Second mortgage lenders have a distinct disadvantage in the face of default. If you don't make your second mortgage payments, the second lienholder must wait to see how much money the first lienholder gets before the second lienholder receives anything. Foreclosure News
On October 17, 2018, the Fifth Circuit held that a potential transfer of the deed of trust does not prove who is the owner of a note and that a bankruptcy stay does toll deadlines for a Texas foreclosure action and that such tolling period must include every day that an entity is prevented from […]
In Milone v. US Bank, N.A. , a New York intermediate appellate court held that a letter to a borrower stating that the failure to cure a mortgage loan default “will result in acceleration” does not start the clock on the statute of limitations to foreclose and recover the entire debt. Foreclosure News
On August 1, 2018, the Third District Court of Appeal found that a foreclosure judgment can include all amounts due and owing regardless of the initial date of default. In Eduardo Gonzalez and Rosa Gonzalez v. Foreclosure News
ABA Journal Daily News
Much has been said recently in Ohio law concerning the enforcement of notes and foreclosures on mortgages. In summary, the plaintiff must be the holder of the note and mortgage with the right of enforcement of both instruments in order to bring a meritorious foreclosure action in Ohio.1 Ohio law has two distinct statutes of […]
Bass, Berry & Sims attorney Chris Lazarini examined a case of alleged breach of trust and breach of fiduciary duty against a bank acting as the indenture trustee related to a foreclosure action on defaulted mortgage revenue bonds. The trial court granted summary judgment for the bank, which was later affirmed, since under Ohio law, […]
Last week, Florida's Fifth DCA and Second DCA issued two seminal opinions; Klebanoff v. Bank of N.Y. Mellon , and Huntington National Bank v. Foreclosure News
What law governs a deficiency action if the choice-of-law provisions in the note and deed of trust conflict? The Arizona Court of Appeals answered that very question in ZB, N.A. v. Hoeller , No. Foreclosure News
Action Item: If a prior foreclosure action has been dismissed with prejudice, mortgagees may bring new actions to foreclose on mortgages based upon post-dismissal payment default, so long as the new action is brought within five years of the new default. Florida Statute section 95.11 states that the statute of limitations to foreclose a mortgage […]