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D.C. Court of Appeals, Nevada Supreme Court Extinguish Lender's Mortgage Lien Following Association Lien Foreclosures

By Roger D. Winston and Joseph E. Lubinski A recent decision by the District of Columbia Court of Appeals, [ enhanced version available to lexis.com subscribers ], brings into renewed focus the tension between condominium/homeowner associations and lenders when it comes to payment of delinquent...

District Court Issues Crucial Ruling on Pennsylvania's Recording Statute

The U.S. District Court for the Eastern District of Pennsylvania has held, [ enhanced version available to lexis.com subscribers ], that the failure to create and record written instruments evidencing assignments of mortgages and transfers of promissory notes secured by mortgages on real property in...

Vermont Updates Mortgage Broker Rules

The Vermont Department of Financial Regulation has adopted regulations that update the rules for the licensing and regulation of mortgage brokers. The regulation sets forth standards on: · Individuals who may be authorized to act as a mortgage loan originator (MLO) under the mortgage broker's...

Real Cases in Real Estate By Andrea Lee Negroni, Esq. – November 19, 2014 Update

HUD-insured Nevada mortgages are not trumped by lien foreclosures of homeowner associations, notwithstanding Nevada’s superpriority lien law and the Nevada Supreme Court decision in SFR Investments Pool v. Wells Fargo . Mortgage lenders have been understandably upset by the September decision of...

Jason A. Frank on Reverse Mortgages and Changes to the HECM Program

B y Jason A. Frank A Home Equity Conversion Mortgage (HECM) is a federally insured reverse mortgage guaranteed by the FHA, a part of the U.S. Department of Housing and Urban Development (HUD). Due to substantial stress in the HECM program, the Reverse Mortgage Stabilization Act was signed into law...

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Lenders’ Rights Under Threat in Nevada: the Nevada Supreme Court Rules That Homeowners Association Liens Can Extinguish First Deeds of Trust

In a September 2014 ruling, the Nevada Supreme Court held that a homeowners association’s (HOA) non-judicial foreclosure sale can extinguish a mortgage lender’s previously-recorded first deed of trust on a property if that foreclosure is to recover assessments categorized as super priority...

St. Louis County Ordinance Requiring Pre-Foreclosure Mediation Unconstitutional, Missouri Supreme Court Holds

The Missouri Supreme Court recently ruled, [ enhanced version available to lexis.com subscribers ], that a St. Louis County ordinance requiring lenders to mediate with borrowers prior to foreclosure was void ab initio because it was not directed to a matter of purely municipal concern. A state bankers...

No, You Cannot Enforce A Mortgage That Has Already Been Paid In Full

By Peter J. Gallagher (@pjsgallagher) The Appellate Division recently dealt with an unusual situation involving a borrower trying to enforce a mortgage, which had been satisfied years earlier, against a lender that was foreclosing on a different loan. While disputes occasionally arise between lenders...

Money, Dirt & Steel: 2014-2015 NC Real Property Litigation Update

A snapshot of noteworthy cases from the past year related to lending practices, property rights and construction in North Carolina By Gib Laite , Partner, and Andi Matt , Associate, Williams Mullen Money Lending: Comprehensive waiver language in loan workout documentation may “cure”...

TILA Rescission of a Home Loan Does Not Require a Lawsuit within Three Years

A home-loan borrower has three years to seek to rescind the loan because Truth In Lending Act (TILA) disclosures were not made, but this does not mean that the borrower must file a lawsuit within that time. The U.S. Supreme Court reached this conclusion last month in its decision in Jesinoski v. Countrywide...

Mortgage Foreclosure Action Barred by Statute of Limitations Based On Prior Involuntary Dismissal Without Prejudice

Introduction Florida’s Third District Court of Appeal (Third District) has issued its opinion in Deutsche Bank Trust Company Americas v. Beauvais , __ So. 3d __ (Fla. 3rd DCA 2014), [ enhanced version available to lexis.com subscribers ], holding that an involuntary dismissal without prejudice...

Supreme Court Holds That TILA Rescission Is Accomplished With Notice Alone

Until last month, courts were split over what steps borrowers must take to rescind a home loan. Some courts had ruled that a borrower simply had to send a rescission notice to his creditor within three years after taking out a loan. Others said the notice alone does not suffice; a lawsuit must be filed...

High Court Rules that Borrowers May Exercise Right To Rescind Mortgage Loans By Providing Notice To Lender of Intent to Rescind Within Three Years of Loan Closing

The United States Supreme Court has issued its long-awaited ruling in Jesinoski v. Countrywide Home Loans, Inc., No. 13-684, 190 L. Ed. 2d 650 (U.S. Jan. 13, 2015), [ enhanced version available to lexis.com subscribers ], resolving a circuit split over the notice requirements that must be complied with...

Borrower Can Sue Lender To Compel Loan Modification (But Only If It Does What It Promised To Do First)

A recent published decision from the Appellate Division -- Arias v. Elite Mortgage-- resolved a question of first impression in New Jersey that is important as the State continues to dig its way out of the credit crisis. The issue in Arias, [ enhanced version available to lexis.com subscribers ], involved...

Wisconsin Courts Can Force Lenders to Make Prompt Sales of Foreclosed Properties Which Have Been Abandoned by the Borrowers

In a case that “radically revises the law on mortgage foreclosure,"[1] the Wisconsin Supreme Court recently held in Bank of New York Mellon v. Carson , 2015 WI 15, [ enhanced version available to lexis.com subscribers ], that Wisconsin circuit courts have the authority to order a sale of mortgaged...

Appellate Division Holds That Trial Court Had the Right To Decide If Foreclosure-Related Dispute Was Arbitrable, But Decided It Wrong

By Peter J. Gallagher ( @pjsgallagher ) Most of the current litigation over foreclosures has played out in the courts, but a recent decision from the Appellate Division, Banquez v. Deutsche Bank National Trust Company, [ enhanced version available to lexis.com subscribers ], involved a foreclosure...