Enforcing Note Is Neither Barred by Estoppel Doctrines Nor the Applicable Statute of...

Blank Rome LLP on 1/26/2021

In CitiMortgage, Inc. v. Ramirez, 2020 WL 7647749, at *3 (3d Dept. Dec. 24, 2020), the Appellate Division, Third Department, held that CitiMortgage, Inc.’s action to recover under a note (i) was not precluded because of...more

Second Circuit Finds HUD Assignees Immune from State Statute of Limitations Claims

Hinshaw & Culbertson - Consumer Crossroads on 1/22/2021

The mortgage foreclosure world continues to experience change at a moment's notice. Lenders continue to defend against borrower actions seeking to discharge their mortgages as time-barred, which in turn has led to the...more

New York Court of Appeals Finds There is "No Checklist" to Prove Standing to Foreclose, While Leaving Newly-Enacted RPAPL 1302-a...

Hinshaw & Culbertson - Consumer Crossroads on 1/8/2021

The New York Court of Appeals issued two important end-of-the-year decisions on December 17, 2020 in a heavily litigated, affirmative defense in residential mortgage foreclosure actions: the lack of standing to foreclose. In...more

New York Court of Appeals Appears Ready to Decide Whether Discontinuance of a ‎Foreclosure Action Can De-Accelerate a Loan and...

Locke Lord LLP on 1/7/2021

While New York courts continue to hear cases involving defaulted loan obligations stemming from the 2008 financial crisis, on January 5, 2021, the New York Court of Appeals heard arguments on four related cases involving New...more

New York Appellate Court allows Action on Note Debt Despite Finding that Statute of Limitations Precludes Foreclosure Action

Locke Lord LLP on 1/6/2021

While it is common knowledge in New York that the statute of limitations to collect a debt is six years from the time of acceleration, in a recent decision the Appellate Division, Third Judicial Department opened up the...more

Maryland Court of Special Appeals Confirms That Foreclosure Actions Are Not Subject to Statute of Limitations

Rosenberg Martin Greenberg LLP on 12/22/2020

During the COVID-19 pandemic, a patchwork quilt of statutes, regulations, executive orders, and court orders have imposed on again, off again, restrictions on the filing and prosecution of foreclosure cases. Few of these...more

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

McGlinchey Stafford on 12/18/2020

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

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Statute of Limitations › Mortgages › Foreclosure

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