The State of New York's Appellate Division for the Second Department has now addressed the issue of whether a lender's voluntary discontinuance of a judicial foreclosure action, whether by court order or stipulation of the parties, is sufficient evidence of a lender's intent to revoke the acceleration of the entire mortgage debt. Unfortunately for mortgage […]
The Court of Appeals for the 11th Circuit affirmed the district court's decision when it held that the HECM statute, 12 U.S.C. 1715z-20, addressed only HUD's authority to insure reverse mortgage loans and not a lender's contractual right to foreclose. Under the HECM statute, the Secretary of HUD is authorized to establish a mortgage-insurance program […]
The city is taking on lenders of “zombie homes” – decrepit, vacant, distressed houses with unpaid mortgages, which have forced the city to conduct emergency repairs and maintenance. The city's Department of Housing Preservation and Development is seeking more than $ 1 million from CitiMortgage, Wells Fargo and other home lenders who have allegedly failed […]
New York-based Gamma Lending has once again scheduled a foreclosure sale of the stalled Wade Park project on the Dallas North Tollway at Lebannon Road, according to Addison-based Foreclosure Listing Service. Companies that hold more than $ 130 million in debt on the 175-acre mixed-use project declared the development in mortgage default early this year. […]
Q. My brother, who has a history of credit problems, recently got an unA requested check in the mail for $ 1,200. He was invited to cash it, as a loan from a company called Mariner Finance. Foreclosure News
Peer-to-peer borrowers on South Korean lending platform Tera Funding had repaid 202.4 billion won in loans without becoming overdue, as of end-June, according to the startup on Monday. This marked the first time that a Korean P2P lending platform extended loans over 200 billion won and had the borrowing fully compensated, the startup said. Foreclosure […]
As we've discussed on this blog before , Nevada's courts remain a battleground for lenders seeking to establish that their security interests were not eliminated by homeowners' association foreclosure sales under NRS 116. In recent weeks, the Ninth Circuit and Supreme Court of Nevada have issued new opinions providing more guidance to ultimately resolve those […]
On June 15, 2018, the U.S. Court of Appeals for the Sixth Circuit affirmed a decision of the U.S. District Court for the Eastern District of Michigan, holding that rents collected by a receiver during the redemption period following a non-judicial foreclosure are property of the lender, even if the borrower ultimately redeems the property.1 […]
Attorneys for a group of homeowners on April 11 sued Los Angeles County and two financial providers that the plaintiffs allege saddled them with loans for environmentally friendly home improvements that they cannot afford to repay. The twin lawsuits, filed in Los Angeles County Superior Court, also name Renovate America and Renew Financial, which partner […]
Los Angeles County and two lenders have been sued on claims that homeowners who took out PACE loans to finance energy upgrades now fear they will lose their homes. Los Angeles County and two private lending partners have been sued by attorneys representing homeowners who say they were talked into taking out loans for energy […]