Real Estate Law

Recent Posts

Vermont Updates Mortgage Broker Rules
Posted on 4 Nov 2014 by Ballard Spahr LLP

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... Read More

Loan Servicer Properly Identified as Party with Authority To Negotiate Mortgage Terms in Foreclosure Notice, Georgia Court Holds
Posted on 29 Jul 2014 by Ballard Spahr LLP

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 include the name... Read More

Borrowers Cannot Vacate Final Judgment Of Foreclosure Because They "Read Something Wrong"
Posted on 31 Aug 2015 by Peter J. Gallagher

This might have seemed obvious, but the Appellate Division nonetheless recently confirmed that a borrower's claim that it "read something wrong" could not establish "excusable neglect" sufficient to vacate a final judgment of foreclosure... Read More

Fraud Mastermind Uses Straw Buyer To Pull Off $2.1 Million Mortgage Theft
Posted on 30 Oct 2014 by LexisNexis Legal Newsroom Staff

A six-count indictment has been filed in federal court charging Derryl L. Tanner and Julie A. Becker with engaging in a $2.1 million mortgage-fraud scheme. Tanner and Becker are accused of conspiring in 2006 to defraud several lending institutions related... Read More

The Doctrine of Equitable Assignment is Alive and Well in Wisconsin
Posted on 12 Aug 2014 by Foley & Lardner LLP

That was the holding of the Wisconsin Supreme Court in the opinion in Dow Family, LLC v. PHH Mortgage Corporation , 2014 WI 56, [ enhanced version available to subscribers ]. The facts of the case are similar to thousands of foreclosure cases... Read More

Real Cases in Real Estate By Andrea Lee Negroni, Esq. – August 19, 2014 Update
Posted on 20 Aug 2014 by Andrea Lee Negroni

A Missouri condominium association’s lien for an unpaid assessment was superior to a deed of trust securing the owner’s refinance loan . In 2004, Trish Carcopa bought a condominium at Parkway Towers in Kansas City, Missouri. In 2006, she refinanced... Read More

Pennsylvania County Recorder Cannot Sue MERS for Failure to Record Mortgage Assignments, Third Circuit Rules in Overturning Oft-Cited District Court Opinion
Posted on 15 Sep 2015 by Ballard Spahr LLP

The U.S. Court of Appeals for the Third Circuit has ruled, [subscribers can access an enhanced version of this opinion: | Lexis Advance ], that Pennsylvania’s recording statute does not require the recording of all conveyances. As a result... Read More

St. Louis County Ordinance Requiring Pre-Foreclosure Mediation Unconstitutional, Missouri Supreme Court Holds
Posted on 7 Jan 2015 by Ballard Spahr LLP

The Missouri Supreme Court recently ruled, [ enhanced version available to 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... Read More

FHA Announces “Costly” Alternative to Reverse Mortgage Foreclosure; HUD Soliciting Comment
Posted on 31 Mar 2015 by Troutman Sanders

By Jennifer Bowen and John C. Lynch Since its creation in 2009, the Home Equity Conversion Mortgage (“HECM”) reverse mortgage program created by the Federal Housing Authority has helped numerous senior citizens stay in their homes by... Read More

Tags: mortgage , osure , loan , forecl , FHA , reverse

DLA Piper Real Estate Litigation Alert – City Attempting To Seize Underwater Mortgages Via Eminent Domain: Constitutional Objections, Potential Investor Losses
Posted on 28 Aug 2013 by DLA Piper

The City of Richmond, California has commenced the process for taking by eminent domain hundreds of notes secured by mortgages on underwater residential properties owned by investors through residential mortgage backed securities (RMBS). This is the... Read More

Pennsylvania Mechanics' Lien Law Amended, Clarifying Open-End Construction Loan Mortgage Priority
Posted on 18 Aug 2014 by Duane Morris LLP

Pennsylvania Governor Tom Corbett has signed into law Act 117 of 2014, [ enhanced version available to subscribers ], which amends the Pennsylvania Mechanics' Lien Law (MLL), 49 P.S. 1101, et seq., [ enhanced version available to Read More

Jason A. Frank on Reverse Mortgages and Changes to the HECM Program
Posted on 2 Dec 2014 by LexisNexis Legal Newsroom Staff

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... Read More

The Sixth Circuit, Relying upon Michigan’s Nonrecourse Mortgage Loan Act, Rejects the Enforceability of an Insolvency Covenant
Posted on 2 Apr 2015 by Ballard Spahr LLP

Notwithstanding Michigan’s 2012 Nonrecourse Mortgage Loan Act (NMLA), which provides that solvency covenants in nonrecourse loans unenforceable, in Borman, LLC v. 18718 Borman, LLC , a third-party purchaser of a foreclosed property sought a deficiency... Read More

First Circuit Ruling in Foreclosure Litigation May Help Lenders Facing HAMP-Related Claims
Posted on 12 Mar 2014 by Ballard Spahr LLP

By the Ballard Spahr LLP Mortgage Banking Group The law is well settled that borrowers do not have a direct right of action under the Home Affordable Modification Program (HAMP) against a lender that fails to offer a loan modification. A split of... Read More

Fifteen Minute Foreclosure Counseling Session at Gillette Stadium Deflated Borrower’s Rights
Posted on 10 Jun 2015 by Vetstein Law Group, P.C.

Court Halts Eviction For Distressed Homeowner, Validity of Foreclosure In Question ( Wells Fargo v. Cook , Mass. Appeals Court May 19, 2015) , [ enhanced version available to subscribers ]. In response to the foreclosure crisis, HUD enacted... Read More