Real Estate Law

Recent Posts

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

Taxation of Short Sales and Foreclosures
Posted on 16 Aug 2010 by Mark S. Ericsson

In this Analysis, Mark S. Ericsson discusses the tax consequences of a divestiture of property through a short sale (in which the lender agrees to take less than the loan balance), foreclosure, or deed in lieu of foreclosure. He writes: The focus... Read More

BuckleySandler LLP: Bank's Affidavit of Debt Ruled Inadmissible as Hearsay
Posted on 26 Sep 2011 by Andrea Lee Negroni

Excerpted from Infobytes , a weekly electronic newsletter on developments in financial services law from BuckleySandler LLP . For the full issue of Infobytes , click here: On September... Read More

Wisconsin Supreme Court Hears Case Involving Equitable Assignment of Mortgages
Posted on 17 Apr 2014 by Foley & Lardner LLP

The Wisconsin Supreme Court has heard arguments in Dow Family LLC v. PHH Mortgage Corp. , 2013AP221, [ enhanced version available to subscribers ], a case involving the Mortgage Electronic Registration System (MERS), an electronic mortgage tracking... Read More

Lender Allowed To Foreclose But Punished By Court For Violating Consumer Fraud Act
Posted on 16 Oct 2014 by Peter J. Gallagher

A New Jersey trial court has issued an interesting opinion, [ enhanced version available to subscribers ], allowing a lender to foreclose but imposing significant limitations on the lender because the court concluded that the lender had violated... 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

Foreclosure Destroys Insurable Interest
Posted on 6 Sep 2013 by Barry Zalma

Every first party property policy of insurance requires that the person insured have an insurable interest in the property, the risk of loss of which was sought to be insured. The policy limits coverage to the extent of the insurable interest. If there... Read More

Response to Robosigners: New York Courts First in U.S. to Institute Filing Requirement to Preserve Integrity of Foreclosure Process
Posted on 21 Oct 2010 by LexisNexis Real Estate Law Community Staff

Attorneys representing plaintiffs in residential foreclosure actions in New York must now file affirmation "certifying that counsel has taken reasonable steps - including inquiry to banks and lenders and careful review of the papers filed in the... Read More

State Net Capitol Journal Legislative Updates: Oregon May Expand Foreclosure Mediation Program
Posted on 4 Jun 2013 by State Net

BUSINESS: The OREGON House approves SB 558A, a bill that expands the foreclosure mediation program lawmakers created last year to apply to foreclosures pursued by lenders in courts. It moves to Gov. John Kitzhaber (D) for review (PORTLAND OREGONIAN).... Read More

You Got A Better Idea?!? Government Opens Suggestion Box For Ideas On How To Rent Out Foreclosed Properties
Posted on 12 Aug 2011 by Peter J. Gallagher

The New York Times is reporting that the government is soliciting ideas for turning its glut of vacant, foreclosed houses into rental units that could be managed by private parties or sold in bulk (" U.S. Seeks Ideas On Renting Out Foreclosed... Read More

Stoner on the U.S. Bank v. Ibanez Decision: Another "failure to produce documents" case or a turning point in foreclosure law?
Posted on 14 Feb 2011 by John E. Stoner

United States Bank Nat'l Ass'n v. Ibanez, 458 Mass. 637 (Mass. 2011) [ enhanced version available to subscribers / unenhanced version available from lexisONE Free Case Law ] may have widespread implications for the mortgage industry... Read More

Directors Beware! Next Crisis is Upon Us
Posted on 21 Oct 2010 by Gary Larkin

Don't look now public company directors, but the next financial crisis may be upon us and it looks a lot like the 2008 crisis that was borne out of the housing bubble. Apparently, the underlying cause of the collapse of the mortgage-backed securities... Read More