The U.S. Court of Appeals for the Second Circuit recently held that property in which a debtor’s dependent son lived part-time with his father qualified for the so-called homestead exemption contained in section 522(d)(1) of the Bankruptcy Code, regardless of state law.
Posts published in “Mortgage Law”
The Massachusetts Supreme Judicial Court recently held a "hybrid notice" related to foreclosure was neither inaccurate nor deceptive where the notice included overlapping reinstatement periods required by both the mortgage instrument and state statute.
The U.S. Court of Appeals for the First Circuit recently reversed the judgment of a trial court declaring a home equity line of credit invalid, but granting the holder of the HELOC an equitable lien on the HELOC’s secured property.
The Court of Appeal of the State of California, Fifth District, recently held a trial court incorrectly applied the statute of limitations on an alleged quiet title claim, where the statute of limitations to foreclose a first deed of trust had already run, and the lien had been extinguished, prior to the filing of the alleged quiet title claim.
The U.S. Court of Appeals for the Ninth Circuit recently held that the application of Nevada’s “superpriority lien” statute was not an uncompensated taking under the Takings Clause nor did it violate the Due Process Clause of the U.S. Constitution.
The U.S. Court of Appeals for the Ninth Circuit recently affirmed entry of summary judgment in favor of a mortgage servicer against claims brought by plaintiff homeowners that obtaining their credit reports after their mortgage loans had been discharged in bankruptcy willfully violated the federal Fair Credit Reporting Act.
The U.S. Court of Appeals for the Fourth Circuit recently reversed the dismissal of a borrower’s claims that the servicer of his mortgage loan violated the federal Real Estate Settlement Procedures Act (RESPA) by failing to timely make his tax payment from the loan’s escrow account.
The Court of Appeals of Illinois, First District, recently held that a homeowner’s attempt to vacate a foreclosure sale was barred by the Illinois foreclosure statute where title to the property had vested by deed to a third party.
The Appellate Court of Illinois, First District, recently affirmed a trial court order confirming the sale of a foreclosed property, holding that a public notice of sale stating that the property contained a “single family residence” complied with the Illinois Foreclosure Law’s requirement to sufficiently describe “improvements on the real estate.”
The COVID-19 pandemic has turned nearly every facet of American life on its head, and the long-term social changes it will bring about remain up in the air. Even after the economy recovers from the disease’s current impact, many employers could permanently enact far-reaching changes to how — and where — people work. As more employers discover that employees can adequately perform their duties remotely, they may reevaluate the need for expensive office space, which could lead to increased Chapter 11 filings by the owners of office buildings, office parks, and single-asset real estate debtors.
On Sept. 9, 2020, California Assembly Bill 1885 was enacted, significantly increasing the amount of California’s homestead exemption. The amendment becomes effective Jan. 1, 2021.
In an unpublished opinion, the U.S. Court of Appeals for the Sixth Circuit recently held that a mortgage lender’s reliance upon the borrower’s representations concerning the amount of his future spousal support and rental income without proper verifiable documentation were insufficient to satisfy the “ability to repay” income verification requirements arising under the federal Truth in Lending Act and its implementing regulation (“Regulation Z”).