The New York Court of Appeals’ decision set bright-line rules that a noteholder’s voluntary discontinuance of a foreclosure action, in itself, revokes the acceleration of a mortgage debt, and a default letter stating that the...more
In its recent ruling, the United States Court of Appeals for the Ninth Circuit confirmed that California law does not permit pre-foreclosure challenges to assignments of deed of trust. The ruling is significant because it...more
New York’s Second Department, in rejecting the MacPherson line of cases, holds mortgage’s reinstatement provision is not a condition precedent to accelerating the debt and therefore does not prevent a lender from exercising...more
Action Item: New York’s Appellate Division, Second Department, affirms that dismissal under Civil Practice Law and Rules (“CPLR”) 3215(c) does not constitute neglect to prosecute and therefore a plaintiff may avail itself of...more
Action Item: Florida’s Third District Court of Appeal finds that Florida’s statute of limitations for foreclosure actions does not bar a second foreclosure action filed on a subsequent payment default occurring within the...more
It is well-established that the federal Home Affordable Modification Program (HAMP) does not offer borrowers a private right of action to allege a lender or servicer violated HAMP. However, the New Jersey Appellate Division...more
Action Item: To avoid possible state law claims related to denial of loan modifications, trial modification offers should clearly define the requirements a borrower must fulfill to receive a loan modification, and lenders and...more
Action Item: In light of the United States Supreme Court’s decision in Jesinoski, lenders should be aware that written notice provided by the borrower, within three years of the loan consummation, is sufficient to exercise...more