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...
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:
Excerpted from Infobytes , a weekly electronic
newsletter on developments in financial services law from BuckleySandler LLP .
For the full issue of Infobytes , click here: http://www.buckleysandler.com/infobyte-detail/september-16-2011
The Wisconsin Supreme Court has heard arguments in Dow Family LLC v. PHH Mortgage Corp. , 2013AP221, [ enhanced version available to lexis.com subscribers ], a case involving the Mortgage Electronic Registration System (MERS), an electronic mortgage tracking...
A New Jersey trial court has issued an interesting opinion, [ enhanced version available to lexis.com subscribers ], allowing a lender to foreclose but imposing significant limitations on the lender because the court concluded that the lender had violated...
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...
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...
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...
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...
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)....
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...
United States Bank Nat'l Ass'n v. Ibanez, 458 Mass. 637 (Mass. 2011) [ enhanced version available to lexis.com subscribers / unenhanced version available from lexisONE Free Case Law ] may have
widespread implications for the mortgage industry...
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...