The Alabama Supreme Court recently issued a major published decision on circumstances in which a residential borrower can challenge a mortgage foreclosure sale. In Littlefield v. Smith, the court elevated the bona fide...more
The Centers for Disease Control (CDC) recently issued a sweeping moratorium on most evictions through the end of 2020 as a means to stop the spread of COVID-19, which will go into effect on September 4, 2020. According to...more
9/8/2020
/ Administrative Procedure Act ,
Centers for Disease Control and Prevention (CDC) ,
Commerce Clause ,
Contracts Clause ,
Coronavirus/COVID-19 ,
Due Process ,
Eviction ,
Foreclosure ,
Landlords ,
Moratorium ,
Property Owners ,
Public Health Service Act ,
Takings Clause ,
Tenants
The Nevada Supreme Court again turned its attention to superpriority liens in the first quarter of 2020, issuing two opinions dealing with tenders, i.e. attempts or offers to pay. These decisions outline additional ways that...more
Operating a financial institution is always a challenge, but the COVID-19 outbreak has triggered a unique set of overlapping and sometimes conflicting concerns for mortgage originators and servicers. Here is what we know as...more
As lenders and servicers continue to litigate in Nevada’s state and federal courts about the effect of homeowner associations’ (HOAs) foreclosure sales, some questions have proven particularly sticky. What happens when a...more
As attorneys representing the financial services industry well know, the financial crisis of 2007-2008 resulted in a wave of foreclosures across the country as borrowers struggled to make payments on their mortgages.
The...more
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...more
Reverse mortgage lenders received a significant victory in Florida’s Third District Court of Appeal last week when the court issued its decision in OneWest Bank, FSB v. Palmero. After previously ruling in Smith v. Reverse...more
4/27/2018
/ Borrowers ,
Foreclosure ,
Judicial Foreclosure Process ,
Mortgage Insurance ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Promissory Notes ,
Reverse Mortgages ,
Spouses ,
Surviving Spouse
As we noted in last week’s blog post, the District of Columbia Court of Appeals issued a decision on March 1, 2018, that created a new wave of uncertainty for lenders with loans secured by deeds of trust on condominium units...more
The District of Columbia Court of Appeals recently sent a new set of shockwaves through the mortgage industry in the nation’s capital when it released its decision in Andrea Liu v. U.S. Bank National Association. Having held...more
Last week, the U.S. Court of Appeals for the Ninth Circuit issued a significant decision in favor of lenders and mortgage servicers fighting off claims that their mortgage liens were extinguished by Nevada homeowners...more
8/28/2017
/ Banking Sector ,
Fannie Mae ,
Financial Services Industry ,
Foreclosure ,
Freddie Mac ,
HERA ,
Homeowners Association (HOA) ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Perfected Security Interest ,
Preemption
Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more
The Ninth Circuit sent shockwaves through the mortgage industry when it held that NRS 116—the statute allowing an HOA to impose a nominal super-priority lien that can extinguish a senior deed of trust when foreclosed—was...more
1/27/2017
/ Appeals ,
Constitutional Challenges ,
Deed of Trust ,
Due Process ,
Federal v State Law Application ,
Foreclosure ,
Homeowners Association (HOA) ,
Mortgage Lenders ,
Notice Requirements ,
NV Supreme Court ,
Property Liens ,
Super Priority
On April 19, 2016, Tennessee Governor Bill Haslam signed HB 2401, amending Tennessee’s condominium statue to make it clear that condominium associations cannot acquire a “superpriority” lien that trumps a first security...more
4/25/2016
/ Amended Legislation ,
Condominium Act ,
Condominium Associations ,
Condominiums ,
Foreclosure ,
Governor Haslam ,
Lien Priority ,
Liens ,
Mortgage Bankers Association ,
Mortgage Lenders ,
Mortgage Servicers ,
Super Priority
As the lending community is well aware, the mortgage industry in the state of Nevada remains in flux. Nevada continues to deal with the aftermath of the Nevada Supreme Court’s September 2014 decision in SFR Investments Pool...more
On Monday, the U.S. District Court for Nevada issued significant decisions in three cases, holding that a foreclosure on a Nevada HOA’s super-priority lien could not extinguish a deed of trust securing a debt owned by a...more
Yesterday, the U.S. District Court for the District of Nevada issued an important ruling concerning the litigation over whether homeowners’ association foreclosures under Nevada’s super-priority lien statute (NRS 116.3116)...more
Eleventh Circuit Rules that Failure to Comply with HUD Regulations in Foreclosing on FHA-Insured Mortgage – Including the Requirement of Having a Face-to-Face Meeting With the Debtor – Can Constitute a Breach of...more