Archive for Mortgage Law – Page 2

Fla. App. Court (5th DCA) Reverses Foreclosure Due to Lack of Evidence of Effect of Merger of Original Plaintiff

The Florida District Court of Appeal, Fifth District recently reversed a final foreclosure judgment in favor of a mortgagee, holding that the mortgagee did not establish that the original foreclosure plaintiff acquired the note by virtue of a merger, and did not establish the relationship between the original foreclosure plaintiff and the originating lender.  Accordingly,

Read more →

Illinois App. Court (2nd Dist) Holds Mortgage Not Void Due to Lack of Licensure by Originating Lender

The Appellate Court of Illinois, Second District, recently held that even though the Illinois Residential Mortgage License Act (“IRMLA”) was applicable to a lender that only made one loan in Illinois, an amendment to the IRMLA provided an exception to the law of the case doctrine and under the amendment the mortgage was not void

Read more →

7th Cir. Holds State, Local Transfer Taxes Apply to Private Entities Doing Business With GSEs

The U.S. Court of Appeals for the Seventh Circuit recently held that federal laws exempting federal entities from state and local taxation do not apply when the transfer tax is charged to a private buyer who purchases real estate from Fannie Mae, Freddie Mac, or the Federal Housing Finance Agency (FHFA). A copy of the

Read more →

Calif. App. Court (2nd Dist) Holds Bank Did Not Assume Lease by Being Successful Bidder at Foreclosure Sale

The California Court of Appeal for the Second District recently held that the mortgage lender’s purchase at foreclosure sale of a leasehold estate – identified in the deed of trust by reference to the lease – did not constitute an express agreement to assume the lease. A copy of the opinion in BRE DDR BR

Read more →

Fla. App. Court (4th DCA) Holds PSA Insufficient to Prove Foreclosure Standing

In an appeal involving an amicus filed by a national mortgage lending trade association, the District Court of Appeal of the State of Florida, Fourth District, recently reversed a final judgment of foreclosure in favor of a mortgagee, holding that the mortgagee failed to prove that it had possession of the promissory note when the

Read more →

Fla. App. Court (4th DCA) Reverses Dismissal of Re-Filed Foreclosure Action Citing Bartram

The District Court of Appeal of the State of Florida, Fourth District, recently reversed the dismissal of a mortgage foreclosure action based on res judicata and the statute of limitations, holding that the Florida Supreme Court’s recent ruling in Bartram v. U.S. Bank National Association and its progeny controlled. In so ruling, the Court confirmed

Read more →

1st Cir. Holds Mass. Predatory Home Loan Practices Act Claim Barred by 5-Year SOL

The U.S. Court of Appeals for the First Circuit recently held that a borrower’s claim under the Massachusetts Predatory Home Loan Practices Act (MPHLPA) was barred by the applicable five-year statute of limitations where the loan was extended more than five years before the complaint was filed and the borrower did not allege facts to

Read more →

Illinois App. Court (1st Dist) Rejects Land Trust Beneficiary’s Effort to Challenge Foreclosure

The Appellate Court of Illinois, First District, recently held that where the beneficiary of a land trust filed a motion to intervene in a foreclosure, the trial court did not abuse its discretion in denying the motion to intervene because the beneficiary filed the motion after the trial court had entered the order confirming the

Read more →

5th Cir. Holds Non-Compliance With Texas Foreclosure Rule Did Not Void Foreclosure

The U.S. Court of Appeals for the Fifth Circuit held that the trial court had jurisdiction to hear a case based on a final foreclosure order entered in Texas state court, and that the borrowers’ due process rights were not violated where the state court entered a foreclosure order without first having a hearing, in

Read more →

NJ Supreme Court Enforces Modification Settlement Made Through Residential Mortgage Foreclosure Mediation Program

The Supreme Court of New Jersey reversed the decision of the Appellate Court, and held that a settlement that a borrower and a lender reached during mediation pursuant to the Residential Mortgage Foreclosure Mediation Program was enforceable because the borrower fulfilled all contingent terms making the agreement permanent. A copy of the opinion is available

Read more →

8th Cir. BAP Holds Lien on Real Property Held in Tenancy by the Entireties Was Avoidable

The U.S. Bankruptcy Appellate Panel for the Eighth Circuit recently affirmed a bankruptcy court’s holding that a creditor held an unenforceable lien against a debtor’s real property because the property was owned by the entireties and the lien was thus avoidable under Bankruptcy Code § 522(f)(1). A copy of the opinion in CRP Holdings v.

Read more →

Illinois App. Court (1st Dist) Holds City May Not Obtain Money Judgment for Demolition Expenses Merely by Filing Motion

In a case of first impression, the Illinois Appellate Court for the First District recently held that the Illinois Unsafe Buildings Act does not authorize a municipality to seek a money judgment for demolition expenses against the owner of a property by simply filing a motion in the same demolition action. In so ruling, the

Read more →