Troutman Sanders

MAY 10, 2022

On May 3, the New York State Senate passed S5473D (Bill), which will apply immediately in all actions “in which a final judgment of foreclosure and sale has not been enforced.” ( See S5473D at Section 10.) 3d 1 (2021), and retroactively annul lenders’ longstanding right to revoke their option to accelerate mortgage loans after default.

Foreclosure 59

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Jimerson Firm

APRIL 2, 2021

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. & Loan Ass’n, 214 So.2d Subordinate Liens.

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Credit Corp

FEBRUARY 9, 2024

MA non-judicial mortgage foreclosure can take about 120 days, or four months, to complete. Judicial foreclosures vary depending on your state. A nonjudicial mortgage foreclosure can take about 120 days, or four months, to complete. Judicial foreclosures vary depending on your state. What Is Foreclosure?

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Sawin & Shea

DECEMBER 7, 2023

With the COVID-19 foreclosure moratoriums over, housing foreclosures are once again on the rise nationally. In fact, in September of 2023, we saw home foreclosures on the rise by a whopping 18.4% Foreclosures in Indianapolis have also been increasingly more common. from this time last year.

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Jimerson Firm

MARCH 12, 2021

In Florida, foreclosure actions must be brought in the county where the land is located. However, lenders often wonder where they should file the foreclosure action if the loan is secured by mortgaged land situated in different counties. allows the lender to bring a single foreclosure action on all mortgages in just one county.

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Jimerson Firm

JUNE 30, 2021

However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. 2016) , lenders may be able to file a foreclosure lawsuit on the same property more than once. In this case, the mortgagee brought two foreclosure lawsuits against the mortgagor.

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Troutman Sanders

JANUARY 10, 2023

On December 30, 2022, New York Governor Kathy Hochul signed the Foreclosure Abuse Prevention Act (FAPA) into law. The Engel decision allowed lenders and servicers to voluntarily pause the statute of limitations on foreclosures and reserve the right to restart the action again, as long as it was done within six years. Engel , 37 N.Y.3d

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Jimerson Firm

MAY 26, 2021

Lenders need to be aware that borrowers and other lienholders can bring an action or proceeding to set aside, invalidate, or challenge the validity of a final judgment of foreclosure of a mortgage, even after the foreclosure sale. When Can the Foreclosure Sale Be Invalidated? Nationstar Mortg., Diaz , 227 So.

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Foreclosure Lender Collateral Judgment 52

Jimerson Firm

MAY 17, 2021

In order to maintain a foreclosure action against a borrower, lenders must ensure they can establish “standing”. Standing is a fundamental requirement for a foreclosure, as lenders who desire to initiate a foreclosure proceeding are required to have standing. Aurora Loan Services, LLC, 163 So. What is Standing?

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Jimerson Firm

MAY 25, 2021

In every foreclosure action, the foreclosing lender will be required to publish some sort of legal advertisement or notice in a newspaper (e.g. the Notice of Foreclosure Sale). Since publishing a legal notice concerning a foreclosure action is inevitable, it is imperative for lenders to know how to do so properly. Conclusion.

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Troutman Sanders

FEBRUARY 23, 2021

Engel, the Court of Appeals established a bright-line rule that when the acceleration of a mortgage debt occurs by filing a foreclosure complaint, a lender’s voluntary discontinuance of that action constitutes a revocation of acceleration as a matter of law, absent an express, contemporaneous statement to the contrary by the lender.

Foreclosure 52

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Jimerson Firm

JANUARY 26, 2021

An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. Although the lender and borrower may agree to the assignment of rents in the loan documents, the procedure for enforcing the assignment of rent is governed by Section 697.07, Florida Statutes. 3d 932, 934 (Fla.

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Jimerson Firm

MAY 21, 2021

Except in cases of an owner-occupied residence, lenders are entitled under Florida law to receive payments during the pendency of a foreclosure proceeding. Courts have held that reference to “some other method of enforcement” of a court’s payment order includes the entry of a foreclosure judgment. 2), Florida Statutes.

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Jimerson Firm

JULY 30, 2020

In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. The loan documents also typically include one or more personal guaranties. Acceleration of the Loan. & Loan Ass’n, 538 So.

Lender 98

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Troutman Sanders

MARCH 1, 2023

In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. Mr. Kessler cross-moved to dismiss, arguing that the inclusion of the final two paragraphs in his 90-day notice, addressing bankruptcy status and military membership, violated section 1304’s “separate envelope” provision.

Foreclosure 52

Foreclosure Lender Bankruptcy Judgment 52

Jimerson Firm

JULY 20, 2020

In 2013, the Legislature enacted Section 702.015 , Florida Statutes, which sets forth new pleading requirements for residential foreclosure actions. At that time, the Legislature requested the Florida Supreme Court to amend the Florida Rules of Civil Procedure to provide expedited foreclosure proceedings in conformity with Section 702.015.

Foreclosure 52

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Jimerson Firm

FEBRUARY 3, 2021

If the mobile home has been retired and is part of the real property, it will be included in the foreclosure. On the other hand, if the mobile home is not retired and the lender has a perfected lien on the mobile home, the lender must use replevin in addition to the foreclosure. Is the Mobile Home Retired? 319.261 (7).

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ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Section 362 of title 11 of the United States Code (the “Bankruptcy Code”) provides that the filing of a bankruptcy petition results in an automatic stay generally enjoining all actions, including a foreclosure sale, against a debtor or its property. [1]

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Sawin & Shea

APRIL 26, 2023

A judgment lien against you can have a variety of distressing and negative consequences. Read on to learn everything you need to know about judgment liens in Indiana, including how they work and how to avoid them. What Is a Judgment Lien? Judgment Liens in the Hoosier State In Indiana, judgment liens last for 10 years.

Judgment 52

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Collections Law

APRIL 1, 2020

Collecting debts from debtors having assets in Massachusetts while you are in another state or a different country used to be difficult, even if you had a judgment against them. Massachusetts was among the few states that had not adopted the Uniform Enforcement of Foreign Judgment Act. Not Just Domestication — Enforcement, Too.

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PBWT

DECEMBER 22, 2020

In sophisticated real estate financing transactions, most prudent lenders attempt to deter borrowers from filing for bankruptcy before loans are paid in full by providing in loan documents that such a filing constitutes an event of default. Bankruptcy Code to delay the foreclosure.

Bankruptcy 52

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Debt Free Colorado

APRIL 9, 2020

So far the offers have been vague, the most likely concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate. There are more tools for dealing with your mortgage than any other type of loan. Student Loans.

Student loans 81

Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 81

Debt Free Colorado

DECEMBER 9, 2021

Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt. The lender protects the borrower against foreclosure.

Chapter 13 bankruptcy 75

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Troutman Sanders

AUGUST 18, 2020

Fannie Mae and Freddie Mac provided temporary guidance to lenders due to COVID-19 on various topics related to servicing mortgage loans. Foreclosure Suspension Extended. Fannie Mae has now extended the suspension of foreclosure-related activities on its loans through August 31, 2020. Retention Workout Options.

Foreclosure 52

Foreclosure Lender Loans Judgment 52

Troutman Sanders

JULY 14, 2021

In July 2017, Carrington Mortgage Services LLC (Carrington) became the servicer of plaintiff David Heinz’s mortgage loan. At the time Carrington became the mortgage servicer, Heinz’s loan was already in default and a foreclosure sale was scheduled for the first of the following month.

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Credit Corp

AUGUST 25, 2020

This makes it harder for someone to pretend to be you and apply for a loan or credit card. Default judgment protection. In civil cases, a default judgment occurs when one person doesn’t show up to a scheduled hearing. If default judgments are allowed, the judge decides in favor of the party that showed up.

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Better Credit Blog

APRIL 1, 2022

It’s smart to know how to remove negative items from your credit report, especially if you are soon to be applying for a mortgage or car loan. Whatever you’re dealing with, late payments, collections, charge-offs, or foreclosures, the following techniques can clean up your credit quickly. Foreclosures. Ads by Money. Charge Offs.

Bankruptcy 114

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Troutman Sanders

JULY 15, 2022

does not immediately rescind the loan and relieve the borrower of any obligation to tender the loan proceeds. The loan was secured by a deed of trust on the plaintiff’s property located in Beckley, WV. RMS loaned the plaintiff approximately $60,000, providing her with $44,000 in cash and paying off a prior lien on the property.

Foreclosure 52

Foreclosure Lender Loans Judgment 52

Consumer Finance

JULY 22, 2020

On July 20, 2020, the United States District Court for the Central District of California entered a stipulated final judgment resolving the Consumer Financial Protection Bureau’s allegations against Certified Forensic Loan Auditors, LLC (CFLA) and Andrew Lehman.

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Credit Corp

JUNE 14, 2023

Charge-Offs: Seven Years Accounts you didn’t pay, like a charged-off credit card or installment loan balance, can stay on your credit report for seven years from the date the debt was charged off. Foreclosures and Short Sales: Seven Years A foreclosure can remain on your credit reports for seven years from the date the foreclosure was filed.

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Better Credit Blog

NOVEMBER 5, 2020

Hard inquiries are often the result of a credit card or a loan application, and COAF is no exception. COAF may appear on your report after you apply for an auto loan or buy a car with funding from Capital One. Your report may also show a hard inquiry from COAF if you agreed to be a cosigner for someone else’s car loan application.

Loans 70

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Consumer Finance Watch

MARCH 15, 2019

On March 13, 2019, in a case of first impression, New York’s Appellate Division, Second Department (“Second Department”) issued a decision holding the reinstatement provision of a mortgage does not prevent the acceleration of the loan prior to entry of a foreclosure judgment. In Bank of New York Mellon v.

Foreclosure 40

Foreclosure Judgment Banks Loans 40

Sawin & Shea

AUGUST 4, 2021

For the lender, it’s all about the bottom line, and if they think they can get more money from a foreclosure, they won’t agree to a short sale. Even if the lender does forgive the amount of the loan not paid upon closing, you may be taxed on this money by the IRS. A short sale is a significant negative on your credit score.

Bankruptcy 52

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Public Citizen

JULY 6, 2020

the Court held that a 2015 amendment to the Telephone Consumer Protection Act, which allowed cellphone robocalls to collect federal debts (such as student loans and mortgages), gave unconstitutionally favorable treatment to federal debt collection over other types of speech. filed an opinion concurring in the judgment. American Assn.

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Better Credit Blog

NOVEMBER 17, 2020

It can show up on your report as a hard inquiry when you apply for a credit card or a loan from a popular bank. Along with providing savings and CD accounts, Barclays offers personal loans by invitation in partnership with other companies. Any time you apply for a credit card or a loan, you can expect a hard credit check.

Personal loans 75

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Jimerson Firm

FEBRUARY 18, 2021

2] This result can be potentially disastrous to a mortgage lender that may lose the value of a first priority mortgage lien as security for the loan, and potentially have the mortgage subject to being foreclosed in a construction lien foreclosure lawsuit. & Loan Ass’n , 533 So. 2d 948, 950 (Fla. 713.132(4).

Construction 98

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Collection Industry News

JUNE 5, 2022

On May 26, 2022, the North Carolina Attorney General (NC AG) announced that it obtained a default judgment against a California-based debt settlement business, and its proprietor. Source: site. According to the NC AG, the defendants never provided these services, and never refunded consumers their upfront fees. View source.].

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